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Accounting and Finance

Developing, Improving & Monitoring the Internal Audit Function

An effective internal audit function provides independent, risk-based assurance that helps organizations strengthen governance, manage risks, and improve internal controls. Achieving this requires more than completing audit engagements. Internal audit leaders must establish a clear mandate, align audit priorities with organizational risks, develop capable audit teams, maintain consistent methodologies, and demonstrate the value of their work to senior management and the board. The Developing, Improving & Monitoring the Internal Audit Function course provides a structured approach to establishing, managing, evaluating, and continuously improving internal audit activities. Participants examine the Global Internal Audit Standards issued by The Institute of Internal Auditors (IIA), risk-based audit planning, audit methodology development, resource management, performance measurement, quality assurance, stakeholder engagement, and the effective use of audit technology. The programme emphasizes practical approaches to building a credible internal audit function, improving audit quality, monitoring operational effectiveness, and delivering assurance that supports organizational objectives.

AF-016Accounting and Finance

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Why Attend

The Developing, Improving & Monitoring the Internal Audit Function course provides a structured approach to establishing, managing, evaluating, and continuously improving internal audit activities. Participants examine the Global Internal Audit Standards issued by The Institute of Internal Auditors (IIA), risk-based audit planning, audit methodology development, resource management, performance measurement, quality assurance, stakeholder engagement, and the effective use of audit technology.

The programme emphasizes practical approaches to building a credible internal audit function, improving audit quality, monitoring operational effectiveness, and delivering assurance that supports organizational objectives.

Course Objectives

Evaluate the effectiveness and maturity of an internal audit function
Understand the requirements of the IIA Global Internal Audit Standards
Develop an internal audit mandate, charter, strategy, and governance framework
Establish risk-based audit planning and engagement management processes
Design consistent audit methodologies, procedures, and documentation requirements
Improve internal audit resource planning and professional competency development
Strengthen audit supervision, reporting, and recommendation follow-up
Develop meaningful internal audit performance indicators and management dashboards
Establish and maintain an effective Quality Assurance and Improvement Program
Conduct internal quality assessments and prepare for external quality assessments
Improve stakeholder communication and demonstrate the value of internal audit
Develop an actionable internal audit function improvement roadmap

Designed for

This program is intended for professionals involved in Accounting and Finance.

Chief audit executives and heads of internal audit
Internal audit directors and managers
Senior internal auditors and audit supervisors
Audit committee support professionals
Governance, risk, and compliance managers
Internal control and assurance professionals
Quality assurance professionals within internal audit
Public sector audit leaders
Professionals responsible for establishing or restructuring internal audit departments
Internal auditors preparing for leadership responsibilities

Course Methodology

The programme combines instructor-led discussions, internal audit maturity assessments, governance case studies, risk-based planning exercises, audit methodology workshops, performance measurement activities, and quality assessment simulations. Participants work with practical templates for internal audit charters, strategic plans, audit manuals, competency frameworks, performance dashboards, and quality improvement plans. Exercises are designed around the responsibilities of chief audit executives, internal audit managers, and professionals involved in developing or improving internal audit functions.

Course content

Day1

Establishing an Effective Internal Audit Function and Governance Framework

Understanding the purpose, mandate, and organizational responsibilities of the internal audit function under the IIA Global Internal Audit Standards
Evaluating organizational governance arrangements, board oversight, functional reporting, and internal audit independence
Developing and maintaining an internal audit charter that defines authority, responsibilities, scope, and access rights
Assessing the current maturity of the internal audit function using organizational needs, stakeholder expectations, and capability criteria
Establishing an internal audit strategy aligned with organizational objectives, governance requirements, and assurance priorities
Practical workshop: Assessing internal audit maturity and developing an internal audit governance and strategic development framework

Day2

Risk-Based Audit Planning and Internal Audit Methodology Development

Establishing an audit universe covering organizational processes, business units, systems, projects, and significant risk exposures
Developing risk assessment criteria based on impact, likelihood, control effectiveness, strategic significance, and emerging risks
Preparing risk-based internal audit plans and adjusting audit priorities to reflect changes in the organization's risk profile
Designing consistent audit methodologies covering engagement planning, risk and control assessment, testing, evidence collection, and documentation
Establishing audit supervision, working-paper review, quality control, and engagement approval procedures
Practical exercise: Developing a risk-based annual internal audit plan and standardized engagement methodology for a complex organization

Day3

Managing Internal Audit Resources, Operations and Stakeholder Relationships

Developing internal audit workforce plans based on audit coverage requirements, available resources, specialist expertise, and organizational complexity
Establishing competency frameworks, professional development plans, performance expectations, and succession arrangements for audit personnel
Improving audit scheduling, engagement allocation, time budgeting, supervision, and workload management
Evaluating opportunities to use audit management software, data analytics, continuous auditing, and automation to improve audit efficiency
Strengthening coordination with risk management, compliance, external audit, and other assurance providers without compromising internal audit independence
Case study: Restructuring an internal audit department to improve resource utilization, specialist capability, stakeholder communication, and audit delivery

Day4

Monitoring Internal Audit Performance and Demonstrating Value

Developing internal audit performance indicators covering plan delivery, risk coverage, engagement timeliness, resource utilization, and audit quality
Measuring the implementation of audit recommendations, overdue corrective actions, recurring findings, and management accountability
Evaluating audit reporting effectiveness through clarity of findings, root-cause analysis, practical recommendations, and stakeholder feedback
Designing internal audit dashboards and management reports for the chief audit executive, senior management, and audit committee
Assessing stakeholder satisfaction and the contribution of internal audit to governance, risk management, and control improvement
Practical workshop: Developing an Internal Audit Performance Scorecard with measurable KPIs, reporting arrangements, and improvement priorities

Day5

Quality Assurance, Internal Audit Evaluation and Continuous Improvement

Establishing a Quality Assurance and Improvement Program aligned with the IIA Global Internal Audit Standards
Designing ongoing monitoring activities, engagement quality reviews, periodic self-assessments, and documented improvement procedures
Understanding external quality assessment requirements, including assessment frequency, assessor independence, and reporting responsibilities
Identifying gaps in internal audit practices through quality assessments, stakeholder feedback, performance results, and standards-based reviews
Developing corrective action plans, monitoring improvement initiatives, and reporting quality assessment results to the board and senior management
Capstone exercise: Developing and presenting an Internal Audit Function Development and Improvement Roadmap covering governance, strategy, audit methodology, resources, performance measurement, quality assurance, and implementation milestones

The certificate

SPARK Training Certificate of Completion is awarded to participants who attend and complete the full training course.

Explore this topic

Developing, Improving & Monitoring the Internal Audit Function

Establishing an Effective Internal Audit Function and Governance Framework

Risk-Based Audit Planning and Internal Audit Methodology Development

Managing Internal Audit Resources, Operations and Stakeholder Relationships

Monitoring Internal Audit Performance and Demonstrating Value

Quality Assurance, Internal Audit Evaluation and Continuous Improvement

Still Have Questions?

Related Training Courses

Developing, Improving & Monitoring the Internal Audit Function

Establishing an Effective Internal Audit Function and Governance Framework

Risk-Based Audit Planning and Internal Audit Methodology Development

Managing Internal Audit Resources, Operations and Stakeholder Relationships

Monitoring Internal Audit Performance and Demonstrating Value

Quality Assurance, Internal Audit Evaluation and Continuous Improvement

Still Have Questions?

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