Applying the Standards for Internal Auditors Part 2
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Applying the Standards for Internal Auditors Part 2

This course delves deeper into managing the internal audit activity and the challenges that may be faced.
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 8/2017
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Includes:
  • 4.5 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I Learn?
  • Explore the many facets to effectively managing the internal audit function
  • Identify the challenges and alternative solutions internal auditors can consider when attempting to manage the function in line with the Standards while also balancing management expectations.
  • Discover the nature of work outlined by the Institute of Internal Auditors (IIA) Standards which internal auditors are directed to be involved with including: control reviews, risk management and governance
  • Identify the challenges and alternative solutions internal auditors may face/use when attempting to execute on the various forms of control reviews, risk management projects and governance reviews.
View Curriculum
Requirements
  • Completion of course: The Institute of Internal Auditor Standards Part One
Description

As a profession, internal auditors look to the Institute of Internal Auditors (IIA) Standards to provide guidance on how to most effectively execute their fiduciary role.  Part One of this series introduced the overall Standards, Mandatory Guidelines, Core Principles, Code of Ethics and Attribute Standards.  These are important concepts that internal auditors, management and the board should understand.  These guidelines provide the foundation for the profession and are written to ensure effectiveness and consistency in the execution of internal auditing.

This segment will focus on two elements of the Performance Standards which include:  managing the internal audit function and the nature of work considered within the realm of internal auditing.  Each of these components are critical to the effective execution of internal audit’s responsibilities. 

Requirements for managing internal audit extend far beyond managing a specific project or individual audit.  It includes management of the entire audit process from development through to execution and reporting.  It also includes:

  • Ensuring the team has the relevant knowledge and expertise for engagement assignments
  • Appropriate resourcing and budgeting exists to support the Mission of the function
  • Establishing the right communication protocols with management and the board. 

When examining the nature of work of internal audit, the Institute of Internal Auditors Standards outline three very critical areas that internal auditors should be engaged with.  These include:

  • Controls
  • Risk Management
  • Governance

Inherently, most individuals within management understand the requirements around internal audit’s evaluation of controls, but many struggle with how or if internal audit should be involved in risk management and governance activities.

This course delves deeper into managing the internal audit activity and the challenges that may be faced along with properly identifying internal audit's nature of work.  The participant will come away with an appreciation for the intent of the Standards and a recognition of alternatives to promoting the value oriented activities internal audit can provide to an organization.

Who is the target audience?
  • Anyone interested in Finance, accounting, risk management or related fields
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Curriculum For This Course
17 Lectures
04:25:11
+
Introduction
15 Lectures 04:25:07


Challenges Managing Internal Audit
11:09

Alternatives Effective Management
10:42

Planning
08:30

Planning Challenges
09:49

Planning Alternatives
10:55

Resource Management
08:52

Procedures and Coordination
06:55

Management and The Board
10:13

External Service Providers
07:43

Nature of Work
15:17

Risk Management and Control
15:07

Course Summary
02:04

The Institute of Internal Auditor Standards Part Two Continuous Play
02:12:34
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Supporting Materials
2 Lectures 00:04
Slides: Managing Internal Audit and Nature of Work
00:02

Managing Internal Audit and Nature of Work Glossary/Index
00:02
+
Review and Test
0 Lectures 00:00

Review Questions: Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work

Review Questions
6 questions

FINAL EXAM: Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work

FINAL EXAM
10 questions
About the Instructor
Illumeo Learning
4.4 Average rating
291 Reviews
1,315 Students
234 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Lynn Fountain (Illumeo)
4.6 Average rating
13 Reviews
83 Students
29 Courses

Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks

Ms. Fountain has developed and delivered leading edge training sessions on COSO, Internal Audit, ERM, Accounting, Leadership, Governance, Compliance and Ethics. She has numerous recorded webinars on Illumeo dot com.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.