Training Program

Internal Audit


(Overview)

Training Program Tool Objective: Enhance your training opportunities!

  1. This Tool, through a series of questions and answers, enables the auditor to gain a thorough understanding of professional expectations: The International Standards for the Professional Practice of Internal Auditing and related Practice Advisories, and the Code of Ethics. (Over 150 questions have been designed to assist in understanding professsional expectations).
  2. The Tool is designed to permit inclusion of your in-house developed training programs, as well as other available training resources.

To facilitate and add value to your learning experiences, this Tool has been organized according to the way internal audit business is conducted.

  • For example, during the Planning phase of an audit, questions and answers relating to professional expectations for designing the audit plan and defining the scope of work can be reviewed.
  • Example: questions concerning professional expectations relevant to working papers are found in the "Fieldwork" category.
  • Example: in the "Reporting" category are questions concerning the assurance engagement reporting requirements.

Furthermore, the questions and answers have been segregated into those pertaining to the Standards (professional requirements)and "Checklists" developed for each of the Standards (Practice Advisories).

  • Answers to the Standards questions as well as the "Checklists" are incorporated into our on-line Internal Audit Manual.
  • Comment: when accessing the "Checklists" section, you may have to slightly scroll down the page.

Accessing the on-line Internal Audit Manual (YourIAM) for non-subscribers:

  • To gain access to a limited number of areas in YourIAM, click ACCESS at the top of the page, then enter Guest in both the Username and Password boxes.
  • YourIAM areas accessible to non-subscribers:

    Organization
    Governance
    Services Provided
    Professional Responsibilities (Independence & Objectivity)
    Audit Process Planning (Scope of Work)
    Audit Process Fieldwork (Working Papers)
    Audit Process Reporting (Assurance Engagements)

 

 

 

Audit Committee
Governance
Organization

 
Audit Process

Planning
Fieldwork
Reporting
Follow Up
Audit Files
Audit Plan

 

Responsibilities
Quality Assurance
  
 
Training
 
Services Provided
 
  
Administration

 

On-Line Internal Audit Manual
For non-subscribers, to gain limited access to YourIAM, click CONTENT at top of the page, then enter Guest & Guest for Username & Password

 

 

Other Training Resources
  Standards

PA's
(Checklist)

 Your
Training 		Additional
Training
   
Organization


Organizational Chart:

Who should the Chief Audit Executive (CAE) report to?

Name at least six topics that should be reported on to senior management and the board.


Charter:

Name at least six topics that should be included in the Charter.


Audit Policies & Procedures:

Is a Department Policy & Procedure manual required?

 

 

 

 

 

 

  

 

 

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Other Training Resources
  Standards

PA's
(Checklist)

 Your
Training		 Additional
Training
   
Governance

Definition:

What is the definition of governance?


Responsibilities Internal Audit:

What are the responsibilities for auditing governance?

 


 


 

    

 

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Other Training Resources
  Standards

PA's
(Checklist)

 Your
Training		 Additional
Training
   
Services Provided

Internal Auditing:

Name the two primary objectives of internal audit.


Code of Ethics:

What is the purpose of the Code of Ethics?


Services Provided:

What is the purpose of the Standards?


Assurance & Consulting Services:

Describe two differences between consulting and assurance engagements.


Outside Services - Using:

When should consideration be given to "bringing in" outside service providers for assistance?

 


 


 

 


 





 

    

 

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Other Training Resources
  Standards PA's
(Checklist)		 Your
Training		 Additional
Training
   
Professional Responsibilities

Independence & Objectivity:

Independence & objectivity require no interference relative to what three major internal audit activities?

Can internal auditors assess operations they were previously responsible for?

Name at least three factors that should be considered in exercising due professional care.


Fraud:

What are the fraud responsibilities of the internal auditor?


Conflict of Interest:

Should impairments to independence & objectivity be disclosed, and if so, to whom?

Supervision:

Name two purposes of supervision during audit engagements.


