Today’s internal audit management function is an ever-expanding role and vital to any business. Many companies consider internal audit as a “training ground” for future management as it provides professionals with key strategic insight into the business. For an organization to truly build credibility within the internal audit function, the skills and organizational positioning of the Chief Audit Executive and internal audit management is a critical success factor.
The old saying, “If you can’t stand the heat stay out of the kitchen,” can be applied to anyone stepping into an internal audit management role. You must have the fortitude and ability to appropriately balance the organization’s needs with the necessity for independence and objectivity. This can be a very difficult issue for even the most experienced executive.
This session is designed by a past Chief Audit Executive of two international companies with more than 30 years of experience in the internal audit profession. The session explores both components of technical skills and soft skills important to be successful within internal audit.
The role of internal audit management continues to evolve and become an integral part of today’s business cultures. Roles evolve and change as new and emerging risks are identified. Management must understand and embrace the importance of the internal audit role. This session will identify how this task can be accomplished with the proper understanding and execution of internal audit skillsets.
Publication Date: April 2020
Designed For
Accountants and Finance professionals, Internal auditors and those seeking an internal audit management role, and Audit committee.
Topics Covered
- Role of today's IA leadership
- Attributes to building effectiveness in IA
- The IIA Standards and evaluating governance, RM and contro
- Targets for IA leadership
- Building effective relationships with management and the AC
- Keys to staffing and training IA resources
- Synergizing IA processes with other quality assurance groups
Learning Objectives
- Identify the top key and critical skills for internal audit management for technical, soft, and other skills
- Identify the importance of the International Professional Practices Framework and Standards for internal auditors
- Recognize the variance between ethical and legal standards
- Recognize how to be prepared to transition into an internal audit role effectively
- Describe basic roles of an internal audit
- Recognize potential expanded capability of an internal audit
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
None
Advance Preparation
None
Instructor
Lynn Fountain
Lynn Fountain has over 38 years of experience spanning public accounting, corporate accounting and consulting. 20 years of her experience has been working in the areas of internal and external auditing and risk management. She is a subject matter expert in multiple fields including internal audit, ethics, fraud evaluations, Sarbanes-Oxley, enterprise risk management, governance, financial management and compliance. Lynn has held two Chief Audit Executive (CAE) positions for international companies. In one of her roles as CAE, she assisted in the investigation of a multi-million-dollar fraud scheme perpetrated by a vendor that spanned 7 years and implicated 20 employees. The fraud was formally investigation by the FBI and resulted in 5 indictments estimating a $13M fraud loss.
Ms. Fountain is currently engaged in her own consulting and training practice. She is a highly sought-after trainer and international speaker. In addition, Ms. Fountain has assisted numerous companies with enterprise risk management frameworks, internal audit processes and financial accounting. She also serves as a discussion leader for the AICPA for numerous classes finance, accounting and risk management topics.
Ms. Fountain is the author of three separate technical books. Her first book released in 2015 by the Institute of Internal Auditors Foundation is entitled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. Her second book “Leading the Internal Audit Function” was released in October 2015 by Taylor & Francis Publications. This book serves as the initial launch for a series of leading practice internal audit and information technology publications. Her third book “Ethics and the Internal Auditor’s Dilemma” was released in December 2016.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CPA, CGMA, CRMA credentials.