Understand the fundamentals of the internal audit function and recognize key risks when preparing for an internal audit.
Everyone hears the phrase 'internal audit,' but they don't understand what it means. Many people confuse internal auditing with external financial statement audits believing they only involve financial issues. However, the reality is there are many types of internal audit processes that are not only compliance-oriented but are opportunities to review and improve processes and maximize efficiencies. This course will include information on what internal audits are, the benefits of an internal audit, how to perform internal audits, how to report your findings and conclusions to management, and how to use internal audits as a management tool. The material will include real-life examples and the benefits of getting in the field (site visits, calls, and observations) to maximize those benefits.
Learning Objectives
- You will be able to differentiate between various audit types.
- You will be able to identify the characteristics and fundamentals of the various audits
- You will be able to identify the stages of the Control Framework
- You will be able to recognize types of risk involved in an audit
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Introduction
- Defining Audits, Including Expectations and Limitations
- Control Framework: A Great Guide to Get Started or to Hone Your Skills
- The IIA, Certification, Internal Audit Departments
The Audit Process - Start to Finish, but Not a Linear Process
- Planning
- Conducting
- Completion
Technical Terms in an Easy-to-Understand Format
- Risks
- Controls
- Other Key Audit Elements
Tips and Techniques to Prevent an Audit From Being Successful
- Overall Goals
- Evidence
- Additional Considerations
Conclusion - Keeping Things in Perspective
- Always Focus on Risks
- Audits: Sometimes a Necessary Evil, Sometimes to Be Loved
- Questions and Answers
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on October 25, 2022.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.8 including Auditing 2.8
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Auditing for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Allen Pfeister, CPA, MBA, CIA, CMA, CFM
Tax Uncomplicated, LLC
- Solo CPA practitioner offering assistance with international tax planning, tax return preparation, and audit assistance with a focus on Americans living abroad
- Served as an internal auditor for ten years with progressively increasing responsibilities, including establishing an internal audit department from the ground up
- Developed and taught all classes for the Certified Public Account Preparation bachelor’s degree program at Southern New Hampshire University’s South Korea campus
- Lifetime member of the Institute of Internal Auditors
- Certified Public Accountant, Certified Management Accountant, Certified Internal Auditor, and Certified Financial Manager
- M.B.A. degree with a specialization in Dr. Philip Harmelink’s taxation program, University of New Orleans; bachelor’s degree in finance and accounting; completion of Dr. Glenn Sumner’s Internal Audit program, Louisiana State University
- Can be contacted at [email protected] or 225-999-5032
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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