Principles of Internal Auditing

Overview/Description
 This course will take you to the heart of internal auditing, and provide you with a solid foundation of knowledge and skills. You will learn about the issues, applications, and management strategies relating to the internal audit. You will also learn techniques for taking corrective action and wrapping-up an audit.

Target Audience
 This series of courses is designed for business professionals who perform internal or external audit duties, and individuals interested in understanding auditing, its complexities, and processes. It is also useful for managers, government officials, and employees who may require a general knowledge of internal and external auditing for their job.

Expected Duration
3.0 hours

Lesson Objectives:

Auditing Internal Controls

  • recognize the benefits of understanding internal controls.
  • match types of internal controls to examples of each.
  • identify the main features of internal control questionnaires.
  • match the steps for creating an effective flowchart for use in an internal audit to examples of each.
  • apply the proper procedure for creating an effective flowchart for use in an internal audit.
  • apply the procedures to audit financial internal controls, given a scenario.

    • Corrective Action Follow-up

  • recognize the value of learning about post-audit corrective action follow-up.
  • match the guidelines for conducting an internal audit follow-up to examples of each.
  • sequence examples of the steps to conduct a follow-up.
  • conduct a follow-up with an auditee, in a given scenario.
  • match the audit evaluation methods to examples of their characteristics.

    • Course Number: FIN0233