Monday, March 15, 2021
12:00 – 1:30 pm (Eastern Time)
11:00 – 12:30 pm (Central Time)
10:00 – 11:30 am (Mountain Time)
9:00 – 10:30 am (Pacific Time)
This is a brand-new course for 2021!
It covers the ever-changing role of the bank internal auditor showing how internal auditing has evolved. Course coverage deals with the following:
- Internal auditing started as a group that counted cash and securities
- It change its focus to breakdowns in individual “key” control procedures, reperformance work and reconciliation work
- It then tackled the audit of entire systems of internal controls as it became professionalized using internal auditors with professional designation such as CPA, CIA, CBA, CISA, etc.
- The professional systems-based auditor then become the eyes and ears of management, and focused on risk assessment and assessor of controls and control flows
- Internal auditors now is a valuable tool of audit committees following professional internal audit standards with a focus on the objectives of achieving control assurance, and reaching company goals and the reliability and accuracy of financial reporting
The course reviews the Treadway Commission report (the Fraud Report) and its suggestions that elevated the status of internal auditors. It also reviews the various specific relationship between internal auditors and the corporate audit committee.
The course shows how some bank internal audit departments perform a number of different services and explains those services, which include:
- Financial Audits
- Systems-based Audits
- Verification Audits
- Compliance Audits
- Physical Counts
- Periodic Comparisons
- Operational Audits
It provides specific explanations about what exactly is internal control audited by the internal auditors with a focus on the Treadway Commission’s COSO (Committee of Sponsoring Organizations) components of internal control. It deals with internal auditor concerns with the:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
It also highlights overall audit risks (OAR) and the audit risk model dealing with inherent risk, control risk, and detection risk and how to assess OAR. It questions what would be next after the journey from cash and securities counting to its new relationships with audit committees and their needs.
The course is essential for today’s internal auditor and for newcomers planning to use internal auditing as a career choice or a career steeping stone.
Paul J. Sanchez, CPA, CBA, CFSA conducts a CPA practice in Port Washington, New York. He is also the owner of Professional Service Associates (PSA), a consulting and professional training and development business servicing corporate clients (auditors, controllers, etc.), CPA firms, professional associations and others. He was an assistant professor at Long Island University – C.W. Post Campus as well as an adjunct lecturer at City University of New York. Prior to starting PSA, he was the Vice President-Professional Development for the Audit Division of a regional bank and Director of Professional Practices and Vice President of a money-center bank, where he directed the professional practice development and training for internal auditors.
1.5 CPE Credits & 1.8 AAP Credits