presents

American Management Association Seminars


HOW TO CONDUCT A SUCCESSFUL INTERNAL AUDIT
Seminar No: 01526 -XNBB
CEU Credits: 1.8
Length: 3 days


Learn proven internal auditing and professional standards that leave no room for error.

Go beyond the boundaries of accounting and gain real insight into the managerial, political and technical dynamics of internal auditing.

Attendees:
Financial, operational and MIS auditors with less than two years of audit experience, controllers and financial managers, new staff accountants and those responsible for safeguarding company assets.

How You Will Benefit:

  • Identify those “high-risk” processes—and build control systems that mitigate the risk
  • Develop control-based audit recommendations that truly help management meet tactical and strategic objectives
  • Ensure that your company fully complies with Section 404 and Title VIII of the new Sarbanes-Oxley Act

What You Will Cover:

  • The internal audit environment
  • The principles of effective internal audits
  • Developing achievable audit objectives
  • Principles of internal control
  • The strengths and drawbacks of internal control systems
  • Preparing complete audit work papers
  • The impact of computers on the audit process
  • Maintaining a positive audit environment
  • Selling your audit recommendations to management

Extended/Detailed Seminar Outline

Learning Objectives

  • Learn the Professional Standards Set for Internal Auditors
  • Elicit Accurate and Timely Information with Proven Interviewing Techniques
  • Develop Defined, Practical Audit Objectives and Proven Methods for Achieving Them
  • Ensure That Records Are in Full Accord with GAAP, IRS Guidelines, Regulatory Mandates, and Company Policies
  • Learn How to Audit Automated Environments
  • Develop Control-Based Audit Recommendations to Help Management Meet Corporate Objectives
  • Conduct Audit Closing Meetings That Achieve Positive Results
The Internal Audit Environment
  • The Definition of Internal Auditing
  • The Components of an Effective Internal Audit Function
  • The Management Responsibilities of an Internal Audit Function
  • The Effective Organizational Placement of a Successful Internal Audit Function
  • The Standards for the Professional Practice of Internal Auditing
  • The Similarities and Differences between Internal Auditing and External Auditing
  • The Various Types of Internal Audits
The Principles of Effective Internal Auditing
  • The Principles of Effective Audits
  • Alpha and Beta Audit Risk
  • Compliance, Substantive, and Operational Tests
  • Calculation of Audit Risk
  • Analytical Review, Confirmations, Reperformance, Observation and Inquiry, Inspection, and Other Types of Audit Evidence
  • Relationship between the Internal Control Environment and Audit Testing
Developing Achievable Audit Objectives
  • Relating the Concept of Internal Audit Strategies to the Audit Planning Process
  • Developing a Long-Term Audit Plan for the Internal Audit Department Using Internal Control-Based Risk Assessment
  • Designing the Audit Plan and Preparing an Audit Planning Memorandum for an Individual Internal Audit Project Assignment
Principles of Internal Control
  • The Relationship between Internal Controls and the Audit Process
  • The Requirements to Ensure Compliance with Statement on Internal Auditing Standard No. 1 Control: Concepts and Responsibilities
Documenting and Evaluating Internal Control Systems
  • The Basic and Detailed Information Gathering Phase of the Audit Process (BIG and DIG)
  • Planning the Audit
  • Gathering Background Information (BIG)
  • Understanding the Work Process
  • Documenting the Work Process
  • How to Develop Process Flow Diagrams and Process Maps
  • Completion of the Audit Internal Controls Documentation Matrix
  • Finalizing the Audit Objectives
Audit Evidence and Audit Workpapers
  • Discuss the Basic Concepts of Audit Evidence, and Their Impact on the Development of Audit Workpapers
  • Performing Analytical Reviews
  • Testing and Gathering Review Evidence
  • Compliance and Substantive Testing
  • Selection of Appropriate Testing Method
  • Overview of Statistical Sampling Techniques
  • Determining the Objectives of the Sampling Plan
  • Developing the Sampling Plan
  • Attribute Sampling Techniques
  • Extrapolating the Sample Results
  • Ensure That Audit Workpapers Support Audit Conclusions and Recommendations
Conducting Audit Interviews
  • Planning Interviews
  • Framework for Planning, Conducting, and Evaluating the Results of Interviews
  • Overcoming Resistance
  • Conflict Management
  • Effective Listening
  • How to Take Effective Notes in a Non-Threatening Environment
  • Getting to "Yes"
  • Confidentiality of Information
Selling Your Recommendations to Management
  • Developing Control-Based Audit Recommendations
  • Effectively Using Interim Audit Memorandum
  • Issuing Audit Reports That Comply with Statements on Internal Auditing Standards No. 2
  • Providing the Reader of the Audit Report with the Necessary Information to Make an Informed Management Decision
  • Providing the Reader with a "Balanced" Audit Report
  • Structuring the Audit Report to Be Used as an Effective Management Tool

Start and End times: first day - 8:30am-5pm, all other days 9am-5pm unless otherwise specified. Your registration confirmation notice will confirm the hotel/conference center for the seminar for which you registered. The information included on this page is all the information available on this seminar. Please use form below to register only. To request information that is not included above please send an email to . Remember to specify the complete seminar number about which you are requesting information.

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AMA's main conference centers
Seminars scheduled for the cities below are held at the locations listed below. For location information for other cities in which AMA seminars are held please call or email for information.

New York
AMA executive Conference Center
1601 Broadway New York, NY 10019
American Management Association (Located in the same building as the Crowne Plaza Hotel) 1601 Broadway On Broadway and 48th Street near Times Square. Entrance is on 48th Street.

Chicago
AMA executive Conference Center (adjacent to the Marroitt O'Hare)
8655 west higgins rd
Chicago, IL 60631

San Francisco
AMA executive Conference Center is located in San Francisco Marriott Hotel
55 Fourth Street 2nd Level
San Francisco, CA 94103

Atlanta
AMA Executive Conference Center
Address: 1170 Peachtree Street Ne Cnr Peachtree & 14th (3rd Flr)
City, State, Zip: Atlanta, GA 30309

Washington, DC
Arlington, Virginia
2345 Crystal Drive, Suite 200
Arlington, VA 22202

If you are not paying via credit card, you will receive an invoice with payment instructions.

Cancellation Policy:
If you cannot attend a seminar you can contact AMA in advance to transfer to a future session, or you can send someone to take your place. If you need to cancel your attendance, AMA will give you a complete refund if you cancel more than three weeks before your seminar begins. To cancel, simply email us at . If you cancel with less than three weeks’ advance notice, you will be liable for the entire seminar fee. Once your payment has been received, you may request a courtesy transfer to use at any future AMA seminar of equal or lesser length. The courtesy transfer must be used within one year of the date of your originally scheduled seminar. In fairness to all attendees, if you do not attend a seminar session for which you are confirmed and do not contact AMA to cancel in advance, you will be charged the entire seminar fee.

AMA grants courtesy transfers to people who cannot attend their scheduled sessions. You can use a courtesy transfer for any seminar of equal or lesser length than the original seminar. You must use your courtesy transfer within one year of the date of your originally scheduled seminar.

AMA guarantees the quality of our seminars. If, for any reason, you are not satisfied with a seminar for which you have paid, AMA will give you credit toward another seminar of comparable price or will refund your fee.

You can also register by emailing your registration information to us at or calling us at 919-480-2550.

For additional information and schedules call 919-847-0331.

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