Programme Objective

This training will enable better understanding by external auditors of the work performed by internal auditors and whether the work performed in the internal audit may or may not be relied upon to avoid and minimise duplication of work resulting in savings of work and costs.

The seminar will look critically into the practical ways to assess whether the external auditors may depend on the work performed by internal auditors and how this can be planned, coordinated and executed with the support of the client’s management and audit committees where clients are listed companies.

Programme Outline

• Professional statements on reliance on internal auditors’ work : SSA 610, US SOX AS 5, UK SAS 500 and other related comparative statements
• External auditors and internal auditors – same pen but different reports
• Independence and objectivity of internal audit function
• Technical competence of internal auditors
• Systematic and disciplined approach including quality control
• Adequacy of audit scope
• Period of audit scope
• Quality and timing of audit deliverables
• Practical implementation – winning the support and commitment of audit committee and management
• Planning meetings with internal audit departments
• Coordinating visits to branches
• Observations of inventories
• Fine-tuning future plans and work

Intended For

An Advanced Level programme, intended for external auditors to evaluate whether to rely on internal auditors; work and how to implement it in practice; internal auditors who are working with the external auditors; CFOs; senior finance professionals, and audit committee members who coordinate the work between external and internal auditors

Programme Facilitator(s)