Introduction to Internal Audit
Understand the changing role of internal audit, how to effectively establish a risk-based internal audit function and gain knowledge of internal controls
The issues that continue to impact a Bank’s internal audit function are significant, including Committee of Sponsoring Organizations (“COSO”) 2013 updated internal control model and Institute of Internal Auditors (“IIA”) professional practice expectations. In addition, the banking business continues to become more complex due to changing technology, new and evolving regulation and a wider range of products and services. As a result, the role of the internal auditor is changing and expectations by bank examiners, external auditors, management and stakeholders are increasing.
This program will discuss the changing role of internal audit and how internal audit may add value in today’s complex banking environment. Developing a risk-based approach allows institutions to most effectively audit the increasing risks faced by banks today. Additionally, the program will identify and define internal controls and what could go wrong without them. Hands-on exercises will be provided for attendees to apply the concepts presented.
- Internal Audit Profession
- Definition of Internal Audit
- Changing Role of Internal Audit
- Introduction to the Institute of Internal Auditors Standards and Guidance – International Professional Practices Framework
- Difference between Internal and External (Financial Statement) Audit
- FFIEC Interagency Policy Statement on the Internal Audit Function and Co-sourcing
- Impact of FDICIA and SOx regulation
- Internal Control
- Introduction to the Committee of Sponsoring Organization’s Internal Control Model as Updated May 2013
- Types of Internal Controls
- Internal Control Standards
- Cost/Benefit and Reasonable Assurance of Internal Controls
- What Could Go Wrong?
- Risk-Based Internal Audit Process
- Risk-based Internal Audit Plan
- Internal Audit Program Development
- Performance of Internal Audit Program and Documentation of Audit Findings
- Effective Report Writing
- Conducting Effective Exit Meeting
- Audit Committee Presentation
- Internal Audit Adding Value
Bankers seeking knowledge of internal audit and/or internal controls, including internal auditors, deposit and operations personnel, accountants, management and individuals with previous internal audit education seeking a refresher course.
Eileen Iles, CPA, CGMA, CIA, CFSA, CCSA, CRMA, is a Partner in Crowe Horwath LLP’s Risk Consulting practice. She has spent the past 14 years with Crowe consulting with financial institutions. Currently, she develops and conducts training for Crowe and various banking associations. A strength of Eileen’s teaching is her ability to explain concepts in easy-to-understand language and provide real life examples from her broad banking experience.
Ronald W. Acker, Jr., CIA, is a Senior Manager in Crowe Horwath LLP’s Risk Consulting practice. Ron’s responsibilities include advising clients in areas such as risk management and quality assurance assessments. He also manages contract services for internal audit outsourcing and consults on various risk management topics.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.0 hours (self-reporting).
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
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