IA Module 4 -- Maximizing Internal Audit (IA) Value, Coverage, Assurance and Reliance (IAM4)

Overview

The “name of the game” in virtually any business (or profession), and most certainly for Internal Auditors, is adding the greatest possible value to and for all stakeholders of that business/profession. Internal Auditors serve a wide variety of stakeholders who place major reliance on their work. Maximizing IA value in terms of assurance levels expected by and relied on by its stakeholders is critical and can only be achieved through optimal assurance coverage execution and highly effective stakeholder communications and reporting. By exploring the many roles and services through which an internal audit group can add value throughout any organization, this course provides a roadmap for Internal Auditors in their quests to maximize value for all stakeholders, both internal and external, of their organizations.

Major Topics:

• IAs’ unique and vital value-adding propositions
• SOX (Sarbanes Oxley Act) impact on the (Internal and External) auditing profession
• Key IA assurance coverage roles and responsibilities regarding:
  • Strategic and entity-level controls and objectives
  • Internal Control over Financial Reporting (ICFR)
  • Operations efficiency and effectiveness
  • Compliance with laws and regulations

• Optimizing Internal/External Audit (and other Independent Assurance Activities) coordination and reliance (for SOX and non-SOX engagements):
  • Maximizing assurance coverage efficiencies and effectiveness
• Achieving excellence in stakeholder servicing and value adding

Learning Objectives:

• Gain greater appreciation of an Internal Auditor’s varying and extensive value-adding impact and roles
• Enhance knowledge of significant SOX-related impact and requirements placed on the auditing profession
• Clarify the major roles and responsibilities of Internal Auditors from a primary coverage perspective as related to key organizational controls/objectives
• Identify opportunities for maximizing IA value from a multi-stakeholder assurance and reliance coverage perspective