Get Ready for an Internal Audit: What Do Internal Auditors Look For?

According to the Institute of Internal Auditors (IIA), the role of the internal audit department is to provide independent assurance that a companys risk management, governance and internal control processes are operating effectively. Internal auditors must be independent from company they evaluate and usually report to the board of directors, the chief accounting officer, or the audit committee. Internal audit indicates how well a companys systems and processes are working and conduct their reviews with a great deal of scrutiny.

But when internal auditor schedules a review of your business process, a feeling of dread often sets in. This feeling occurs because you may not have confidence your internal controls and risk management process and may not feel that your processes are Audit Proof. This session is designed the business professional always be ready for an internal audit. The instructor will provide a series of checklists, examples, tools, and plans to help make your business process Audit Proof. The instructor will provide example for key transactional processes such as accounts payable, accounts receivable, procurement, and payroll.

Learn about the value and importance of the internal audit process and how you can leverage your internal controls program to avoid major findings. Also know how to prepare for an audit without getting stressed out and see how the audit process can be helpful and not disruptive.

• Learn what internal auditors look for and how your current internal controls programs can be leveraged
• Learn about the importance of good documentation, testing, and audit trails
• Learn how you can manage the audit process and more

• Who is Internal Audit?
• The Internal Audit process
• What to expect during an Audit?
• What Internal Audit usually looks for in a transactional business process?
• A sample Internal Audit checklist
• Your readiness checklist
• Addressing prior findings
• Assessing your internal control program
• Getting Ready: Your implementation plan
• Q&A

This will benefit a wide array of Professionals such as:

• CFOs & Controllers
• Shared Service
• Managers & Directors
• Procure to Pay Professionals
• Internal Auditors
• Internal Controls Professionals