What you will learn

The module on Internal Audit Fundamentals will address the following topics:

• the role and responsibilities of an auditor,
• audit independence,
• quality and ethical behavior,
• planning and risk assessment,
• reporting audit findings to management,
• audit of financial systems and accounts,
• performance auditing,
• fraud and the auditor

Once participants will have completed this module, they will be able to describe:

• the role and responsibilities of internal audit; describe the rules governing internal audit activity and their hierarchy; describe the potential organizational models of internal audit activity in an organization;
• the requirements for the implementation of internal audit independence and objectivity, and the ethics of internal auditor.
• the role of internal audit in risk management and in the assessment of internal controls, with a particular focus on the role of internal audit in control self-assessment as well as in the development and use of a risk register.
• all required processes relating to the conduct of internal audit; discuss the development of risk-based internal audit plans; describe the process of planning and the provision of necessary resources; describe the internal audit reporting requirements and the internal auditing management skills.
• the performance of an internal audit engagement: from engagement planning, identifying and evaluating information, assessing control processes, documenting information, and engagement supervision, to communicating results, progress monitoring, and communicating the acceptance of risks.
• the quality requirements and quality assessment of internal audit in the public sector.
• the auditor’s role with regard to fraud.

Faculty 

This learning initiative will be delivered under the guidance of Nataša Prah and Erna Štefe.

Partners

This learning initiative is financially supported by the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH and is being delivered as part of the Strengthening of the Internal Audit Function in Georgia project.