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Internal Auditing Fundamentals

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.

100 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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 35 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.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 35 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

Allen Pfeister, CPA, MBA, CIA, CMA, CFM

Tax Uncomplicated, LLC

  • Served as an internal auditor for nine years with progressively increasing responsibilities, including establishing an internal audit department from the ground up
  • Currently a solo CPA practitioner offering assistance with international tax planning, tax return preparation, and audit assistance focusing on Americans living abroad
  • 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 at Louisiana State University
  • Can be contacted at [email protected] or 225-999-5032
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Why Lorman?

Over 35 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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Product ID: 409684
Published 2022
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Available in Multiple Formats

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