Fundamentals of Internal Auditing

FUNDAMENTALS OF INTERNAL AUDITING

RATIONALE Internal auditing is the backbone of organizational governance. For new entrants to the profession or those operating without formal training, understanding internal auditing basics is crucial. Without a solid foundation in the standards, ethics, and methodologies of the trade, auditors risk becoming irrelevant administrators rather than trusted advisors.

The profession has evolved significantly. It is no longer just about checking figures; it is about evaluating controls, ensuring compliance, and improving operations. A strong grasp of the fundamentals ensures that auditors can perform their duties with competence, objectivity, and professional due care.

This training programme is the definitive boot camp for the modern internal auditor. It demystifies the International Professional Practices Framework (IPPF) and provides a step-by-step guide to the audit lifecycle, ensuring participants can hit the ground running with confidence.

OVERALL OBJECTIVES By the end of the programme, participants will be able to:

• Understand the definition, purpose, and scope of internal auditing.

• Apply the IPPF Standards and Code of Ethics in their daily work.

• distinguish between Internal Audit, External Audit, and Compliance.

• Understand the concept of Internal Control (COSO Framework).

• Execute basic audit tests and document working papers effectively.

• Draft clear and concise audit findings.

COURSE CONTENT

Day One: Introduction to the Profession

• What is Internal Auditing? Definition and Value Proposition

• The International Professional Practices Framework (IPPF)

• The Code of Ethics: Integrity, Objectivity, Confidentiality, Competency

• The Charter: Authority and Responsibility

• Internal auditing basics: The Audit Lifecycle

Day Two: Governance, Risk, and Control

• The Three Lines Model of Governance

• Introduction to Enterprise Risk Management concepts

• Understanding Internal Controls: The COSO Framework

• Types of Controls: Preventive, Detective, Corrective

• The Auditor’s role in evaluating controls

Day Three: Planning the Engagement

• Preliminary surveys and understanding the process

• Developing an Audit Program: Objectives and Scope

• Risk assessment at the engagement level

• Notification and opening meetings with auditees

• Resource allocation and budgeting time

Day Four: Performing the Work (Fieldwork)

• Gathering Evidence: Interviewing, Observation, Inspection

• Audit Sampling: How much is enough?

• Testing controls vs. Substantive testing

• Documenting Working Papers: The 5 Cs (Condition, Criteria, Cause, Consequence, Corrective Action)

• Using technology in fieldwork

Day Five: Reporting and Follow-up

• Drafting the Audit Finding: The 5 Cs structure

• Communicating results: The Draft Report

• Handling management responses and disagreements

• The Closing Meeting

• Monitoring progress on corrective actions

METHODOLOGY The training will be delivered using interactive and practice-oriented learning approaches, including:

• Expert-led presentations on internal auditing basics

• Role-playing exercises (Opening/Closing meetings)

• Working paper documentation workshops

• Review of real audit reports

• Quizzes on Standards and Ethics

TARGET AUDIENCE This programme is suitable for:

• New Internal Auditors (0-3 years experience)

• Accounting and Finance graduates

• Operational staff moving into Audit

• Audit Committee members seeking a refresher

• External Auditors transitioning to Internal Audit

MODE OF ASSESSMENT Participants will be assessed through:

• Quiz on IPPF Standards

• Practical exercise on documenting a finding

• Mock audit interview

• Certificates of participation will be issued upon successful completion.

FEES Training fees are charged per participant and are inclusive of:

• Training materials

• Resource documentation

• Certificate of participation

• Refreshments (where applicable)

• Detailed fee structure available upon request.

VENUE The programme can be delivered at:

• AYU GLOBAL–approved training centres

• Client-designated venues

• Virtual or hybrid platforms, where applicable

DATE To be scheduled in consultation with participating organizations.

DURATION Five (5) Days

CAPABILITY STATEMENT AYU GLOBAL INTERNATIONAL is a leading management and capacity development consulting firm with expertise in:

• Internal auditing basics and advanced methodologies

• Staff competency development

• Audit manual development

• Institutional capacity building

• Strategic leadership and project management

The firm has successfully delivered training and advisory services to government institutions, regulatory agencies, private sector organizations, and development partners.

FACULTY / RESOURCE PERSONS The programme will be facilitated by seasoned professionals with expertise in:

• Internal Audit (CIA)

• Financial Control

• Regulatory Compliance

• Public Sector Auditing

• Professional Ethics

CONCLUSION Every expert was once a beginner. This programme provides the solid ground upon which a successful career in audit is built. By mastering internal auditing basics, participants prepare themselves to deliver high-quality assurance that organizations rely on. AYU GLOBAL INTERNATIONAL is committed to nurturing the next generation of audit professionals.