What it was about

The course provided an overview of the internal and external factors that require internal auditors to perform internal audit engagements more effectively and efficiently. The key to an effective audit can be well captured in a saying by Benjamin Franklin: “By failing to prepare, you are preparing to fail.“ As with any project, taking sufficient time to plan the internal audit engagement is essential and it by all means should not be underestimated as it increases the chances that the engagement will be completed in line with the agreed quality standards, in agreed time frame and within the available resources.

Apart from engagement planning, the course sessions also devoted time to look into identifying and prioritizing the risks relevant to the engagement, determining the objectives and scope of the area or process under review, as well as considering the reporting requirements along with the follow up quality assurance review. The purpose of follow up is to ensure that management has implemented the action, and that it has addressed the issue. As due to several factors (e.g. competing priorities, budget limitations etc.) preventing managers from implementing the agreed actions proposed by the findings of the audit engagement we during the event also sought to identify a list of top tips internal auditors may apply when compiling meaningful recommendations for the organization’s managers.

What were the benefits

The course used a case study approach, guiding participants step by step through the phases of internal audit engagement and covering all phases of internal auditing process. This allowed in-depth, multi-faceted explorations of complex issues while assisting them in learning how to apply discussed subject matters.

By the end of the learning initiative participants have:

• developed a better understanding of what the systematic approach of planning and conducting internal audit engagement entails
• learnt how to identify and assess key risks of the audit area
• strengthened the ability to apply the tools and techniques for conducting an internal audit engagement
• improved knowledge of what methodologies internal auditors can use to compile meaningful recommendations for the organization’s managers

Who was it for

This learning initiative was designed for junior-level internal auditors who are new to performing internal audit engagements and are working at the ministries of finance across SEE. The event was also helpful for more experienced internal auditors who appreciated a reminder of the many factors that they need to keep in mind when planning and conducting internal audit engagements.

The workshop was delivered in ENGLISH only and there was no translation provided.

Faculty

The learning initiative was delivered under the guidance of:

• Erik Raven, Ministry of Finance of the Netherlands
• Bert Boerrigter, Ministry of Finance of the Netherlands

Partners

This learning initiative was supported by: