This session is designed for a wide audience including CFO's, controllers, financial analysists, accountants and internal auditors. It is designed to outline the expectations of internal audit as outlined by their profession. We will cover the various methods in which internal audit roles are executed within the company. Participants will come away with a detailed understanding of how internal auditors execute their work, how audit's are chosen for the audit plan and what to expect when working with internal auditors. It will also dissect the variance between internal and external auditors.
The session will also highlight many of the challenges outlined in Ms. Fountain's book on Leading the Internal Audit function. These challenges will help internal auditors and management understand alternatives approaches to coming to an acceptable answer.
Learning Objectives:
Establishing the Internal Audit Function, its responsibilities and authorities.
- Understanding the varying components of the IIA Standards.
- Understanding the variance between internal audit external audit.
- Understanding how internal audit executes is assurance role.
- The basics of Risk Based Auditing and the variance between compliance auditing.
- The benefits and challenges when using internal audit for Sarbanes-Oxley work.
- Can internal auditors execute on Fraud Evaluation.
- Internal Audit’s responsibility to the audit committee.
- Internal audits role in corporate governance, compliance and fraud.
Areas Covered:
- Components and requirements for building an internal audit team including variances between in-sourcing, out-sourcing and co-sourcing
- The definition of Internal Audit
- The Attribute Standards
- The Performance Standards
- IIA Ethical Standards
- How to Develop the Audit Plan
- How to Schedule Audits
- Understanding the planning, fieldwork and reporting process.
- Learning to work with management cohesively with the auditors to successfully complete the audit.
- The difficulties of communication during the audit.
Who will Benefit:
- Head of internal audit functions
- Internal Auditors & Directors
- External Auditors
- Chief Audit Executives
- Operational and Compliance Professionals
- CFOs
- CEOs
- Accounting
- Finance Professionals
- Professionals considering an internal audit role
- Compliance Officers
- Risk Managers
- Enterprise Risk Management Officers
- Senior auditors, Midlevel Auditors
- Investigators
- Board audit committee members and chairs
- Internal audit chief audit executives
- Internal audit directors/managers
- Management
- Board of Directors
Topic Background:
Often, management and the board establish the internal audit function without understanding the requirements of the Institute of Internal Auditor Standards. For Internal Auditor's, the IIA Standards are the guidelines by which professionals execute their responsibility within a standard and professional manner. Often times, management and the board does not even understand the existence of the standards.
The internal audit function for an organization can be established and organized in many ways. Much will depend on whether the company is publically traded, privately held, not-for profit, or an organization bound by regulatory considerations. In each of these cases, the function can face a multitude of challenges when attempting to meet management's expectations while upholding the IIA Standards.
- Registration Process - (8:15 am till 8:45 am)
- Session will begin by – (8:45 am)
- 8:45 -10:00 Establishing the Internal Audit Function, it’s responsibilities and authorities.
- History and definition of internal audit
- Challenges faced in meeting internal audit definition
- In-sourcing, out-sourcing and co-sourcing
- 10:00 – 10:15 - Break
- 10:15 -11:30 Understanding the varying components of the IIA Standards.
- The Attribute Standards Sample internal audit charter
- The Performance Standards
- The Code of Ethics
- 11:30 -12:00 Understanding the variance between internal audit external audit.
- Roles, responsibilities and authorities
- 12:00 - 1:00 Lunch
- 1:00 - 2:30 Understanding the basics of Risk Based Auditing
- Defining Risk Based Internal Auditing
- Explore risk over the past decade plus
- Recognize the benefits of risk based auditing
- Explore risk based auditing and recognize the purpose of internal auditing
- 2:30 - 2:45 Break
- 2:45 – 3:30 Developing a Risk Based Internal Audit methodology
- Identify the challenges of Risk Based Internal Auditing
- Understanding and developing risk appetite and risk tolerance
- Evaluate the development and usage of risk management characteristics when identifying risk tolerance
- Explore sample scoring techniques
- 3:30 - 4:30 Executing a risk based internal audit methodology
- Identify an organization’s maturity to prepare for RBIA
- Explore implementation requirements for RBIA
- Utilize risk management characteristics in RBIA
- Explore requirements for proper definition of risk impact and likelihood
- 8:30 – 10:00 Utilizing Internal Audit for Sarbanes-Oxley Work
- Benefits/Challenges
- Understanding COSO
- Independence/Objectivity
- 10:00 – 10:15 Break
- 10:15 – 12:00 Internal Audit and Fraud work
- Understanding the implications of fraud and fraud red flags
- Developing a fraud methodology framework
- Roles and responsibilities for fraud risk assessment
- Investigation vs. Evaluation
- Fraud Reporting
- 12:00 – 1:00 Lunch
- 1:00 – 2:30 Internal Audit in an Assurance Role
- Independence and consulting
- Reporting
- 2:30 - 2:45 Break
- 2:45 – 4:30 Internal Audit’s Governance and Compliance Role
- Internal Audit and the Board
- Internal Audit’s responsibility to the audit committee
- The Audit Committee relationship with management
- Audit Committee required oversight of internal audit
- Establishing a trusting relationship
Lynn Fountain,
CGMA, CRMA - Independent Risk, Audit, Accounting, Executive Professional and Training Advisor
Lynn Fountain has over 30 years of experience in the business profession, which includes public and industry accounting, and over 20 years within internal and external auditing combined. Ms. Fountain holds CGMA and CRMA certifications as well as a certificate in Certified Public Accountancy. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in internal audit, Sarbanes-Oxley, enterprise risk management, fraud, governance and compliance. Ms. Fountain has held two chief audit executive positions for international companies. She has also been instrumental in establishing ERM, Sarbanes-Oxley and governance frameworks, and has executed and assisted in multiple internal fraud investigations.
Ms. Fountain has developed and delivered leading edge training sessions on the new COSO framework and has assisted companies in identifying risk gap analysis in their individual processes. She currently executes two highly recognized e-workshops for the Institute of Internal Auditors, one on fraud and the second on ethics. Both workshops have incorporated aspects of COSO 2013. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.
Ms. Fountain’s book on fraud, sponsored by the IIA Research Foundation, is expected to be a strong tool for companies looking to solidify their anti-fraud program. Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas.
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Local Attractions of Chicago, IL
Windy
One of the more breathtaking scenes on the lake is this tall ship approaching the docks at Navy Pier. The 148-foot four-masted schooner (and its new sister ship, the Windy II ) sets sail for 90-minute cruises two to five times a day, both day and evening. (Because the boats are sometimes booked by groups, the schedule changes each week; call first to confirm sailing times). The boats are at the whims of the wind, so every cruise charts a different course. Passengers are welcome to help raise and trim the sails and occasionally take turns at the ship's helm (with the captain standing close by). The boats are not accessible for people with disabilities.
Adler Planetarium and Astronomy Museum
The building may be historic (it was the first planetarium in the Western Hemisphere), but some of the attractions here will captivate the most jaded video-game addict.
Your first stop should be the modern Sky Pavilion, where the don't-miss experience is the StarRider Theater. Settle down under the massive dome, and you'll take a half-hour interactive virtual-reality trip through the Milky Way and into deep space, featuring a computer-generated 3-D-graphics projection system and controls in the armrest of each seat. Six high-resolution video projectors form a seamless image above your head -- you'll feel as if you're literally floating in space. If you're looking for more entertainment, the Sky Theater shows movies with an astronomical bent; recent shows have included Secrets of Saturn and Mars Now!
Arlington International Racecourse
With its gleaming-white, palatial, six-story grandstand and lush gardens, this racecourse is one of the most beautiful showcases for thoroughbred horse racing in the world. Its storied history stretches back to 1927, and such equine stars as Citation, Secretariat, and Cigar have graced the track. The annual Arlington Million (the sport's first million-dollar race, held in mid-Aug) attracts top jockeys, trainers, and horses and is part of the World Series Racing Championship, which includes the Breeders Cup races. Arlington's race days are thrilling to behold, with all of racing's time-honored pageantry on display -- from the bugler in traditional dress to the parade of jockeys.
Art Institute of Chicago
You can't -- and shouldn't -- miss the Art Institute. (You really have no excuse, since it's conveniently located right on Michigan Ave. in the heart of downtown.) No matter what medium or century interests you, the Art Institute has something in its collection to fit the bill. Japanese ukiyo-e prints, ancient Egyptian bronzes, Greek vases, 19th-century British photography, masterpieces by most of the greatest names in 20th-century sculpture, and modern American textiles are just some of the works on display, but for a general overview of the museum's collection, take the free "Highlights of the Art Institute" tour Saturday and Sunday.
Auditorium Building and Theatre
A truly grand theater with historic-landmark status, the Auditorium gives visitors a taste of late-19th-century Chicago opulence. Because it's still a working theater -- not a museum -- it's not always open to the public during the day; to make sure you'll get in, schedule a guided tour, which are offered on Mondays at 10am and noon.
Designed and built in 1889 by Louis Sullivan and Dankmar Adler, the 4,000-seat Auditorium was a wonder of the world: the heaviest (110,000 tons) and most massive modern edifice on earth, the most fireproof building ever constructed, and the tallest building in Chicago. It was also the first large-scale building to be lit by electricity, and its theater was the first in the country to install air-conditioning. Originally the home of the Chicago Opera Company, Sullivan and Adler's masterpiece is defined by powerful arches lit by thousands of bulbs and features Sullivan's trademark ornamentation -- in this case, elaborate golden stenciling and gold plaster medallions. It's equally renowned for otherworldly acoustics and unobstructed sightlines.
