Course Modules

1. Module I: Introduction and Overview of Internal Audit.

• 1.1. Evolution and History of Internal Auditing.
• 1.2. Definition, Objectives, and Scope of Internal Auditing.
• 1.3. Types of Internal Audit.
• 1.3. a Basics of ‘Operational Audit’
• 1.3. b Facilitating Compliance (internal and statutory) Audit
• 1.4. Assurance & Consulting Services in Internal Audit.
• 1.5. Basic Principles of Internal Audit.
• 1.6. Overview of Internal Auditing Standards.
• 1.7. Laws and Regulations on Internal Audit.
• 1.8. Internal Audit Charter-Meaning, Purpose, and Components.
• 1.9. Internal Audit of Cost Records.
• 1.10. Control Testing (operational and Financial Controls)
• 1.11. Role of Internal Auditor as a Management Member.
• 1.12. Role of Cost Accountant as an Internal Auditor.
• 1.13. Guidance Notes on Internal Audit.
• 1.14. Internal Audit in different Organizations (Statutory and non-statutory)

2. Module II: Planning and Executing Internal Audit.

Conducting Internal Audit

Outsourcing, a professional game changer

b. IA Through in-house Team

Selection of Professional Firm

Pitching document and presentation for selection

Engagement Documentation

International Professional Practices Framework (IPPF)

Brief understanding

demonstrating how practitioners should leverage the entire framework

• 2.1 Internal Audit Planning.
• 2.2 Internal Audit Programme
• 2.2.a. Programme for conducting Internal Audit in different areas
• 2.3 Managing Internal Audit Engagements.
• 2.3.a By outsourced Audit Team and in-house employees
• 2.4 Internal Audit Methodology.
• 2.5 Use of Sampling Techniques.
• 2.6 Internal Audit Questionnaires & Checklists.
• 2.7 Internal Audit Evidence.
• 2.8 Audit Conclusion and Corrective Measures.
• 2.9 Format of Internal Audit Report – Contents & Presentation.
• 2.9.a Detailed Report, Executive summary
• 2.10 Communicating to Audit Committee/ Board – Audit Committee presentation.
• 2.11 Monitoring Engagement Progress & Outcomes.
• 2.12 Documentation & Working Papers.
• 2.13 Case Studies.

3. Module III: Internal Audit Skills and Techniques.

• 3.1 Knowledge of Business & Industry.
• 3.2 Operations and Process Understanding.
• 3.3 Process Mapping including Flowcharting.
• 3.4 Proficiency & Due Professional Care.
• 3.5 Data Mining & Analysis.
• 3.5.a Use of Audit Software/s and Tools
• 3.6 Use of Technical Experts.
• 3.6. a Multidimensional Audit and Team expertise
• 3.6.b Qualities of Audit Team Members
• 3.7 Use of Technology in Internal Audit.
• 3.8 Interpersonal and Communication Skills.
• 3.9 Opening and Closing meetings between Auditee and Audit Team
• 3.10 Audit conclusion

4. Module IV: Internal Audit of Specific Functions.

• 4.1 Internal Controls.
• 4.2 Enterprise Risk Management.
• 4.2 Risk profiling – business and enterprise specific
• 4.3 Risk-Based Internal Audit.
• 4.3.a Continuous Audit with dynamic risk scenario
• 4.4 Corporate & Administration.
• 4.5 Production & Operations.
• 4.6 Purchase & Inventory Management.
• 4.7 Sales, Marketing, Storage, and Distribution.
• 4.8 Related Party/ Cross Border Transactions.
• 4.9 Finance, Accounts & Treasury.
• 4.10 Cost Records, Cost Reporting & Management.
• 4.11 HRD and Personnel Department.
• 4.12 IT & Cyber Security.
• 4.13 Audit of Industry-Specific Transactions.
• 4.14 Case Studies