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Internal audit--the contemporary approach, and the internal audit for effective assurance Mastercourses: professor Andrew Chambers runs Management Audit LLP, which specialises in advising on audit and corporate governance.

The internal audit course is based on two, day-long sessions--one on the contemporary approach and the other on effective assurance. Although both days have been designed separately and can be attended on their own, together they provide a more comprehensive coverage. There are also two related corporate governance courses, set over two half-days, the first being with a corporate governance overview and the second covering corporate governance issues.

Internal audit--the contemporary approach, is aimed at anyone who needs a speedy induction or update on internal auditing. It is suitable for experienced internal auditors, as well as those who have been newly assigned to Internal audit positions.

Delegates are expected to take away from the course:

* an understanding of what current internal auditing standards require and why

* a grasp of effective internal audit planning and execution

* a guide to reporting internal audit results and follow-up

* an appreciation of the importance and approach to internal audit independence and objectivity

* how to achieve Internal audit quality assurance.

The course provides an understanding of internal auditing standards, referencing IIA Standards and the generally accepted definition of internal auditing that can be found at the start of the IIA's Code of Ethics: "Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organisation's operations. It helps an organisation accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."


Among the other areas covered are Internal audit and the global financial crisis, internal audit assurance and consulting roles, and the implications of internal audit independence and objectivity. It also addresses proficiency and due professional care, managing the internal audit activity and risk-based audit planning. Planning and performing internal audit engagements, internal audit quality assurance and improvement programmes, communicating results and monitoring progress are also explained. Lastly, resolving senior management's acceptance of risks and internal audit opinions will be considered.

The second course--Internal audit for effective assurance--will benefit finance and other managers, board members, risk managers, internal auditors, compliance officers and company secretaries. The course is suitable for those from public bodies and not-for-profit entities. Delegates will take away from the course:

* an opportunity to get up to speed with the practical essentials of risk management

* insight into corporate governance, especially what makes internal governance effective

* an understanding of the meaning of internal control, what effective Internal control achieves and how to ensure that control is effective.

The course examines a number of areas, including external aspects of governance processes, business ethics, values, culture and behaviour as aspects of internal governance, and internal processes for achieving effective governance. The roles of different parties, including boards, management, risk managers, internal auditors and compliance officers, are also looked at. In the area of risk, matters such as the meaning of risk management, essentials for effective risk management and risk management tools are focused upon. Embedding risk management and making it enterprise-wide, and risk management at board and board committee level, will also be viewed. The session ends by providing an understanding of internal control and the hallmarks of effective business processes.

The corporate governance overview looks at corporate governance principles, contemporary developments, effective boards and effective board members and board committees.

Corporate governance issues explores the responsibilities of finance, accounting and auditing specialists for corporate governance, key governance issues arising from the 2010-11 House of Lords inquiry into auditing and the importance of financial, accounting and auditing experts on boards. Board audit committees, their responsibilities and making them effective, board risk committees, their responsibilities and making them effective are also addressed. Lastly, key governance developments (EC, FSA, FRC etc) of special importance to financial, accounting and auditing specialists, are considered.

Visit for more details about this and all CIMA Mastercourses.
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Title Annotation:What you learn on the ...
Publication:Financial Management (UK)
Date:Jun 1, 2012
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