Internal Audit

Complete course guide, practice questions, supportive lesson videos for better understanding. With over 8+hours of complete training, quizzes, and practical steps you can follow – this is one of the most comprehensive Physics course available. By the end of this course, you will be able to grasp the basics of Internal Audit.

Curriculum:

 Introduction of Internal Audit

• What is Internal Audit
• Why it required in Companies
• Applicability Criteria as per Company Act 2013
• How Internal Audit adds value in Company
• Types of Internal Audit

Standard on Internal Audit (SIA)

• Background of Standard on Internal Audit (SIA)
• New SIA introduced by ICAI
• Applicability of SIA
• Impact of SIA in Internal Audit

Internal Audit Program

• Basic understanding of Audit Program
• Why Audit Program required to prepare
• The relation between Audit scope Vs Internal Audit Program
• What is the Limitation of Audit Program

Internal Audit Checklist

• Why Internal Audit Checklist required
• How to prepare area wise audit checklist
• Benefits of checklist preparation
• Purpose of Audit Checklist preparation
• Alignment with Audit Program

Planning for Internal Audit

• Why Planning is important
• Stage wise planning
• Modification of Planning
• Scope Vs Planning mapping

How to do Plant Audit

• Understand the Plant process Flow chart
• Meet with the Process Owner
• Review System & Process of the organization
• Consider changes made within the Company
• Plant performance assessment

How to Draft Internal Audit Report

• Prepare Observations wise checklist
• Draft Observations based on documents collected
• Preparation of Annexures
• How to connect Audit report with annexure

Internal Vs Forensic Audit

• Internal Audit is the Foundation for Forensic Audit
• How Internal Audit is important
• Why Forensic Audit required
• What benefits available with Forensic Audit
• Scope deviation Internal Vs Forensic Audit
• How Forensic audit will help in decision making

Who this course is for:

• For commerce, CA, CMA, CS and Management students
• Students who are interested in competitive exams
• People who want to learn the fundamentals of Internal Audit.
• School students who want to have a strong base Internal Audit

From the Instructor’s Desk:

Internal Audit is not a new concept, it’s applicable almost all the Company. The journey of Internal Audit has been started long back. But now the Regulatory requirement and expectation of the management are changing very frequently. Hence almost the same observations and suggestions which were in practice in the past will not contribute many roles within the Organization.

ICAI has also taken the forward steps to amend/modify Standards on Internal Audit (SIA) and in the future, some of them may be mandatory. Hence this is the high time to redesign our thought patterns for upskilling our knowledge bank and change our paradigm.

Currently, the importance of Internal Audit and Risk-based audit are increasing in Big Corporate for better control & effective implementation so that the existing framework of the organization can be improved.

On the other side, a forensic auditor may be appointed by the court or other’s regularities. Now Corporates are also appointing a forensic auditor to check the health of the organization and expect some value addition suggestions on current existing system & process deviations (if any).

Click here for more: https://vlearny.com/internal-vs-forensic-audit/