Recommended Duration: 5 Days

Course Overview

The Board of Directors has the ultimate responsibility for operations and processes involving risk management and control, but, managers with operational responsibility are charged with ensuring that the risk management, steering and control processes work according to the guidelines of the Board. This includes continuous evaluation of control methods, which should be identified, appropriate, effective and stable. Good risk management, steering and control requires clearly defined delegation of responsibilities and duties, as well as observance of the duality principle, which means that no one should handle a routine or oversee a case without control or supervision. This online course has been designed exactly like the in-class version. All training materials are already loaded in the learning management system. You will also write some tests which have as well been loaded. The test is to enable you assess yourself if learning has actually taken place and your score will be shown by the learning management system. Should you have any need to ask questions or request explanations on technical issues, please arrange a video conference with your instructors by sending an e-mail to fix a suitable date and time to [email protected]

Learning Objectives

At the end of this training session, participants will be able to:

  • Identify those “high-risk” processes—and build control systems that mitigate the risk
  • Develop control-based audit recommendations that truly help management meet tactical and strategic objectives
  • Implement full compliance with the SEC Code of Corporate Governance on risk and internal control
  • Guide against regulatory infractions and subsequent penalties

Course Outline

  1. Definition  of audit
  2. Internal  control and management
  3. Interviews with top management
  4. Collecting and corroborating evidence
  5. Audit  universe
  6. Methodology 
  7. A preliminary risk assessment
  8. The planning stage of audit methodology
  9. The testing phase
  10. The exit meeting
  11. Risk  based assurance plans
  12. Scheduling  of audits
  13. Building  the audit team
  14. Create a Mission Statement - A team without a mission is like an eye without vision
  15. Clear roles, tight goals and firm budgets
  16. ‘If you can laugh together, you can work together’,  Robert Orben
  17.  Teams need processes, review and feedback 
  18.  ‘It is not a question of how well each process works, the question is how well they all work together’.  Lloyd Dobens
  19.  ‘Wearing the same shirts doesn’t make a team’, Buchholz and Roth
  20.  Consistently communicate and play your part in the team. 
  21. And 54 more exciting topics on Internal Auditing and Control

Course Timeline:
Lesson 1 begins with the definition of Internal Audit and proceeds with explanations on internal control. The lesson covers 74 exciting topics on the subject of Internal Auditing and Control. The training slides are well labeled as itemized in the above course outline
Test on Lesson 1: In...

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