Fundamentals of the Audit Process in the Public Sector - Available as an On-site Seminar Only
Your opportunity to...
- Conduct an audit from beginning to end in a public sector simulation case of
Watertown - Ice Berg National Park bordering the US and Canada - audit projects
include vehicle maintenance, grants/contracts administration, revenue management
and leasing agreements.
- Learn to understand risks and their role in public sector auditing.
- Understand how to identify, evaluate, and document public sector internal controls.
- Use the preliminary survey to determine audit scope and coverage with analysis of
overlapping audits by various related agencies.
- Discover the best techniques for gathering audit evidence and preparing workpapers.
- Enhance and practice interpersonal and team-building skills throughout the audit.
- Understand the importance of the audit communication process.
- Appreciate the impact of public sector audit on all stakeholders of the audit activity.
- Public sector general auditors with two years or less of experience.
- Compliance auditors with five years of less experience.
- Non-public sector auditors who have migrated to public sector audit within the last year.
- Non-public sector auditors who audit externally in conjunction with public sector
- Public sector managers wanting a stronger understanding of internal controls.
Advanced Preparation: None
Delivery Method: Group-Live
In the public sector, internal audit professionals face a unique set of challenges. This course addresses the role of the public sector auditor and teaches these professionals essential skills for efficient job performance.
Through lectures, case studies, group discussions, and practical exercises, this seminar will cover a range of topics, including audit planning, field work, analysis, reporting, team-building, and communications. You will explore best practices for managing risk and learn how to identify, evaluate and document public sector controls. Participants will also conduct a complete audit in a public sector simulation case.
This course is ideal for public sector auditors with fewer than two years of experience, experienced auditors seeking a refresher or internal auditors outside the public sector who wish to learn more about this side of the profession.
Roles and Responsibilities of Internal Auditors
- Roles and responsibilities of internal auditors
- Objectives of internal auditing
- Definition of internal auditing
- Your role in selling the internal audit function
The Professional Practices Framework
- Code of Ethics for Internal Auditors
- The Professional Practices Framework
- Practice Advisories and Development & Practice Aids
- The need to work with others
- The value of working with others
The Audit Model - Performance of Audit Work
- The audit model
- Processes required to perform an internal audit
- Introduction of the case study used throughout the remainder of the seminar
Analytical Review Using Audit Software
- How computers are used during the audit process
- Concepts of data extraction and analysis in performing analytical reviews
Elements of Internal Control
- Define internal control
- Concepts for thinking about control
- Examples of controls and misunderstood control activities
- Management's responsibility for control
- Internal audit's responsibility regarding control
- The COSO control model and the concept of soft controls
Interpersonal Skills and Interviewing
- The importance of the auditor as a good communicator
- Techniques for effective interviewing
- Interpersonal skills and interviewing techniques
- The patterns of communication
- Good communication and problem solving
Documenting and Evaluating Internal Controls
- The purpose of preliminary survey
- Audit tools available for documenting control systems, as well as the advantages and disadvantages of each tool
The Audit Program
- Audit programs and their purpose
- Concepts of audit objectives, audit scopes, and audit program test steps
- The thought process involved in audit program development
Work Papers and Audit Evidence
- Basic requirements of work paper documentation
- Variations in specific work paper standards among internal audit departments
- Rules of audit evidence
Developing Recommendations for Improvement
- The five attribute approach to developing audit findings
- Presenting audit findings and involving the customer in developing recommendations for improvement and corrective action plans
The Exit Conference
- The purpose of an exit conference
- Planning an exit conference
- Conducting a simulated exit conference