Part 1 – Internal Audit Basics

Mandatory Guidance

Definition of Internal Auditing

Code of Ethics

International Standards

Internal Control / Risk

Types of Controls

Management Control Techniques

Internal Control Framework Characteristics and Use

Alternative Control Frameworks

Risk Vocabulary and Concepts

Fraud Risk Awareness

Conducting Internal Audit Engagements – Audit Tools and Techniques

Data Gathering

Data Analysis and Interpretation

Data Reporting

Documentation / Work Papers

Process Mapping, Including Flowcharting

Evaluate Relevance, Sufficiency, and Competence of Evidence

Part 2 – Internal Audit Practice

Managing the Internal Audit Function

Strategic Role of Internal Audit

Operational Role of IA

Establish Risk-Based IA Plan

Managing Individual Engagements

Plan Engagements

Supervise Engagement

Communicate Engagement Results

Monitor Engagement Outcomes

Fraud Risks and Controls

Consider the potential for fraud risks and identify common types of fraud associated with the engagement area during the engagement planning process

Determine if fraud risks require special consideration when conducting an engagement

Determine if any suspected fraud merits investigation

Complete a process review to improve controls to prevent fraud and recommend changes

Employ audit tests to detect fraud

Support a culture of fraud awareness, and encourage the reporting of improprieties

Interrogation/investigative techniques – Awareness Level (A)

Forensic auditing – Awareness Level (A)

Part 3 – Internal Audit Knowledge Elements

Governance / Business Ethics

Corporate/Organizational Governance Principles – Proficiency Level (P)

Environmental and Social Safeguards

Corporate Social Responsibility

Risk Management - Proficiency Level (P)

Risk Management Techniques

Organizational Use of Risk Frameworks

Organizational Structure/Business Processes and Risks

Risk/Control Implications of Different Organizational Structures

Structure

Typical Schemes in Various Business Cycles

Business Process Analysis

Inventory Management Techniques and Concepts

Electronic Funds Transfer (EFT)/Electronic Data Interchange (EDI)/E-commerce

Business Development Life Cycles

The International Organization for Standardization (ISO) Framework

Outsourcing Business Processes

Communication

Communication

Stakeholder Relationships

Management / Leadership Principles

Strategic Management

Organizational Behavior

Management Skills/Leadership Styles

Conflict Management

Project Management / Change Management

IT / Business Continuity

Security

Application Development

System Infrastructure

Business Continuity

Financial Management

Financial Accounting and Finance

Managerial Accounting

Global Business Environment

Economic / Financial Environments

Cultural / Political Environments

Legal and Economics—General Concepts

Impact of Government Legislation and Regulation on Business