Fundamentals & Strategies of Internal Audit Function

Training Package

Fundamentals & Strategies of Internal Audit Function

(Five days (25 Training Hours
 

This training package includes the following:

  • PowerPoint Presentation Slides
  • Trainer’s Guide (Word)
  • Participant’s Manual (Word)
  • Worksheets and Practical Exercises (Word)
  • Training Package Overview Guide (Word)
  • Pre-Assessment and Post-Assessment Test (Word)
  • Training Course Evaluation Form (Word)

All files are fully editable and ready for use in classroom, virtual, or blended training environments.

General Objective:

  • To enable participants to understand the fundamentals and advanced strategies of the internal audit function, and to develop the skills required to perform effective, risk-based, and value-adding internal audit activities in alignment with international best practices.

Detailed Objectives:

  • By the end of this program, participants will be able to:
  • Understand the concept, purpose, and evolution of internal auditing
  • Apply professional standards, ethics, and best practices in internal audit work
  • Assess governance structures and internal control systems
  • Implement a risk-based internal audit approach
  • Plan and execute internal audit engagements effectively
  • Prepare professional internal audit reports and follow-up action plans
  • Enhance the strategic and advisory role of internal audit within the organization

Target Audience:

  • Internal auditors
  • Risk management and compliance professionals
  • Finance and accounting staff
  • Quality and governance officers
  • Supervisors and managers involved in control and oversight functions
  • Professionals preparing for internal audit roles

 

  • Training Methods:
  • Interactive presentations
  • Group discussions and facilitated workshops
  • Case studies and practical scenarios
  • Hands-on exercises and simulations
  • Knowledge sharing and experience exchange

  • Program Outputs:
  • Participants will gain a comprehensive understanding of internal audit fundamentals and strategies
  • Ability to plan and conduct internal audit engagements professionally
  • Enhanced competence in risk-based auditing and reporting
  • Improved contribution to governance, risk management, and organizational performance

Training Modules and Daily Agenda:

Day One: Foundations of Internal Auditing

Session One: Introduction to Internal Audit

  • Definition and objectives of internal auditing
  • Evolution of internal audit from traditional to modern practices
  • Role of internal audit in achieving organizational objectives
  • Differences between internal audit and external audit

Session Two: Professional Standards and Ethics

  • International internal audit standards
  • Code of ethics and professional conduct
  • Independence and objectivity of the internal audit function
  • Authority, responsibility, and accountability of internal auditors

Day Two: Governance, Risk Management, and Internal Control

Session One: Corporate Governance and Internal Audit

  • Concept and principles of corporate governance
  • Roles of the board, audit committee, and management
  • Internal audit’s contribution to governance effectiveness

Session Two: Risk Management and Internal Control Systems

  • Types of organizational risks
  • Risk identification and assessment techniques
  • Internal control frameworks and components
  • Evaluating the design and effectiveness of internal controls

Day Three: Risk-Based Internal Audit Planning

Session One: Risk-Based Internal Audit Approach

  • Principles of risk-based internal auditing
  • Linking audit activities to organizational strategy
  • Developing the audit universe

Session Two: Audit Planning and Engagement Design

  • Preparing the annual internal audit plan
  • Defining audit objectives, scope, and criteria
  • Audit resources, scheduling, and documentation

Day Four: Audit Execution and Reporting

Session One: Audit Fieldwork and Evidence Collection

  • Audit methodologies and tools
  • Sampling and testing techniques
  • Collecting, analyzing, and documenting audit evidence
  • Applying professional judgment during audits

Session Two: Internal Audit Reporting

  • Structure and elements of an effective audit report
  • Writing clear findings, conclusions, and recommendations
  • Risk rating and prioritization of issues
  • Communicating audit results with management

Day Five: Strategic Internal Audit and Continuous Improvement

Session One: Strategic and Advisory Role of Internal Audit

  • Internal audit as a value-adding partner
  • Assurance services versus consulting services
  • Managing change and emerging risks
  • Internal audit involvement in strategic initiatives

Session Two: Follow-Up, Quality, and Performance Measurement

  • Audit follow-up and monitoring corrective actions
  • Measuring internal audit performance and effectiveness
  • Quality assurance and continuous improvement programs
  • Future trends in the internal audit profession