The Institute of Internal Auditors (IIA) revised its Global Internal Audit Standards™ (“the Standards”) in 2023 to support the continued evolution of the profession and help organizations address today’s complex risk landscape. This represents a significant opportunity for Internal Audit functions to incorporate the latest developments in good practice and drive transformation to increase the value they can provide to their stakeholders. All Chief Audit Executives will need to consider their response and implement changes for the new Standards in 2024, ready to conform in 2025.
Why should you attend?
This comprehensive masterclass offers participants a unique opportunity to develop a foundational and fundamental understanding of the internal audit profession, the internal audit process, and how the 2024 Global Internal Audit Standards serves as the guiding compass for the internal audit activity. The Standards are applicable to any individual or function that provides internal audit services.
Who can attend?
This masterclass will add value to new practitioners pursuing an understanding of internal audit; external auditors transitioning to internal auditing seeking an in depth exploration of the domains, principles, and standards; and staff in an internal audit department that need to prepare for building a quality assurance improvement program. This masterclass has been designed to deliver an enhanced level of knowledge of the professional practice of internal auditing.
Learning Objectives
By the end of this masterclass, the participants will:
- Gain an understanding of the five domains of the Standards namely: Domain I – Purpose of Internal Auditing, Domain II – Ethics and Professionalism, Domain III – Governing the Internal Audit Function, Domain IV – Managing the Internal Audit Function, and Domain V – Performing Internal Audit Services.
- Appreciate the principles providing broad descriptions of related group of requirements and considerations.
- Understand how to adopt the requirements of the Standards in their organizational setup that include: requirements, which are mandatory practices for internal auditing, and considerations for implementation, which are common and preferred practices to consider when implementing the requirements.
Course Agenda
Day 1:
- Introduction to the International Professional Practice Framework
- Fundamentals of the Global Internal Audit Standards
- Domain I – Purpose of Internal Auditing
- Domain II – Ethics and Professionalism: Principle 1 – Demonstrate Integrity, Principle 2 – Maintain Objectivity, Principle 3 – Demonstrate Competency
Day 2:
- Domain II – Ethics and Professionalism: Principle 4 – Exercise Professional Due Care, Principle 5 – Maintain Confidentiality
- Domain III – Governing the Internal Audit Function: Principle 6 – Authorized by the Board, Principle 7 – Positioned Independently, Principle 8 – Overseen by the Board
Day 3:
- Domain IV – Managing the Internal Audit Function, and Domain: Principle 9 – Plan Strategically, Principle 10 – Manage Resources, Principle 11 – Communicate Effectively, Principle 12 – Enhance Quality
Day 4:
- Domain V – Performing Internal Audit Services: Principle 13 – Plan Engagement Effectively, Principle 14 – Conduct Engagement Works, Principle 15 – Communicate Engagement Results and Monitor Action Plan
Training Methodology
This is an interactive training course and will consist of the following training approaches:
- Lectures
- Webinars/Seminars & Presentations
- Extensive use of Case Studies and discussion-based learning.
Certificates
On successful completion of this training course, Certificate will be awarded to the delegates.