Fundamentals of Internal Auditing

Fundamentals of
Internal Auditing
September 5-7, 2007
A Three-Day Tutorial
Philadelphia, PA
on Internal Auditing
September 19-21, 2007
Las Vegas, NV
Basics
October 15-17, 2007
Houston, TX
• Get a well-grounded foundation in the
concepts of traditional and operational
auditing
November 5-7, 2007
San Francisco, CA
November 12-14, 2007
• Gain proven tools and techniques for
performing value-added audits in the era
of Sarbanes-Oxley and PCAOB
Boston, MA
December 10-12, 2007
Orlando, FL
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The International Leader
in Audit & Information
Security Training
• Use case studies to learn critical audit tasks:
assessing risk, flowcharting, and solving
business problems
• Focus on writing audit findings and selling
your recommendations
www.misti.com
E-Z Access OAG101
Training Audit and Information Security Professionals for Over 29 Years
Fundamentals of
Internal Auditing
A Three-Day Tutorial
on Internal Auditing Basics
Seminar Objective
In this three-day seminar you will learn the
concepts of traditional and operational
auditing and gain proven tools and
techniques for performing effective audits.
You will get a solid background in the
basics of documenting and evaluating
internal control/fieldwork techniques.
Using specifically formulated case exercises,
you will examine the critical elements of
internal auditing: assessing risk, flowcharting, designing flexibility into the audit
program, performing the audit, and applying results to solve business problems. You
will focus on and put into practice the
communication skills associated with
internal auditing: conferencing with
customers, writing audit findings, and
selling audit recommendations.
Prerequisite: None
Learning Level: Basic
NASBA: Auditing
22 CPEs
Who Should Attend
Financial, Operational,
Information Technology, and
External Auditors with less than
two years of audit experience
www.misti.com
E-Z Access OAG101
This course is included in the IA
Certificate Curriculum. For details, go to
www.misti.com or call 508-879-7999.
Bonus
You will receive copies of the Standards for
the Professional Practice, invaluable sample
documents you can use as models for your
own drafts, the COSO overview, and
complete text of the Sarbanes-Oxley Act
of 2002.
1. Internal Auditing
• the role of the internal audit
department
• leading-edge trends in IA
• what makes an effective
internal audit department
• differences between an internal
auditor and an external auditor
• risk factors
• risk assessment: another way
• risk assessment software
4. Planning and Preliminary
Fieldwork
• performance standard for
planning the audit
• events that have propelled
growth in IA
• the planning memo
– the Foreign Corrupt Practices
Act
• understanding patterns
of communication
– COSO
– Federal Sentencing Guidelines
• possible barriers to overcome in
the interview
– Sarbanes-Oxley
• diffusing the difficult interview
– fraudulent financial reporting
• interview strategies
• internal audit department and
its charter: a sample
• do’s and don’ts of effective
interviewing
2. Internal Auditing Today
• operational and financial
auditing defined
• IA objectives: economy,
efficiency and effectiveness
• opening conferences
• the importance of preliminary
work
5. Documenting Internal Controls
• evaluating and documenting
the system of internal controls
• operational vs. financial
auditing
• control points
• benefits of operational auditing
• narratives
• steps in the internal audit
process: an overview
• internal control questionnaire
3. Risk Assessment Strategies
• selecting the client
• notifying the client
• determining risk
• performance standard for
determining risk
• effects of risk
• identifying auditable activities
• cost/benefit considerations
• flowcharts
• flowcharting symbols
• case study - part I
6. Audit Programs
• performance standard for
developing the audit program
• the audit program as a guide
• criteria for audit programs
HIGH PRAISE FROM PAST ATTENDEES:
“Very informative – helped me understand the entire process.”
- Carla Henegar, Corporate Manager, Internal Audit, Jacobs Engineering Group Inc.
“Very informative and helpful for the new internal auditor. I walked away
more confident about my skills.”
- Melissa Marshall, Risk and Control Analyst, Canadian Pacific Railway
“I learned a lot. The course exceeded my expectations. The structure and pace
were great!”
