Why Attend This Training Course?

Implementing effective risk management strategies and robust internal controls is essential for safeguarding an organization against the repercussions of noncompliance. This Integrated Monitoring & Internal Control training workshop encompasses a comprehensive curriculum that covers legal compliance, fraud prevention, and business continuity processes, while also addressing supply chain risk and the development of effective policies and procedures. Participants will acquire both technical and soft skills, gaining insights into emerging trends within the internal audit landscape and the impact of evolving technologies on the profession. Furthermore, the course emphasizes the critical attributes and skills necessary for internal audit practitioners to fulfill stakeholder expectations effectively.

What Is The Training Course Methodology?

This interactive training course methodology depends on enabling participants to interact and exchange experiences, explore their competencies and achieve their career aspirations, using forward-thinking training arts, such as theoretical lectures and/or open discussion to exchange opinions and experiences, scenarios, innovative thinking brainstorming. Participants will receive an agenda including training material as a reference, in addition to some extra notes and booklets. 

Who Should Attend This Training Course?

This training course is designed for

• Internal auditors

• Audit leaders

• Audit supervisors/managers

• Risk managers

What Are The Training Course Objectives?

• Recognize the significance of internal controls in safeguarding assets and ensuring accurate financial reporting, while acknowledging their inherent limitations.

• Define internal controls as systematic measures designed to enhance operational efficiency and mitigate risks.

• Examine control activities aimed at effectively managing operational and financial risks.

• Assess the critical role of information, communication, and monitoring in the efficacy of internal controls.

• Specify the objectives of implementing internal controls to achieve compliance and operational integrity.

• Recognize key risks associated with revenue, receipts, procurement, payment, inventory, and fixed asset management processes.

• Determine the control objectives pertinent to the associated sub-processes within internal controls.

• Outline the essential elements that constitute a robust control environment.

• Evaluate the design and operational effectiveness of current internal control practices.

• Implement effective control activities tailored for each business process to ensure integrity and reliability.

What Is The Training Course Curriculum?

Introduction to Internal Controls

• Definition and Importance of Internal Controls

• Responsible Parties

• Overview of the Five Components

International Professional Practices Framework

• Overview of the Code of Ethics

• Attribute and Performance Standards

• Assurance and Consulting Services

• Implementation Standards and Practice Advisories

Control Environment

• Vital Components of the Control Environment

• Characteristics of an Effective Control Environment

• Considerations for Anti-Fraud Measures

Risk Assessment

• Definition and Purpose

• Approaches to Assessing Risks

• Types of Risks and Risk Management Strategies

• Control Activities

  • Commonly Implemented Control Activities

  • Classification and Effectiveness of Control Activities

  • Assessment of Design vs. Operating Effectiveness

Information and Communication

• Types of Information and Communication

• Methods for Dissemination

• Importance of Effective Communication Flow

Leading the Internal Audit Team

• Essential Leadership Skills

• Strategies for Handling Difficult Auditees

• Conflict Management with Stakeholders

• Importance of Strong Presentation Skills

Conclusion

• Summary of Key Distinctions

• Importance of Integrating Internal Audit, Risk Management, and Compliance for Organizational Success