Fundamentals of Internal Auditing Training

Introduction

The Internal Auditing Training Course is designed to provide a strong and practical foundation in the key principles, frameworks, and methodologies that shape today’s internal audit function. As organisations face increasing operational complexity, regulatory expectations, and governance demands, internal auditors must demonstrate a deep understanding of risk-based auditing, corporate governance, and assurance practices. This course offers a comprehensive introduction to the Internal Audit profession and its evolving responsibilities within modern organisations. Participants will explore the International Professional Practices Framework (IPPF), audit processes, and essential tools required to execute audit engagements with clarity and professionalism. The Internal Auditing Course also provides essential insights into the integration of audit functions with risk management, compliance, and corporate governance, ensuring participants understand how these areas collaborate to enhance organisational integrity and accountability. Through real-world perspectives and structured learning, the Fundamentals of Internal Auditing Course equips delegates with the knowledge to assess governance structures, evaluate risk exposure, enhance audit performance, and contribute to improved organisational oversight. By understanding the full audit cycle and the interrelationships between audit, risk, and compliance, participants leave with the confidence to support their organisation’s governance objectives.

Objectives

By the end of this Internal Auditing Training Course, participants will be able to:

• Strengthen audit knowledge and apply core internal audit methodologies
• Assess governance structures and evaluate the control environment
• Apply risk-based internal auditing techniques effectively
• Enhance audit reporting quality and communication with management
• Improve performance and accountability within internal audit teams
• Understand governance concepts and their application in organisational improvement

Training Methodology

This Internal Auditing Training Course uses a combination of structured presentations, interactive discussions, case studies, and team exercises to maximise understanding and practical application. Learning techniques include:

• Facilitated group discussions
• Real-world case analyses
• Scenario-based exercises

This blended approach ensures participants gain practical skills and are able to apply internal auditing concepts effectively in their workplace.

Who Should Attend?

This Internal Auditing Course is ideal for professionals involved in internal audit, risk, compliance, and governance functions across all industries. It will greatly benefit:

• Audit Managers and Internal Auditors
• Risk Managers and Compliance Officers
• Operational Risk Specialists
• Internal Control Managers
• Governance and Corporate Oversight Professionals
• CFOs and Financial Leaders involved in audit and control functions

Course Outline

Day 1: Internal Audit in the Context of Corporate Governance

• Corporate Governance; Definition, Concept, Rules, Principles

• What are the obstacles and barriers to implement effective governance?

• The Risk, Compliance & Internal Audit Triangle

• Role of Audit Committee in checking audit notes (internal/external) among Board’s important committees’ roles and responsibilities

• Using internal and external audit standards to audit Governance activities

• Key components, practices and activities to audit processes and relations by which corporations are controlled and governed

Day 2: Fundamentals and Basics of Audit; Evolution of Auditing towards Risk-Based Auditing

• Definition and objectives of internal audit with understanding of Internal Audit Methodology

• Auditors Tools, Techniques, roles and responsibilities

• Report results of the audit via Field Memorandum

• The transition from system-based to risk-based internal auditing

• Risk-Based Audit Approach and Risk-Based Audit Methodology

• How and why audit units move into risk-based audit programs

Day 3: Preparing and Executing a Successful Risk-Based Audit Plan

• Developing risk-based audit plan

• Preparation of a clear plan to be approved by Audit Committee

• Efficiency in the non-recurrence of Audit Notes

• Identification and classification of audit risk

• Writing Audit Report; how to impress reader and how to address challenges

• How to structure effective audit report

Day 4: Relationship Between Internal Audit & Risk Management

• Fundamental Concepts of Enterprise Risk Management

• Identifying different types of Risk Taxonomies

• Risk Control Self-Assessment (RCSA)

• What is operational risk management framework?

• Definition and objectives of internal controls; roles and responsibilities

• Latest trend in Auditing: Auditing the Control Environment

Day 5: The Evolution of Compliance Towards Risk-Based Compliance

• What is risk-based Compliance?

• What are the roles and responsibilities of the Compliance Head?

• International Standards for Anti-Money Laundering / Combatting Terrorism Financing (AML/CTF)

• Money Laundering Threats and Methods

• Terrorist Financing Threats and Methods

• International Case Study: HSBC in USA and Mexico - Case Study on Money Laundering Threats and Methods