Fundamentals of Internal Auditing - OAG101

Overview

In this course, participants will learn traditional and operational auditing concepts, gaining proven tools and techniques for performing effective audits. This course provides insights for conducting internal audits effectively from the initial risk assessment through planning, fieldwork, and reporting. It covers key techniques like flowcharting, preparing risk-control matrices, documenting issues, and writing narratives.

Learning Options

Below are the available learning options for this course:

AuditPro

Online On-Demand

This course is available through AuditPro — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an ‘all you can watch’ library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.

Learn more & subscribe

Enterprise Solutions

Tailored Experience

Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.

Customize your training

NASBA Certified CPE

24 Credits

Auditing

Why you should take this course

For users who are new to internal auditing, or would like to learn more about it.

Who should take this course

Internal and IT Auditors looking for a comprehensive understanding of the process of Internal Audit. This foundational course can be used to onboard rotational Internal Auditors and other experienced professionals starting their careers.

Prerequisites

  • None

1.    Key Concepts of Internal Auditing

    Definition of Internal Audit

    Fundamental Questions of Internal Audit

    Three Lines Model

    Lifecycle/Steps in the Internal Audit Process

    Identifying Areas to be Audited

    Types of Internal Audits

    Internal Control Frameworks


2.    Risk Assessment

    What is Risk Anyway?

    Effects of Risk

    What is Risk Assessment?

    Different Levels of Risk Assessment

    Key Questions in Risk Assessment

    Balance Between Risk and Control

    Types of Risks

    Risk Factors

    Risk Assessment Approaches


3.    Audit Project Planning

    Audit as a Project

    Planning Risks, Stages, Strategies

    Planning Resources and Key Questions

    Stakeholder Awareness

    Preliminary Meetings

    Early Deliverables

    Governance 


4.    Documenting Internal Controls

    Evaluating and Documenting Internal Controls

    Cost/Benefit Considerations

    Types of Controls

    The Control Environment

    Barriers/Blocks to Effective Control

    Methods of Documenting Controls


5.    Audit Programs

    Audit Programs as a Guide and Fence

    Audit Program Examples

    Criteria for Audit Programs

    Audit Objectives

    Audit Scope

    Audit Test Steps


6.    Fieldwork Techniques

    Definitions Related to Evidence

    Nine Fieldwork Techniques

    Reliability of Audit Evidence

    Types of Audit Evidence

    Handling Sensitive Evidence


7.    Verbal Communications

    Communication Overview

    Active Listening

    Audit Interviews and Walkthroughs

    Purpose, Preparation, and Planning

    Interview Structure: Five Phases

    Phrasing Questions: Five Factors

    Question Types

    Probing Skills and Questions

    Creating a Work Product From Notes

 

8.    Workpapers

    Purpose of Workpapers

    Workpapers’ Completeness and Accuracy

    Workpapers Should Stand Alone

    Electronic Workpapers

    Tickmarks

    Quality Assurance and Improvement Program


9.    Audit Findings

    Attributes of Audit Findings

    Selling Audit Findings

    Communicating Findings


10.    Written Communications

    Quality of Communications

    Why do Auditors Write Reports?

    Typical Audit Report Contents

    Issuing Timely Reports

    Issuing Persuasive Reports

    Audit Report Trends

    Who are Your Readers?

    Overview of the Writing Process

    Readability

    Editing


11.    Audit Sampling

    Sampling Terminology

    Sampling Methodologies

    Statistical vs. Non-Statistical Sampling

    Data Analytics

    Challenges Implementing Data Analytics


12.    Reflecting on Internal Audit’s Past and Looking Forward

    The Past

    The Future


  • List the benefits that risk based auditing can have.
  • Outline ways to focus auditing efforts on the key risks that threaten the achievement of business objectives.
  • Demonstrate that you are reflecting and prioritizing risk in audit reports and aligning them with enterprise risk.
  • List aspects of risk, threats and opportunities.

ACI Learning is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.