Internal Audit: Keys to Managing an Effective Function

Author: Lynn Fountain

The globalization of business, ongoing changes in technology, increased attention of shareholders and stakeholders and the continuing demands of the Audit Committee and senior management require a dynamic framework for managing today's internal audit department. The COVID pandemic resulted in many impacts on internal audit's ability to perform their typically fiduciary duties. However, post pandemic, it is critical internal audits continue to evolve and provide their organizations with the most value-added function available.

This course, designed by a past Chief Audit Executive with significant exposure to a multitude of industries and internal audit frameworks, explores the key competencies and responsibilities of today's internal audit management and methods for meeting the requirements of the internal audit profession. We will also discuss some of the greatest challenges of the role and how to address those challenges.

Publication Date: March 2023

Designed For
Internal auditors, management, CEO, CFO, CAE, external auditors, board members, audit committee members

Topics Covered

• Explore an update on IIA Standards
• Evaluate the role of today's IA leadership
• Examine key's to building effective relationships with management and the AC
• Identify keys to staffing and training IA
  • Developing a resource gap analysis
• Explore methods for synergizing internal audit processes with other quality assurance groups
• Examine the top methods for effective internal audit management

Learning Objectives

• Identify the role of today's internal audit leadership
• Recognize the role of internal audit in corporate governance
• Identify and explore how to synergize the internal audit processes with other quality assurance groups
• Identify the keys to building effective relationships with management and the audit committee
• Identify the keys to staffing and training the audit group
• Identify how to develop a resource gap analysis for internal audit

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None