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Writing Effective Audit Observations Webinar  

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Online Compliance Panel

Writing Effective Audit Observations Webinar seminar agenda print utility

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Seminar Summary:

This class is designed to give you the basics for doing an operational audit. We will discuss management and audit concepts to help you understand how the process works. We will also do some exercises to further strengthen your knowledge. (see full course description)

 

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Training Course Syllabus:


Objectives of the Presentation


  • Definitions


    • IIA internal audit

    • Operational audit


  • The three primary types of audits


    • Financial

    • Compliance

    • Operational


  • Managementīs responsibilities


    • Plan, organize, lead, and control

    • Establish an organizational structure

    • Establish objectives that directly or indirectly support the primary mission

    • Assess the risk of not achieving the objectives

    • Establish controls to ensure that the objectives are achieved


  • Gain an understanding of the operational audit process which includes


    • Develop an annual audit plan

    • Conduct a preliminary survey of the selected area

    • Determine the audit objectives

    • Determine the audit scope

    • Conduct an entrance conference

    • Conduct the field work

    • Conduct exit conference

    • Communicate the Results to Management

    • Follow up on audit findings


  • Key IIA Standards relative to operational audits


    • 2010 - Planning

    • 2201 - Planning Considerations

    • 2220 - Engagement Scope

    • 2240 - Engagement Work Program

    • 2300 - Performing the Engagement

    • 2400 - Communicating Results

    • 2500 - Monitoring Progress


Why Should you Attend

Every organization has a primary business objective, the reason for its existence. Whether it is a "for-profit" organization or a "not-for-profit" organization, there is always a primary business objective. And each organization is set up to accomplish that primary business objective.


The primary business objective is the life blood of the organization. And management has the responsibility to set up an operational structure and processes to ensure that the primary business objective is accomplished. However, to do that, there are so many other secondary objectives that needs to be achieved. For example, management has to establish various departments like an:


  • HR Department- to hire/train personnel

  • Procurement Department - to purchase material/goods

  • Accounting Department - to pay vendors and employees

  • IT Department - to leverage technology

  • Maintenance Department - to care for equipment/infrastructure


There are numerous other possible departments depending on the company and its primary business objective. And every department has its own departmental objectives to directly or indirectly support the primary business objective. And management has the responsibility to establish controls to ensure that these objectives are achieved.


Operational auditing plays an important role in helping management achieve its primary business objective. Internal Audit has the responsibility to evaluate those controls through the operational auditing process to determine if they are adequate and effective.


Seminar Summary:

This class is designed to give you the basics for doing an operational audit. We will discuss management and audit concepts to help you understand how the process works. We will also do some exercises to further strengthen your knowledge. (see full course description)

 

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