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4 - AAU - Accounting and Financial Auditing
AAU 215 - Internal Audit and the Relationship with External Audit
| Code | Start Date | Duration | Venue | |
|---|---|---|---|---|
| AAU 215 | 02 October 2023 | 5 Days | Istanbul | Registration Form Link |
| AAU 215 | 27 November 2023 | 5 Days | Istanbul | Registration Form Link |
| AAU 215 | 18 December 2023 | 5 Days | Istanbul | Registration Form Link |
Course Description
The course has been developed to address the peculiar professional development needs of audit committees.
It is important for an audit committee to have a good relationship and communication with internal and external audit to fulfill its role of improving governance in an institution. An important part of this relationship is an understanding of the internal and external audit processes, the relationship between the two, and the role that the audit committee plays in these processes. This understanding will maximize the benefits to be derived from these audits and contribute positively to the audit committee’s effectiveness. This course details the internal and external audit processes and the audit committee’s role in relation thereto.
The course will be delivered through five interactive sessions that combine the theory and practice of audit committees with case studies, exercises, and reflective thinking.
Course Objectives
- Recognize the role and responsibilities of the Audit Committee and its relationship with the Board and the Board Risk Committee
- Consider what prudent and effective controls sit around the Audit Committee meeting process
- Realize the critical relationships with key stakeholders such as external audit, internal audit, the finance team and the company secretariat
- Recognize the relationships with the various regulators and the complexities of group structures and overseas jurisdictions
- Recognize common areas that can cause problems
- Take away key actions and ideas to improve on Audit Committee performance
Who Should Attend?
- Audit Committee members
- Lead Auditors
- Senior Auditors
- Audit Managers and those about to be appointed to that role
Course Details/Schedule
Day 1
- The Importance of Internal Audit and the Relationship with External Auditors
- Cooperation and coordination of internal and external audit
- Legislated responsibilities of audit committees regarding internal and external audit
- Internal and external audit processes
- The audit process and the role of the audit committee
- Legislative and regulatory requirements
- Clear accountability for risk management and internal control
- Structure and operations of internal audit (including professional standards)
- Reporting lines of the chief audit executive (organizational independence)
Day 2
- Role and emerging expectations of contemporary audit committees
- Policy considerations
- Purpose, mandate, responsibilities and coverage
- Understanding key definitions (eg accountability, independence, objectivity, public interest, value)
- Key features from better practice publications
- Contributing value to the entity
Day 3
- Techniques for running effective audit committee meetings
- Stakeholder engagement
- Leveraging the individual capability of committee members
- Annual meeting calendar
- Setting the forward agenda and individual meeting agendas
- Getting the right support with clear, concise, and meaningful reporting
Day 4
- Key governance features of audit, risk management and compliance
- Insights from the governance lighthouse
- Risk management and internal control frameworks (including fraud & corruption prevention)
- External accountability (including published financial statements)
- Compliance with applicable laws and regulations
- Internal and external audit delivery
Day 5
- Three-pillars approach for measuring and reporting audit committee’s contribution
- Compliance with charter obligations
- Participation of audit committee members
- Value added activities pursued and outcomes achieved
- Making connections (ie emerging issues; culture; strategy; patterns, trends, systemic issues)
- Audit committee reporting (both internally and externally focused)
