Internal Financial Auditing and Risk Management (Lahore)

OBJECTIVES

The diversified course objectives, include;

• To appraise the audience about the Internal Audit Function in an organization as Risk Management and Control function
• To enable the participants to distinguish and appraise the Internal Audit vis-à-vis External Audit w.r.t. their respective Objective, Scope, Methodology and Reporting obligations
• To equip the participants with the comprehensive Enterprise Risk Management Strategy of the organization through financial and operational internal audit
• To provide the participant, not only with the conceptual comprehension of the Financial internal audit but also the practical exposure of planning, approach, execution, methodology and reporting phases.
• To quip the participants with the Internal Audit quality with international standards, industry best practices and regulatory framework

COURSE CONTENTS

The course in such a way to comprehensively covers, Conceptual as well as the Practical outlook of the topic;

Conceptual – Day 1

• Introduction to Auditing, Internal and External Auditing
  • Internal vs External Audit
  • Financial vs Operational Audit
  • Compliance vs Substantive Audit
  • Audit as “Assurance”, “Review” and “Certification”
• Legal / Regulatory framework – Corporate Governance and Internal Auditing
• International Standards on Auditing and Other Best Practices
• Internal Auditing and Risk Management Framework – how inter-related?
• Internal Control Environment, Internal Control System and its Constituents

Internal Audit Function

• Best Structure and Functions of IA Function
  • Organizational Placement – Independence
  • Reporting to Audit Committee, CEO and BoD
  • Setting and Formal IA Strategy, Objectives, Charter and IA Plan
  • Respective Roles in Audit and Operation- Management Functions
  • Audit Committees, Review and Accountability
• Code of Corporate Governance for Listed companies (Regulations) – Legal Perspective of IA Functions – Qualification, Responsibilities and Reporting

Internal Audit – Code of Ethics – Day 2

• Fundamental Principles of Code of Ethics
  • Independence, Integrity, Confidentiality, Professional Competence and Due Care
• Risk to Fundamental Principals and Its Mitigation
  • Conflict of Interest
  • Intimidation
  • Familiarity

Financial Internal Audit and Detection / Prevention of Fraud

•  Fraud vs Error
• Fraud Risk Factors
• Fraud and Forensic Audit
• Auditor’s (Internal and External) responsibility in detection, prevention and reporting of fraud

Financial Internal Auditing – Planning. Execution, Procedures and Reporting

• IA Charter and Plan – Audit Universe
• Executing the Audit Plan – Annual, Quarterly and Specific Activity Review
• Risk Assessment
• Internal Control Environment, System and its Components
• Compliance Audit – Means of audit (Procedures) & Walk-through test
• Substantive Audits – Audit Procedures and Evidence
• Audit Documentation
• Reporting
• Compliance Assurance and Review (Post Audit)
• Repeat Audits

LEARNING OUTCOMES

After attending this two-days “Financial Internal Audit – Financial and Operational Perspectives”, the participants should be comprehended to;

• Financial Internal Audit – As Concept, its understanding, need, requirement and benefits for the Organizations
• Financial Internal Audit – As Practical Guidance – its strategy, planning, execution and and reporting tools
• Especially with respect to Internal Auditing and Detection / Prevention of Fraud, the participants should be enable to;
  • Comprehend the concept of Fraud and error, Fraud Risk Factors and Characteristics of potential fraud activity
• Strategic IA plan, Charter and execution of IA plan in Organizations
• Achieve organizational development, operational and functional efficiencies and effectiveness
• Monitoring the functions, Personnel and Processes and accountability thereof

TARGET AUDIENCE

• CEOs, CIOs, CFOs of Organizations and businesses that are in setting-up, developing or transformation phases
• Owners, Managing Partners and Executive Directors of SME Organizations
• Head of Departments (IA, System Compliance, Risk Management, Finance), Managers
• Management consultants and transformation agents
• General Public with interest in IA

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