AFI102Comprehensive Guide to Effective Internal Auditing

COURSE SUMMARY

This course aims to provide an overview of all relevant knowledge and skills needed for internal auditors. New auditors, non-auditors with internal control responsibility or experienced auditors who wish to sharpen their tools will find this course useful.

COURSE DETAILS

Course Fee SGD 450
Course Duration 1 Day
Course Timing 9:00am - 5:00pm
Course Venue 190 Cleamenceave Avenue
SDF Approved NA
Skills Future Credit NA
Upcoming Courses 18 Jul 2019
21 Aug 2019
3 Oct 2019

To be a successful internal auditor, a strong base of knowledge and an understanding of internal control and auditing skills are essential. This course aim to provide an overview of all relevant knowledge and skills needed for internal auditors. New auditors, non-auditors with internal control responsibility or experienced auditors who wish to sharpen their tools will find this course useful. This course cover the nuts and bolts of internal audit from beginning to end. From fundamental principles of internal audit and audit planning, to audit execution and reporting.

Through presentation and case studies, the participants will gain the knowledge that prep them for any successful audit. On completion of this course participants will:

  • Understand the basic of auditing work
  • Acquire the techniques and tools needed to perform audit project
  • Able to detect and evaluate risk
  • Able to identify root causes for audit issues
  • Able to write accurate and logical audit findings

1. Internal Audit Today

  • Core Concept of Internal Audit – Separation of Ownership
  • Expectation Today – Compliance, Investigation, Value Adding
  • Different type of IA – Operation, IT, Finance, Compliance, Strategic, SOX
  • Internal audit customers and stakeholders
  • Internal audit code of conduct

2. What audit objectives are we auditing?

  • Control Objectives and Audit Objectives
  • Understand Business Cycles (what do we audit?)
  • Accounting Direction of Test
  • Why Financial Statement is still Important
  • Root Cause and Syndrome – PPSS is the root
  • Audit Approach (risk based, follow the money)
  • Audit Steps (Interview, Test, Observation, Confirmation, etc)

3. Processes Understanding and Interviewing

  • Importance of Process Understanding
  • Best Practices in Interviewing – SWOT Approach
  • Concept of professional skepticism – Show me!
  • Preparing questionnaire and To-Do List

4. Audit Testing and Audit Programs

  • Develop, Tailor and Revise Audit Program
  • Two school of thought – Standardized vs Free-hand, Creativity vs Quality
  • Importance of Audit Tests vs Understanding Process
  • Walkthrough, Test of Control, Test of Detail, Testing the Audit Objectives
  • Concept of Audit Sampling

5. Audit Documentation – Process and Testing

  • Describe the components of an audit workpaper.
  • Narrative vs flowchart (Advantages and Disadvantages)
  • Best Practice in Documentation – Control Point, Specific 5W1H
  • Preventive, Detective, Manual, System Control, Alternative/ Secondary Control
  • Documentation of Audit Tests, Supporting and Examples
  • Audit Issues Disposition, Issues Risk Rating

6. Automated Auditing Tools, Data Analysis and IT auditing

  • Who Let the CAAT out? Can CAAT replace understanding of Process?
  • 100% and focus testing. Reduce Type 1 error
  • Audit management tools, GRC and continuous Auditing
  • Who should audit IT General and Application Controls

7. Audit Project Planning

  • Understand the Business, Processes and the Risk (RCM)
  • Document and information requests
  • Data Analysis during planning stage
  • Assessing Preliminary Scope
  • Re-assessment audit risk and evaluation of audit work
  • Identify IPPF guidance related to the planning phase of an audit.
  • Discuss objectives and best practices for opening conferences.

8. Audit Issues Writing, Disposition, Reporting

  • Who should write the audit issues
  • 5C method to audit issue writing
  • Management Response vs Management Action Plan
  • Issues Disposition – Sensitive Issues, Operation Issues
  • Audit Report Components, Strategic Report and Report format
  • First time Internal Auditor,
  • Experienced Internal Auditors who would like to refresh his/ her understanding
  • Audit manager who would like to acquire structured coaching methodology for the team

Presentation, group discussion, case study. Multimedia and template sharing

Kent Hoh

Kent Hoh

Kent Hoh is a prolific trainer in audit, fraud investigation, corporate governance, personal effectiveness, blockchain technology and big data. He has over 20 years’ experience in leading internal audit and forensic investigation functions of MNC in the region and globally. Kent Hoh has also spearheaded several roles in financial management, compliance and corporate governance of technology company. Kent has conducted numerous audit and investigation projects in Americas, Asia and Europe including Singapore, Indonesia, Malaysia, Thailand, India, Pakistan, China, Japan, Australia, New Zealand, Brazil, Hungary, Poland, Italy, Germany, USA, etc. Some of these projects involved hundreds of million dollars fraud scheme and syndicated crimes.

Kent holds a master’s degree in business Admin (MBA), Graduate Diploma in Business, Bachelor of Law (Hons), and a Bachelor of Accounting (Hons). Kent Hoh is also a Certified Fraud Examiner (CFE) and Certified Internal Auditor (CIA). He possesses the qualifications of the UK Chartered Secretary and Administrator (ICSA), Malaysian Institute of Certified Public Accountants (MICPA), Certified Information System Auditor (CISA) and Certified Bitcoin Expert (CBIE).

Kent Hoh has been an active trainer for large corporations, SME and non-profit-organizations such as Institute of Internal Audit (IIA) Singapore, IIA Malaysia, Institute of Singapore Chartered Accountants, Malaysia Institute of Accountants, China IIA, China Enterprise Anti-fraud Alliance, Enterprise Financial Management Association of China. Kent Hoh is also an adjunct lecturer for universities and college in Singapore, Shanghai, Nanjing and Hangzhou, China. As an enthusiast in cryptocurrency and a bitcoin mining farm investor, Kent researched heavily into this revolutionized Blockchain technology. He teaches fundamental blockchain and cryptocurrency at various institutions in China.

Currently, Kent Hoh serves as the Vice President of Internal Audit in an SGX listed company. As a strong believer that knowledge sharing create synergy, Kent is very passionate in sharing his experience. He capitalizes his free time conducting training classes and workshops.

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