Foundations for a Strong Internal Audit Department (Completed)

Date: Monday, October 3, 2022
Instructor: Lynn Fountain
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

It has been a challenging few years for all professions. Internal Audit is no exception. With the onset of the COVID-19 Pandemic in early 2020, Internal Audit departments found themselves challenged to complete their normal assigned duties and audit plans. Due to the sudden challenges of running the everyday business caused by COVID-19, management looked to Internal Audit for help with managing all aspects of everyday business. For a period, Internal Audit found themselves “moving backward” supporting management projects and being relegated to managing the Sarbanes-Oxley process.

Even as we are in the year 2022, many Internal Audit groups are challenged to return to their dedicated charter and responsibilities. The COVID-19 virus has impacted businesses in many ways. But Internal Audit must find a way to move past the disruption and back towards their assigned duty of risk mitigation and evaluation.

Individuals considering an internal audit management role should understand the challenges as well as benefits that may be presented within an internal audit role. It is critical that certain elements of the job be well understood by those holding the positions. And in today’s economic environment, internal auditor’s must able to provide management with assurances regarding the necessity of their defined role.

This session is designed to step into the reality of the internal audit management role and discuss some of the concepts that aren’t always openly discussed within organizations, but are important concepts the internal audit manager should ensure they can clarify with management and be prepared to address on the job.

Who Should Attend
Internal auditors, Professionals considering the role of internal audit, Chief Audit Executives, Accountants and Finance professionals, CFOs, CEOs, Legal and Compliance professionals, Board members and Audit Committee members.

Topics Covered

  • Insight on the realities of internal audit management roles
  • Elements needed to build a strong internal audit department to provide the most value for your company

Learning Objectives

  • Recognize how the Internal Audit's traditional role can best address the needs in today's economic times.
  • Identify critical components of upholding your internal audit charter
  • Recognize how to best articulate the definition and requirements of risk-based auditing
  • Identify requirements to developing an independent audit plan and ensuring that plan is adaptable to business needs
  • Describe how to deal with management when they respond negatively to an issue

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None

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