Seminar Overview  

Seminar Objectives/Course Content. Whether you are an electrician, teacher or Internal Auditor, a properly stocked “tool box” can make the difference between success and failure.

As we know, the internal audit profession has and continues to go through significant changes.  We are a futuristic profession: not emphasizing the past, but instead looking back only for the purposes of predicting the future.  We are top-down driven – focusing on the big issues and not bothering with the “nuts and bolts.”  We have a risk focused mentality – going directly to the high business risks first, then to the assessment of internal controls, etc.

“Analytics” (analytical review/audit procedures) may very well be the single most powerful “tool” available to the auditor today.   "Analytics" is a technique used to gather audit evidence on relationships of information – both financial and operational information.   "Analytics" is a tool also used by management to monitor operations, programs, activities; to view the “world” and the impacts it has on the organization; etc. 

Internal auditors use analytics to enhance the quality of audits; to become more efficient and effective; to identify changes; to gain an understanding of the business; etc.  Analytical reviews also aid the auditor in correctly focusing attention on areas of interest: business risks, material issues, and changes taking place in the environment.

This seminar focuses on developing and selecting the appropriate "Analytics" for the particular audit engagement. Topics discussed include:

•Where does it fit in the Audit Process 

•Understanding the business via Analytics”

•Selecting the appropriate “Analytics”

•Applying Analytics (GAO suggestions; Top-Down Approach, etc.)

•Specific “Analytics” – using:

•Vertical vs. Horizontal

•Intra vs. Inter-period

•Common Size Statements

•Ratio Analysis

•Variance Analysis

•Correlation Analysis

•Regression Analysis (making predictions)

•Other “Analytics”/Quantitative Methods & Tools

•Learning Curve Theory

•Gantt Charts

•PERT, CPM

•Networks

•Probability Theory

•Decision Trees

•Queuing Theory

•“Analytics” & Fraud

Learning Objectives. Completion of this course will result in improving your ability to (1) recognize the value of applying "Analytics" during the audit process (making the audit process more efficient and effective and correctly focusing on the audit objectives), and (2) recognizing what specific "analytical" tool would be the most appropriate to use under the particular circumstances encountered during the audit process.

Program Level/Professional Experience - Intermediate. Course is designed for both the experienced internal auditor and those with and understanding of "analytics." Experience requirements: current/past experiences include a working knowledge of the internal audit process - planning, fieldwork, reporting and follow-up phases - and the demonstrated ability to identify material business issues and risks, and recognize changes taking place in the environment/auditable entity.

Knowledge Requirements. Internal auditors with some practical experience in the internal audit process.

Advanced Preparation. None required.