Skills:

What should internal audit do if the staff lacks the skills to perform a consulting engagement?







 

 

 

 

 

 

 

 

 

 

 


    

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Planning - MACRO/Global

Audit Planning - MACRO/Global:

How frequently should department audit plans be developed?

Name at least two conditions under which consulting engagements should be accepted.

Name at least three factors which should be communicated to senior management and the audit committee when presenting the department audit plan.


Coordination:

What is the purpose of coordination and who should be involved?


Risk Assessment:

Name at least two objectives when evaluating the risk management process?

Name at least two areas that should be examined when evaluating risk exposures relating to governance, operations and information systems.

Based on the results of the risk assessment, what should the internal auditor do next?

What should be done if the level of risk assumed by management is unacceptable?


Staffing:

What should staffing be based on when determining resources need to accomplish the audit plan?


Resource Management:

Name at least two factors which should be evaluated when determining if resources are appropriate for the completion of the audit plan.


Approval - Audit Plan:

Who should review and approve the audit plan?

Reporting Plan to Executive Management/Board:

What information should be communicated to the board and senior management when presenting the audit plan?

 


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

  

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Process - Planning

Audit Plan:

What should be considered when establishing the audit objectives for an engagement?

What four subjects should be clearly defined in the audit engagement plan?

Name at least three items that should be considered when developing the engagement audit plan.

What should be considered when determining if the scope is sufficient to satisfy the audit objectives?

When determining the resources required for the audit, what considerations should be given to staffing?

What should be documented in writing when planning an audit for outside parties?

What should be defined when planning a consulting engagement?


Scope of Work:

Name at least three issues that should be considered when determining the scope of work.

What should the scope of work include for an ethics audit?

What should be included in the scope of work when the audit objective is to evaluate organizational goals and objectives?




 

 

 

 

 

 

 

 

 

 





   

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Process - Fieldwork

Working Papers:

What is the primary purpose of recording relevant information during the audit?

Who can authorize the release of audit files to the external auditor?

What approval is required before releasing audit records to parties outside the organization, other than the external auditor?

How long should audit files be retained?





   

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Process - Reporting

Assurance Engagements:

What information should be included in the audit report?

What is required before releasing audit results to parties outside the organization?

What is required if the audit report contains errors or omissions?

If non-compliance with the Standards impacts the engagement, what needs to be disclosed in the audit report?


Consulting Engagements:

How is the reporting requirements for consulting engagements different than for assurance engagements?


Conducted in Accordance with the Standards Statement:

What conditions must be met before a statement can be made in the report that the audit was "... conducted in accordance with the Standards ..."


Report Distribution:

For assurance engagements, who should receive the audit report?

 


 

 

 

 

 

 




    

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Process - Follow Up

Follow Up:

Name two purposes of a follow up system.

What are the follow up requirements for consulting engagements?

 


    

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Audit Files

Controlling & Retention:

How long should audit files be retained?

Who should control access to audit files?



   

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Reporting - Audit Committee

Senior Management & Audit Committee:

What additional information is provided the Audit Committee and senior management when reporting the audit plan for review and approval?

What information should be reported periodically to the Audit Committee and senior management?


External of Organization:

What should the CAE (Chief Audit Executive) do before reporting information to parties outside the organization?

 

 

 

 



 


    

 

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Other Training Resources
  Standards PA's
(Checklist)		 Your
Training		 Additional
Training
   
Quality Assurance

Quality Assurance & Improvement Program:

What are the objectives of a quality assurance & improvement program?


Internal Assessments:

What do internal assessments include?


External Assessments:

How often are external assessments required?


Assessment With Independent Validation:

Does an internal assessment with independent validation qualify as an "external" assessment?

 


 




 

 

 

 


 

    

 

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Other Training Resources
  Standards PA's
(Checklist)

Your
Training

 Additional
Training
   
Training

Policy:

What is the general purpose of a training program?


   

 

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Other Training Resources
  Standards PA's
(Checklist)		 Your
Training		 Additional
Training
   
Administration










   

 

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