| NAME OF THE COURSE |
| INTERNAL AUDIT AND CONTROL |
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| CERTIFICATION |
| CERTIFIED MASTER OF INTERNAL AUDIT AND CONTROL MANAGEMENT |
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| COURSE OVERVIEW |
| Internal controls are activities or procedures designed to provide reasonable assurance that operations are “going according to plan.” Without adequate internal controls, management has little assurance that its goals and objectives will be achieved. Properly designed and functioning controls reduce the likelihood that significant errors or fraud will occur and remain undetected. The course will equip management professionals of non-profit agencies with knowledge and skills to interpret various fraudulent activities and identify appropriate control mechanisms to implement. Learners will also learn about detective and preventive internal controls. |
| The audit comprises a fundamental component of the recurrent and strategic activities of nearly all professional occupations. While a small group of jobs focus exclusively on internal and external audit tasks, the majority of commerce graduates will utilise the principles and practices of risk assessment, internal control, systems evaluation and forensic accountability in their professional lives. This course thus aims to provide an introduction to the principles and practices of auditing. In this context, it will also outline and critically examine contemporary audit issues and challenges |
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| TRAINING DURATION |
| Total Training Hours : 22 Hours |
| Training Duration : 1 Week |
| Total Training Days : 4-5 Working Days |
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| TRAINING SCHEDULE |
| Weekdays (Sunday to Thursday) |
| Regular Sessions: 4 – 6 Hrs Per day (9am to 2pm or 3.00pm to 9.00 pm) |
| Food & refreshments Included |
| Weekends (Friday & Saturday) |
| Fast Track Sessions: 8 Hours per day (9am to 5pm) |
| Food & refreshments Included |
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| CERTIFICATION |
| Globally recognized certificate from “Kings Global Career Academy” |
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| TEST |
| No |
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| LEARNING AIDS |
| Yes |
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| COURSE MATERIAL |
| Hard & Soft Copies of Study Material |
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| LANGUAGE OF INSTRUCTION |
| English |
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| INSTRUCTOR HELPLINE |
| Yes |
| 1. Email |
| 2. Social Media (For Emergency requirements) |
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| REGISTRATION REQUIREMENTS |
| 1. Passport Copy |
| 2. Curriculum Vitae |
| 3. Passport size photographs |
| 4. Course Fee |
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| MODE OF PAYMENT |
| Cash / Cheque / Credit Card / Bank Transfer. |
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| ELIGIBILITY CRITERIA |
| (Who should attend this training) |
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- Regulators & Account Managers
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| COURSE BENEFITS |
- Articulate knowledge of fundamental audit concepts.
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- Apply critical thinking skills and solve auditing problems through the use of case studies.
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- Demonstrate the use of the Auditing, Assurance and Ethics Handbook.
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- Explain the legal framework under which Australian company audits are conducted and apply the profession’s code of conduct.
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- Demonstrate the ability to undertake research on significant auditing issues and to keep up-to-date with developments in auditing theory and practice.
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- Outline the role of auditing in society.
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- Interpret fraud activities at workplaces using fraud triangle
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- Apply steps for developing integrated internal control systems to promote organisational efficiency
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- Implement effective internal controls at the workplace
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- Understand the organisation, planning and control of internal auditing
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| COURSE CONTENTS |
| 1. The role of internal controls and risk management in supporting your organisation’s objectives |
- Integrating internal control as part of risk management and governance
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- Definitions and their importance
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- The conflict between risk management and internal control
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- Cast study: large losses – risks without controls
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| 2. Reassessing roles and responsibilities |
- Establishing and confirming who is responsible for what
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- Assessing the consequences and impacts of dysfunctional integration and conflict — on profit and performance
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- Reflect on the typical impediments to integration
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- The differences between audit and risk committees
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- Risk officers and risk departments – what do/should they do?
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- Case study: senior management’s role within conflict
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| 3. Supporting an organisations culture |
- Why the tone at the top matters
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- Management’s lead in internal controls
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- Values of the organisation
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- The importance of aligning objectives to culture to risks
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| 4. Goals, risk and governance: linking GRC to individual performance |
- How should risk managers be paid?
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- Linking risks and profits to performance and performance management systems
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- Bonus versus risk versus professional competencies. Why too much risk can result in less competence
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- Accountabilities: ensuring those in charge are accountable for being in control
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| 5. Ensuring sufficient competency and skill |
- Understanding the objectives to ensure the right skills are developed
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- Having sufficient resources
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- Risk models versus real-life experience and knowledge: assessing the reality when the model says you’re OK, but experience says you’re not
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| 6. Responding to risk |
- Ensuring your controls match the risk involved: mix and cost-effectiveness of controls
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- Establishing the need for continuous change
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- Understanding and promoting risk interaction
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- Risk treatment strategies
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- Assessing risk acceptance
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- Establishing risk targets: risk identification and model issues
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| 7. Communicating regularly |
- Clear, understood and documented controls
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- Embedding GRC communication into the way people work
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- Communication in a crisis — who does it? What tone? Case study
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- Internal communication between departments and differing views of risk
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| 8. Monitoring and evaluating controls |
- How should the internal control system be monitored?
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- Providing feedback to the governing body
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- Causes of failure of internal controls — why those that have historically worked can suddenly fail, and the underlying causes of failure
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- Actions from evaluations — do you want/need to change?
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- Dealing with conflicts of interest — senior management actions and decision-making
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- Who is responsible for monitoring controls?
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- Accurately matching monitoring frequency to volatility
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- Accountability of controls to targets — setting risk targets versus profits
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| 9. Providing for transparency and accountability |
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| 10. Future risks |