Core Curriculum: Understanding Internal Auditing (Z7-LM02228)

At the end of the course participants should be able to:

• Discuss the fundamental components of the International Professional Practices Framework (IPPF).
• Discuss internal audit’s purpose, authority and responsibility.
• Explore The IIA’s Global Internal Audit Competency Framework.
• Examine the fundamental basics of control types and designs.
• Identify the four major areas of competency defined within The IIA’s Global Internal Audit Competency Framework.
• Emphasize the importance of governance as outlined in the International Standards for the Professional Practice of Internal Auditing (Standards).
• Describe the importance of individual objectivity and a code of ethics for internal auditors.
• Introduce types of controls and how to interpret internal control concepts.
• Describe the impact of organizational culture.
• Present the fundamental concepts of risk and the risk management process.
• Introduce the various types of fraud and fraud risk.
• Evaluate the potential for fraud and recommend controls to prevent and detect fraud.
• Illustrate how internal auditors use professional judgment, knowledge and experience to identify opportunities for making significant improvements to the organization’s governance, risk management and control processes.

The IIA’s Core Curriculum seminar course is a comprehensive course that offers you a unique opportunity to develop a foundational and fundamental understanding of the internal audit profession, the internal audit process and how the International Professional Practices Framework (IPPF) serves as the guiding compass for the internal audit activity.

Whether you are pursuing an understanding of the internal audit nomenclature, principles and standards because you are an external auditor transitioning to internal auditing; on the staff of a new internal audit department that needs to prepare for building a quality assurance improvement program; or perhaps an individual preparing for the Internal Audit Practitioner (IAP) designation, this course delivers an enhanced level of knowledge of the professional practice of internal auditing.

This comprehensive course begins with an introduction to The Institute of Internal Auditors (The IIA); the widely recognized guidance found in the IPPF, including the Standards; and compares and contrasts internal audit to external audit, and assurance services to consulting services, while also helping you to understand the purpose, authority and responsibility of the internal audit activity and the concept of governance, risk management and control. This course also provides high-level guidance on how to communicate conclusions, reports and overall opinions; disseminate results; identify areas that are taking on critical amounts of risk; and establish action plans and monitoring programs.