Best practice in internal audit has moved forward considerably in the last 20 years. Previous approaches centred on auditing transactions have been replaced with systems audit and a risk based approach. These have been designed to ensure that the organisation has appropriate controls in place to avoid waste rather than identifying it post event. The risk based approach is firstly the prime focus of the Internal Audit function as it endeavours to assess and control risk by ensuring:
- Effectiveness and efficiency of operations
- Reliability and integrity of financial and operational information and processes
- Accuracy of transactions
- Safeguarding of assets
- Compliance with laws, regulations and contracts
As systems and working practices have changed the internal auditor has had to change with it. Computerised and automated processes, including the electronic transfer of funds have increased the risks of loss and introduced new skill requirements on auditors. New approaches to management also present challenges for the auditor.
In addition to the above, Internal Audit has become much more involved in the wider agendas of value for money and governance. Undertaking VFM work requires a whole range of different and higher level skills if added value is to be provided. Governance arrangements are a key part of any organisation’s controls.
This programme will provide you with the essential knowledge, and a sound understanding, of the key elements representing internal audit as it is practiced in today’s world. Risks faced by the organisation will be examined and assessed, including the particular risks posed through the introduction of information technology skills.
A range of audit management skills will be developed. These will prepare you in leading professional, motivated teams, and in preparing robust audit reports that contain strong, well evidenced conclusions and recommendations for improving effective management of internal controls that add value to your organisation.