BankerCollege

Attendees to this accounting webinar will leave with an understanding of the ever-changing role of the bank internal auditor showing how internal auditing has evolved. 

This critical audit training address:

• Internal auditing started as a group that counted cash and securities 
• It changed its focus to breakdowns in individual “key” control procedures, re-performance 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 material addresses 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 audit webinar 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 

This training 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 
• Monitoring 

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. 

This training is essential for today’s internal auditor and for newcomers planning to use internal auditing as a career choice or a career steeping stone.