Internal Audit Training, IT Audit Training Courses, Information Security Training - CPE Interactive

Continuing Professional Education for Audit, Assurance, & Info Security

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Course Description

One of the most difficult skills associated with auditing is determining the propriety of audit evidence; does it support the audit objective, is it enough, is it too much and inefficient, and how does professional judgment affect the quality and quantity of auditing procedures.

This training session will provide you with skills and techniques necessary to identify the appropriate evidence to support the audit conclusion. The tools and techniques shared will also provide you with approaches to guide your use of critical thinking skills to facilitate the gathering of audit evidence. Real life examples of strong and weak evidence will be provided to further the learning process.

Finally, the course will be interactive and provide opportunities for you to practice what you learn.

You will:

  • Review the importance of appropriate, sufficient and persuasive audit evidence
  • Discuss the meaning and application of professional judgment
  • Identify the types of evidence and discuss methods, techniques and tools to gather information to support audit objectives/results
  • Provide examples of the link between methodologies and evidence gathered to support audit results
  • Provide a sample of the critical thinking process
  • Demonstrate how critical thinking helps improve audit evidence
  • Compare and contrast auditor judgment and critical thinking skills
  • Review ways to develop critical thinking to enhance the audit process
  • Demonstrate how to determine that the evidence gathered is appropriate, sufficient and persuasive to support audit conclusions

Learning Objectives

  • Identify the different types of evidence and how to best use them during the audit process
  • Understand the importance and use of evidence during audit engagements
  • Learn new methods and approaches to gather evidence
  • Obtain the steps of a critical thinking process
  • Develop critical thinking skills for future use
  • Participate in exercises to strengthen critical thinking in the audit process
  • Use the tips, tools and techniques to gather audit evidence that is appropriate, sufficient and persuasive to support audit results

Course Outline

Professional Standards Relating to Audit Evidence

  • International Standards for the Professional Practices of Internal Auditing - IIA
  • Government Audit Standards – GAO
  • IT Standards, Guidelines, and Tools and Techniques for Audit and Assurance and Control Professionals – ISACA

Audit Evidence

  • Why Audit evidence is so important
  • Quality of evidence and assurance
  • PCAOB and external evidence requirements as they trickle down to internal audit
  • Evidentiary sources and reliance
  • Methods to gather evidence
  • Professional Standards related to evidence
  • Sufficient and persuasive to support audit conclusions – too much or too little

Linking Methodologies and Evidence Gathered

  • Traditional evidence & evidence gathered
  • Identifying and evaluating the most persuasive & efficient way to gather needed evidence
  • Developing a testing plan/approach
  • Linking Evidence to SOX / Finance & Accounting / Operational & Performance Auditing
  • Sharing methods & identifying practices/examples to gather appropriate, sufficient and persuasive evidence
  • Linking the audit objective and the evidence gathered

Professional Judgment

  • What is professional judgment?
  • Applying professional judgment to the audit process
  • Professional judgment framework
  • Developing/strengthening professional judgment

Critical Thinking

  • A concept or a process?
  • Provide key terms/definitions
  • Identify how critical thinking strengthens the evidence gathering process
  • Provide the similarities & differences between auditor professional judgment & critical thinking skills
  • Identify ways to use critical thinking to enhance the audit process

Applying Critical Thinking and Professional Judgment

  • Planning - Risk Based Audits
    • In determining scope and levels of risk – impact and likelihood
    • In determining audit prioritization
    • Assessing Process and Testing
    • Identifying what to test, how to test and when to expand testing
    • Determining sufficiency of testing evidence
    • Keeping the focus on the objective
  • Communicating and Reporting
    • 5 C's – condition, criteria, consequence, cause, corrective action
    • Findings - Significance, relevance, and framing
    • Selecting impactful evidence – charts, graphs, pictures, flow charts

Additional Information

Who Should Attend

Internal audit staff and management

Level

Intermediate

Delivery

Group-Live & Group Internet-Based

Field

Auditing

Advanced Preparation

None

Recommended Prerequisites

Auditors with at least 2 years’ experience in order to draw upon their professional audit experience

Session Duration

Online: Two 3-hour sessions

On Site: 1 day

CPE Credits: 8