Description
Advanced Internal Audit: Risk-Based Approaches & Excel for Analysis
Module 1: Fundamentals of Risk-Based Internal Auditing
- Overview of Risk-Based Auditing (RBA)
- International Standards for Internal Audit Governance:
- IIA Standard 2000 – Managing the Internal Audit Activity
- IIA Standard 2010 – Planning (Risk-Based Audit Planning)
- The Role of Internal Audit in Risk Management and Governance
- Risk Assessment and Audit Planning Techniques
- Understanding Key Risk Indicators (KRIs)
- Developing a Risk-Based Audit Plan
🔹 Excel Functions & Tools:
- Conditional Formatting (to highlight risks)
- Data Validation (to ensure accuracy in risk assessments)
- IF, AND, OR Functions (for logical risk evaluations)
Module 2: Internal Audit Data Collection Strategies and Techniques
- Sources of Audit Data: Financial, Operational, and Compliance Data
- International Standards for Audit Evidence:
- IIA Standard 2330 – Documenting Information (Data Collection & Audit Evidence)
- ISA 500 – Audit Evidence
- Data Integrity and Quality Control Measures
- Designing Effective Audit Sampling Techniques
- Extracting Data from ERP Systems and Databases
🔹 Excel Functions & Tools:
- Power Query (to import and clean data)
- TEXT, LEFT, RIGHT, MID (for text data extraction)
- FILTER & SORT Functions (for organizing audit data)
Module 3: Advanced Excel for Audit Data Analysis
- Analyzing Financial and Operational Data for Internal Audit
- International Standards for Audit Analysis:
- IIA Standard 1220 – Due Professional Care (Applying Analytical Techniques)
- ISA 520 – Analytical Procedures
- Using Pivot Tables for Audit Data Summarization
- Identifying Anomalies and Patterns in Financial Transactions
- Trend Analysis and Variance Analysis
- Detecting Fraud through Data Analytics
🔹 Excel Functions & Tools:
- Pivot Tables & Pivot Charts (for data summarization)
- VLOOKUP, XLOOKUP, INDEX-MATCH (for cross-referencing audit data)
- COUNTIF, SUMIF, AVERAGEIF (for identifying anomalies)
- TREND & FORECAST Functions (for predictive analysis)
Module 4: Risk Identification and Control Assessment
- Risk Mapping and Prioritization Techniques
- International Standards for Risk Assessment & Controls:
- IIA Standard 2120 – Risk Management (Evaluating Risk Exposure)
- ISA 315 – Identifying & Assessing Risks of Material Misstatement
- Internal Controls and Risk Mitigation Strategies
- Assessing Control Effectiveness and Weaknesses
- Conducting Control Self-Assessments (CSA)
🔹 Excel Functions & Tools:
- Heat Maps Using Conditional Formatting (for risk visualization)
- SPARKLINES (to show risk trends over time)
- RANK & PERCENTILE Functions (for risk prioritization)
Module 5: Audit Reporting and Dashboard Development in Excel
- Structuring Internal Audit Reports for Decision-Makers
- International Standards for Reporting:
- IIA Standard 2400 – Communicating Results
- ISA 260 – Communication with Those Charged with Governance
- ISA 265 – Communicating Deficiencies in Internal Controls
- Data Visualization Techniques for Effective Reporting
- Building Dynamic Audit Dashboards
- Automating Audit Reports Using Macros
🔹 Excel Functions & Tools:
- Power BI Integration (for dashboard development)
- CHARTS & SLICERS (for interactive reporting)
- MACROS & VBA (for audit automation)
- TEXTJOIN & CONCATENATE (for structuring report narratives)
Description
Training Objectives
By the end of this training, participants will be able to:
- Understand and Apply Risk-Based Internal Auditing (RBA):
- Learn how to align internal audit functions with risk management strategies.
- Apply risk assessment techniques to prioritize audits based on organizational risks.
- Identify and evaluate risk exposures using international auditing standards.
- Enhance Data Collection and Audit Evidence Gathering:
- Utilize appropriate data collection methods to support audit findings.
- Ensure data integrity and accuracy through validation techniques.
- Apply IIA Standard 2330 (Documenting Information) and ISA 500 (Audit Evidence) in data collection.
- Leverage Advanced Excel for Audit Data Analytics:
- Use Pivot Tables and Pivot Charts to summarize and analyze audit data.
- Apply Power Query to import, clean, and transform data from multiple sources.
- Utilize VLOOKUP, XLOOKUP, INDEX-MATCH for cross-referencing financial records.
- Detect fraud and anomalies using COUNTIF, SUMIF, TREND, and FORECAST functions.
- Assess Internal Controls and Risk Management Effectiveness:
- Evaluate the effectiveness of internal controls using audit analytics.
- Develop and interpret risk heat maps using Conditional Formatting.
- Apply IIA Standard 2120 (Risk Management) and ISA 315 (Identifying Risks of Material Misstatement) in risk assessment.
- Develop Audit Reports and Dashboards for Decision-Makers:
- Structure internal audit reports that align with IIA Standard 2400 (Communicating Results).
- Create dynamic and interactive audit dashboards using Excel and Power BI.
- Automate repetitive audit tasks using Excel Macros and VBA.
- Apply International Audit Standards and Best Practices:
- Align internal audit processes with the International Professional Practices Framework (IPPF).
- Apply key auditing standards such as IIA Standards 2000, 2010, 1220, and 2400.
- Comply with relevant International Standards on Auditing (ISA 260, 265, 520).
- Strengthen Decision-Making Through Data-Driven Insights:
- Use audit analytics to identify high-risk areas and recommend corrective actions.
- Improve audit efficiency through automated reporting and data visualization.
- Communicate key findings effectively to stakeholders through data-driven audit reports.
General Notes
GENERAL NOTES
i. The clients have many options on where they would wish to have the training
ii. The client should communicate their preferred training venue at least seven days before the training date failure to which the training shall take place in Nairobi.
iii. This course is delivered by our seasoned trainers who have vast experience as expert professionals in the respective fields of practice. The course is taught through a mix of practical activities, theory, group works and case studies.
iii. Training manuals and additional reference materials are provided to the participants.
iv. Upon successful completion of this course, participants will be issued with a Chania finance consultancy certificate.
v. The onsite training fee covers tuition fees, training materials, tea at 10am, lunch, tea at 4pm, training venue and a certificate on completion. Accommodation and travel may be arranged for our participants upon request.
vi. The online training fee covers tuition fees, training materials, and a certificate on completion.
Available at the following Venues
- Nairobi
- Google Meet
Choose the date you would like to take the course
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