Internal Auditing Fundamentals
1 hour 40 minutes
Understand the fundamentals of the internal audit function and recognize key risks when preparing for an internal audit.
An audit is time-consuming and stressful and can easily lead to negative consequences. A lack of understanding of how audits are structured and conducted hinders the process every step of the way. Although this course focuses on internal audits, or audits that an organization conducts upon itself, all audits are designed and performed in a similar manner. If you are the subject to an audit, this material will help you understand the process and will illustrate psychological techniques to thwart the auditors’ efforts every step of the way. If you are conducting the audit, this information will explain how not to get thrown off track by common tricks and traps. Whether you want to tank an audit or prevent it from getting derailed, this course provides unique insights you need to know before facing an audit.
• You will be able to describe how audits are planned and performed.
• You will be able to define different types of risks and controls to mitigate risks.
• You will be able to discuss different methods of collecting and verifying audit evidence.
• You will be able to recognize potential psychological tricks and traps that hinder audits.