BASED INTERNAL AUDITING

Transcription

1 ý Marketing Partner Content Partner BASED INTERNAL AUDITING IIA GL BAL TRAINING MATERIAL Mumbai 21 Dec HOURS

2 A bout This Course Course Description The COSO Internal Control Integrated Framework is the original framework that has gained broad acceptance and is widely used around the world. In the 20 years since its inception, business and operating environments have changed drastically (i.e., more technologically driven, more global, more complex), which has driven the need for an updated Framework. This course examines how a principles-based approach can be used to design, implement, maintain, and evaluate a system of internal controls. You will have an opportunity to discuss the implications that the updated Framework presents to the internal audit profession and to individual internal audit activities. You will also identify opportunities for using the updated Framework in your internal audit process and increase the value of your assurance and consulting services. COSO has universal applicability, regardless of industry, sector, department size, etc. We recommend auditors and key management stakeholders attend. This course is appropriate for a variety of audiences who have an interest in learning about the 2013 Framework. Note: This course is designed for someone who has a good practical understanding of what internal control is and how to apply it. It is helpful to have an understanding of the original (1992) COSO Internal Control Integrated Framework and how it applies to assessing controls in terms of the COSO categories of objectives and the five internal control components (shown in the COSO cube). We will be reviewing what is new in the updated version and how it impacts your internal control system. At the end of the class, you will prepare an outline to develop your own action plan to assist you in evaluating your internal control system against the new Framework. This course is primarily designed to address the full COSO IC IF. It does not address Sarbanes-Oxley, ICEFR, or SEC ramifications or is there an emphasis on financial reporting. Course Objectives Ÿ Describe the key components, principles, and points of focus in the COSO Internal Control Integrated Framework (IC-IF). Ÿ Compare and contrast the COSO IC-IF with the COSO Enterprise Risk Management (ERM) Integrated Framework. Ÿ Discuss risk assessment implications that internal auditors should consider when planning and conducting audits. Ÿ Evaluate controls related to the control environment, control activities, information and communication, and monitoring activities principles. Ÿ Demonstrate how COSO-based practices can be used during internal audit engagements. Ÿ Identify opportunities to use the updated IC-IF in your internal audit process and increase the value of your assurance and consulting services in your organization.

3 C ourse Topics COSO Frameworks: The Basics Ÿ Discuss COSO background/history. Ÿ Examine COSO's definitions of Internal Control and ERM. Ÿ Review COSO Internal Control and ERM objectives and components. Ÿ Discuss the updated COSO Internal Control from an internal audit perspective. Ÿ Understand the relationship between Governance, Risk Management and Internal Control. Ÿ Discuss the IA implications for Turning the Principles into Positive Action. COSO Internal Control: A Closer Look Ÿ Review Control Environment Principles. Ÿ Examine Risk Assessment and Control Activities Principles. Ÿ Discuss Information/Communication and Monitoring Activities Principles. Ÿ Demonstrate the importance of soft controls. Ÿ Discuss the Three Lines of Defense in Effective Risk Management and Control. Ÿ Examine the implications for Internal Auditors. COSO ERM: A Closer Look Ÿ Compare COSO ERM factors and Internal Control principles. Ÿ Understand key ERM concepts and terms. Ÿ Discuss ERM Risk Assessment in Practice/Thought Leadership. Ÿ Examine the implications for Internal Auditors. IPPF & COSO Framework Connections Ÿ Show where IPPF Standards and the COSO Frameworks are connected and discussing potential opportunities/challenges for Internal Auditors. Ÿ Examine a COSO-based Internal Audit process. Ÿ Use IPPF and IIA resources to develop COSO-based IA tools. COSO-Based Audit and Engagement Planning Ÿ Compare approaches and techniques used establish the IA activity's risk-based plan and priorities. Ÿ Compare tools and techniques used to plan IA engagements. Ÿ Apply COSO-based practices on overall IA activity and individual engagement planning case studies. Using COSO in Performing the Work Ÿ Discuss the COSO-based skills and practices used in performing the work. Ÿ Examine the types of information that may be needed to support conclusions. Ÿ Compare approaches used to evaluate soft controls. Ÿ Demonstrate how to use COSO in root cause analysis. Ÿ Use COSO-based practices on case study applications. Using COSO in Communicating the Results Ÿ Compare approaches and techniques used to communicate individual engagement and overall IA activity results. Ÿ Use COSO-based practices on case study applications. Ÿ Discuss opportunities to increase that value of IA services and emerging issues.

4 S peakers HUZEIFA UNWALA SENIOR PARTNER JHS & ASSOCIATES Huzeifa is a senior partner of JHS & Associates. He has over 18 years of composite experience in servicing International, large and medium sized clients in the areas of Management consultancy, Business Advisory, Fraud Investigations, Internal Audits, IT Advisory, SOX/ Clause 49 implementation assistance and Enterprise wide Risk Management. Huzeifa currently leads a multiskilled team of 50 + people and is involved adding value to clients across sectors. Prior to founding nmah he was a Partner & National Head of Risk Advisory Services practice of BDO in India. BDO is the fifth largest accounting firm globally. In his role at BDO he was responsible for various leadership initiatives that included re-structuring the practice model, scaling the practice size and talent management. Huzeifa has also worked as a Practice Director, Business Risk Services at Grant Thornton in India. Grant Thornton is ranked as the 6th largest accounting firm globally. Huzeifa has played leadership roles in his career mentoring large teams, serving global clients and developing practice innovations.

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