Certified Internal Control Auditor

Why select this training course?

Who is an internal control auditor? Internal control auditors concern themselves with securing the objectives of their organizations regarding legal compliance, consistent financial documentation, operational efficiency, and adhering to extant regulations and policies. The creation and implementation of an internal control system might be difficult. Internal control systems and those who run them must be agile to adapt to changing business models and emerging technology. Internal controls risk assessment may be used for an organization’s external audit engagement strategy and processes.

What is the difference between internal control and internal audit?

The Certified Internal Control Auditor Training Course by Rcademy focuses on designing, implementing, and monitoring an organization’s internal control environment. By enrolling in this certificate course, participants can put internal control audit frameworks into practice and think about how they may apply them to their business or organization. They will also learn to analyze an organization’s internal control system in a case study.

Who should attend?

Individuals interested in honing their professional technical abilities on audit processes and procedures should consider taking this Certified Internal Control Auditor Training Course by Rcademy, particularly those in the following categories:

• External auditors who want to improve their technical and compliance abilities
• Internal auditors who want to understand their function and role in the audit process
• Accountants interested in learning more about the audit process and their responsibilities
• Financial executives who want to learn more about the regulatory audit environment
• Risk and legal professionals responsible for monitoring and recommending effective risk mitigation procedures for a company’s business
• Compliance professionals who establish an annual audit plan that addresses financial risk and information technology as well as operational and regulatory risks
• Any other professional engaged in the planning or execution of the audit process

What are the course objectives?

The Certified Internal Control Auditor Training Course by Rcademy is designed to ensure that at the end, participants can:

• Acquire familiarity with the world of internal controls
• Recognize every stakeholder’s role and responsibility in the auditing process
• Understand the techniques for evaluating and monitoring internal controls
• Understand risk management and how it affects operational efficiency and effectiveness
• Understand the impact of the internal controls environment on external audits
• Learn how to conduct auditing in a risk-based manner
• Assess an organization’s internal control system
• Recognize techniques for training management personnel
• Recognize methods of key monitoring
• Use the principles-based approach for internal and external auditing
• Assess and respond to the hazards that exist in an organization
• Identify areas for improvement in the operations of an organization based on internal controls evaluation
• Learn how to recognize, assess, and respond to hazards in the company
• Improve the quality of the company choices by increasing operational efficiency
• Build trust in an organization’s internal control system
• Become an expert in internal control and set themselves apart from the competition

How will this course be presented?

The content of the course is curated to allow participants to learn practically. The methodology is designed to include practical examples, video materials, case studies, shared participant experiences, practice sessions and evaluations, and lectures and presentations from the facilitators. This Rcademy internal controls training course is organized into a series of connected but distinct modules that touch on all aspects of internal control audit. There will be both group and individual exercises for the participants to participate in and a comprehensive evaluation at the end of each module to reinforce learning and ensure that participants can engage in practical applications of the lessons learned.

What are the topics covered in this course?

Module 1: Introduction to Internal Control

• Definition of internal control
• Internal control structures
• The roles of shareholders
• Roles of the manager
• Responsibilities of the Board of Directors in internal control
• Roles of the internal audit committee
• Functions of the external auditors

Module 2: Context for Internal Monitoring and Inspection

• Limitations of internal control
• Internal controls’ objectives
• Precision fraud and internal controls
• Internal control activities or processes

Module 3: Internal Controls Assessment and Monitoring

• Internal control audit procedures
• Implementation of best practices in internal control
• Monitoring and evaluation mechanisms for internal control

Module 4: Role of External Audits in Internal Control

• Summary of risk analysis controls
• Fraud risk assessment control activities
• Design and implementation description of an internal control system
• Containment of risks and external threats

Module 5: Risk-based Auditing and Internal Control Management

• Standards and Objectives for risk-based auditing
• Risk-based audit program & procedures
• Matrix and planning for audits based on risk
• Control and management of risks in the workplace

Module 6: Procedures for an Audit

• Requirements of law
• Understanding complex accounting systems
• Appropriateness of the accounting system
• Keeping Financial statements’ Integrity

Module 7: Accurate Auditing Methodology

• The process of creating a new policy
• Preparation of quality account information
• Keeping organizational assets safe
• Manual system for preventing and detecting fraud
• Using technology-based systems for auditing
• Comparative cost of internal auditing systems

Module 8: Instilling Confidence in Internal Control Systems

• Quality and Standards in the Workforce
• Assurances of organizational performance
• Transaction processing distinctions
• Using generally accepted accounting principles

Module 9:  Internal Controls and Audits Risk Components

• Risks inherent in the system
• Risk of detection
• Procedures for ensuring compliance
• Reliability of the data
• Reconciliation of accounts and banks
• Controls on cash
• The accuracy of financial reporting