- Deirdra Kumar, Accountant, Georgia Power Company
• audit objective
• audit scope
• audit test steps
• sample audit program
• case study – part II
7. Fieldwork Techniques and
Applications
• performance standard
• audit evidence
• audit testing
9. Audit Observations
• performance standard for
communicating results
• performance standard for
monitoring progress
• attributes of audit observations
• selling your findings
• case study – part III
10. Audit Reports
• fundamentals of audit reports
• sampling terminology
• opinions on internal controls
for S-OX reports
• sampling methodologies
• selling your report
• S-OX sampling
• recommendation options
8. Workpaper Techniques
• performance standard for
recording information
• performance standard for
engagement supervision
• purpose of audit workpapers
• workpaper techniques
• sample audit workpaper
• performance standard for
quality assurance and
compliance
• strategies for issuing timely
reports
11. Effective Audit
Communications
• setting the stage for your
closing conference
• 75 strategies for conducting
effective closing conferences
• case study – part IV
This course fulfills a requirement for the MIS Internal Audit Certificate.
For details, call (508) 879-7999.
Registration Information
Mail to MIS Training Institute, 498 Concord
Street, Framingham, MA 01702-2357
Call: (508) 879-7999
Fax: (508) 872-1153
E-mail: [email protected]
Web: www.misti.com, E-Z Access OAG101
IMPORTANT: Please refer to the registration
code on the mailing panel when registering.
Tuition: The $1695 tuition covers seminar
materials, refreshments, and hospitality reception.
Tuition must be paid in advance by cash, company
check (US dollars), VISA, MasterCard, Diners
Club, or American Express. Add $100 if you register
five business days or less before the session start date.
Class Hours: Class is held from 8:30 am–5:00 pm
daily and concludes at 1:00 pm on the last day.
The High-Yield/No-Risk Guarantee: Attend
this seminar and receive information, tools, and
techniques that will help you do your job better. If
you do not, simply tell us why on your company
letterhead within 30 days of the event and we will
give you a full credit toward another seminar.
MIS Cancellation Policy: A full refund less a $100
administrative fee will be given for cancellations
received 15 days or more before the event. Tuition
is non-refundable for cancellations made 14 days or
less before the event. You may, however, transfer
your tuition to another MIS Training Institute
event, less a $195 administrative fee. Transfers are
valid for 12 months from the time of initial cancellation. Substitutions are welcome at any time.
Those who do not cancel before the event date and
who do not attend are responsible for the full nonrefundable, non-transferable tuition. To cancel, call
customer service at 508-879-7999.
Schedule Changes: MIS may occasionally find it
necessary to reschedule, relocate, or cancel sessions
and will give registrants advance notice of such
changes. MIS will not be responsible for penalties
incurred as a result of non-refundable airfare
purchases or hotel reservations.
CPE Credits: Participants are eligible to receive
22 hours of CPE Credits.
Hotel Information: Hotel arrangements should
be made after you register for a seminar to ensure
lowest available rates. Please contact the hotel
directly (phone numbers are listed below) and be
sure to inquire about corporate, AAA, AARP, or
other discounts for which you may be eligible.
Philadelphia: Marriott Philadelphia 215-625-2900
If You Can’t Come to This Seminar,
We Can Come to You
Las Vegas: Harrah’s Las Vegas 702-369-5000
If you have several people who need training, MIS will bring this program or any
of its other seminars directly to your organization. In-house seminars let you
tailor a course to your specific needs and cost-effectively train your team at your
convenience. For more information, contact Mimi Hatch at (410) 692-2465,
or at [email protected].
San Francisco: Hyatt at Fisherman’s Wharf
415-563-1234
Houston: Embassy Suites Galleria 713-626-5444
Boston: Hilton Boston Back Bay 617-236-1100
Orlando: Buena Vista Palace 407-827-2727
Fundamentals of Internal Auditing
A Three-Day Tutorial
The International Leader
in Audit & Information
Security Training
498 Concord Street
Framingham, MA 01702-2357
on Internal Auditing Basics
IMPORTANT: Please have your Registration Code available
when you register.
“Relaxed but very informational
overview of how to perform an audit
well. We covered many issues, and it
made me more excited about my job!”
Registration Code: OAG101G/ PDF
Julie Godshall, Staff Auditor,
CUNA Mutual Group
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E-Z Access OAG101
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The International Leader
in Audit & Information
Security Training
Fax: (508) 872-1153
Web: www.misti.com
Phone: (508) 879-7999
E-mail: [email protected]

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