INTERNAL AUDIT, INTERNAL CONTROL AND COMPLIANCE

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FINANCE MATERIAL ICFP

Course Content

LECTURE WEEK 1

Lesson Content

0% Complete 0/12 Steps

1.1 Definition, Objectives, Features and Importance 5

1.1.1 Definition of Internal Control

1.1.2 Objectives of Internal Control

1.1.4 Importance of Internal Control to Auditors

1.2 Types of Internal Control

1.3 Scope and Components of Internal Control System 8

1.4 Internal Controls and their Inherent Limitations 9

1.5 Understanding the Internal Control System

1.6 Ascertaining the System of Controls 10

1.7 Recording the Systems of Control 11

1.8 Evaluating the Internal Control. 14

1.9 Reporting on Internal Control to Management.

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2.1 Introduction 21

2.2 History of Internal Auditing 22

2.3 Internal Audit as a Control Factor

2.4 Organizational Independence

2.5 The role of internal audit

2.6 Safeguarding of Assets

2.7 Role in risk management

2.8 Role in Corporate Governance 26

2.9 Audit Project Selection or “Annual Audit Plan” 26

2.10 Internal Audit Execution 27

LECTURE WEEK 2

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3.1 Introduction 28

3.2 Information technology audit 28

3.3 Purpose

3.4 Types of IT Audits 29

3.5 IT Audit Process

3.6 Information Security Audit

3.7 History of IT Auditing 30

3.8.1 Principles of an IT Audit 31

3.8.2 Emerging Issues 32

3.8.3 Web Presence audits 32

3.8.4 Enterprise Communications Audits 33

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0% Complete 0/9 Steps

4.1 Introduction 34

4.2.1 Traditional Auditing vs CAATs 34

4.2.2 CAATTs Alternative 35

4.2.3 Traditional audit vs CAATTs on specific risks

4.3.1 Specialized Software 35

4.3.2 Benefits of Audit Software include

4.4 CAATs Education and Professional Development

4.5 Creation of Electronic Work Papers 36

4.6 Fraud Detection

LECTURE WEEK 3

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5.1 Introduction 37

5.2 Operational Auditing 37

5.2.1 Objectives

5.22 Preliminary preparation

5.2.3 Advantages 38

5.2.4 Disadvantages

5.3 Risk-Based Internal Audit 38

5.5.3 Residual Risk 39

5.5.4 Risk Register

5.5.5 Risk Assessment 39

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6.1 Responsibility for the system of internal control 40

6.2 The system of internal control 40

6.3 Understanding the nature and context of control 42

6.4 The importance of internal control and risk management 43

LECTURE WEEK 4

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7.1 Responsibility for reviewing the effectiveness of internal control 44

7.2 The process for reviewing effectiveness 46

7.3 Business objectives

7.4 Risk identification and assessment 47

7.5 Identification of appropriate controls

7.6 Monitoring of controls 48

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8.1 Introduction 53

8.2 Independent Attitude

8.3.1 Organizational Independence

8.3.2 Independent Function: No Conflict of Interest Allowed 53

8.3.3 Hierarchical Independence

8.3.4 Independent Status

8.3.5 Independent Communication Right 54

8.3.6 Independent Budgeting

8.3.7 Access to Information 55

8.4 Typical Duties

8.5 Quality Management 56

8.6 Reporting of Critical Findings 56

8.7 Survey Results 56

LECTURE WEEK 5

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0% Complete 0/17 Steps

9.1 Certified lead auditor 57

9.2 Certification Programs

9.3 ISO 9000

9.4 Reasons for Use

9.5 ISO 9000 series Quality Management Principles

59 9.6 Contents of ISO 9001:2015

9.7 Certification

9.8 Evolution of ISO 9000 Standards

9.8.1 1987 version 61

9.8.2 1994 version

9.8.3 2000 version

9.8.4 ISO 9000 Requirements include

9.8.5 2008 version 63

9.8.6 2015 version

9.9 Auditing

9.10 Industry-Specific Interpretations

9.11 Effectiveness 65

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10.1 Introduction 69

10.2 Background

10.3 Principal–Agent Conflict 70

10.4 Principal–Principal: Conflict (the Multiple Principal Problem)

10.5 Principles 71

10.6 Models

10.7.1 Continental Europe (Two-Tier Board System)

10.7.2 United States, United Kingdom

10.8 Founder Centrism 73

10.9.1 Regulations

10.9.2 Sarbanes–Oxley Act

10.9.3 Codes and Guidelines 74

10.9.4 Stock Exchange Listing Standards 75

10.9.5 Other Guidelines 76

LECTURE WEEK 6

Lesson Content

0% Complete 0/11 Steps

11.1 Introduction 77

11.2 Enterprise Risk Management

11.3 ERM Frameworks ‘Defined

11.4 Casualty Actuarial Society framework 78

11.5.1 The Risk Management Process Involves

11.5.2 COSO ERM framework

11.5.3 ISO 31000: The new International Risk Management Standard

11.6 RIMS Risk Maturity Model

11.7 Implementing an ERM program

11.8 Common Challenges in ERM Implementation

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12.1 Introduction 82

12.2 By Nation

12.3.1 Business Motivation Model

12.3.2 Elements

12.4 Governance, Risk Management, and Compliance

12.5 Overview 85

12.6 Basic Concepts

12.7 GRC Market Segmentation

12.8 GRC Product Vendors

12.9 GRC Data Warehousing and Business Intelligence

12.10 GRC Research 87

LECTURE WEEK 7

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13.1 Introduction 88

13.2 Concepts of Record

13.3 Records Management Theory 88

13.3.1 Records Life-Cycle

13.4.1 Records Management Practices and Concepts 89

13.4.2 Practice of Records Management may involve

13.5 Defensible Solutions

13.6 Classification

13.7 Enterprise Records 90

13.8 Industry Records

13.9 Legal Hold Records

13.10 Records Retention Schedule 93

13.11 Managing Physical Records

13.12 Identifying Records

13.13 Storing Records

13.14 Retrieval of Records

13.15 Circulating Records 94

13.16 Disposal of Records

13.16 Managing Digital Records

13.17 Electronic Tax Records

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WEEK 8

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