Applying The Standards For Internal Auditors Part 2

This course delves deeper into managing the internal audit activity and the challenges that may be faced.

What you'll learn
Explore the many facets to effectively managing the internal audit function.
Identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations.
Discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including: control reviews, risk management and governance.
Identify the challenges and alternative solutions internal auditors may face/use when attempting to execute on the various forms of control reviews, risk management projects and governance reviews.
Requirements
Completion of the course: The Institute of Internal Auditor Standards Part One
Description
As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role.  Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards.  These are important concepts that internal auditors, management and the board should understand.  These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.
This segment will focus on two elements of the Performance Standards which include:  managing the internal audit function and the nature of work considered within the realm of internal auditing.  Each of these components are critical to the effective execution of internal audit’s responsibilities. 
Requirements for managing internal audit extend far beyond managing a specific project or individual audit.  It includes management of the entire audit process from development through to execution and reporting.  It also includes:
Ensuring the team has the relevant knowledge and expertise for engagement assignmentsAppropriate resourcing and budgeting exists to support the Mission of the functionEstablishing the right communication protocols with management and the board. 
When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with.  These include:
ControlsRisk ManagementGovernance
Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.
This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work.  The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value oriented activities internal audit can provide to an organization.If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

Overview

Section 1: Introduction

Lecture 1 Introduction to The Institute of Internal Auditor Standards Part Two: Managing I

Lecture 2 Managing The Internal Audit Function

Lecture 3 Challenges Managing Internal Audit

Lecture 4 Alternatives Effective Management

Lecture 5 Planning

Lecture 6 Planning Challenges

Lecture 7 Planning Alternatives

Lecture 8 Resource Management

Lecture 9 Procedures and Coordination

Lecture 10 Management and The Board

Lecture 11 External Service Providers

Lecture 12 Nature of Work

Lecture 13 Risk Management and Control

Lecture 14 Course Summary

Section 2: Supporting Materials

Lecture 15 Slides: Managing Internal Audit and Nature of Work

Lecture 16 Managing Internal Audit and Nature of Work Glossary/Index

Section 3: Review and Test

Anyone interested in finance, accounting, risk management or related fields.