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Finance
Professionalism in Internal Audit for Directors
Professionalism in Internal Audit for Directors
Curriculum
24 Sections
208 Lessons
8 Weeks
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Collapse all sections
Basic Accounting Principles
5
1.1
Double Entry System
1.2
Debits and Credits
1.3
Accrual Accounting
1.4
Matching Principle
1.6
Problem and Solution
Bookkeeping
9
2.0
Recording Transactions
2.1
Case Studies
2.2
Bank Reconciliation
2.3
Case Studies
2.4
Accounts Receivable and Payable
2.5
Case Studies
2.6
Practice
2.7
Problem and Solution
2.8
Rest
Budgeting and Forecasting
5
3.0
Budget Preparation
3.1
Variance Analysis
3.2
Practice
3.3
Problem and Solution
3.4
Rest
Cost Accounting
4
4.0
Product Costing
4.1
Variance Analysis
4.2
Activity-Based Costing (ABC)
4.3
Problem and Solution
Advanced Cost Management
2
5.0
Just-in-Time (JIT) and Lean Accounting
5.1
Target Costing
FIFO
4
6.0
Introduction
6.1
Sequential Allocation
6.2
Cost Flow Assumption
6.3
Exercises
Managerial Accounting
5
7.0
Decision Making
7.1
Performance Measurement
7.2
Cost-Volume-Profit (CVP) Analysis
7.3
Practice
7.4
Rest
Taxation
4
8.0
Income Tax
8.1
Sales Tax, VAT, and GST
8.2
Tax Planning
8.3
Problem and Solution
Internal Controls and Compliance
4
9.0
Segregation of Duties
9.1
Audit Trails
9.2
Compliance with Regulations
9.3
Problem and Solution
Advanced Financial Analysis
5
10.0
Ratio Analysis
10.1
Trend Analysis
10.2
Forecasting Techniques
10.3
Practice
10.4
Rest
Financial Statements
5
11.0
Income Statement (Profit and Loss Statement)
11.1
Balance Sheet
11.2
Cash Flow Statement
11.3
Practice
11.4
Problem and Solution
Tools and Technologies
4
12.0
Accounting Software
12.1
ERP Systems
12.2
Data Analytics
12.3
Problem and Solution
Financial Analysis Tools
13
13.0
1- Excel & Accounting
13.1
Data Entry and Validation
13.2
Financial Modeling and Analysis
13.3
Budgeting and Forecasting
13.4
Data Analysis and Reporting
13.5
Automation and Macros
13.6
Audit and Compliance
13.7
Integration and Connectivity
13.8
Collaboration and Sharing
13.9
Advanced Analytics and BI Integration
13.10
2- Business Intelligence (BI) Tools
13.11
Problem and Solution
13.12
Rest
Financial Risk Management
2
14.0
Derivatives and Hedging
14.1
Credit Risk Assessment
Strategic Financial Management
5
15.0
Capital Budgeting: Evaluate long-term investment opportunities
15.1
Risk Management
15.2
Mergers and Acquisitions
15.3
Problem and Solution
15.4
Rest
Strategic Planning and Analysis
2
16.0
Scenario Planning
16.1
Capital Structure Optimization
International Accounting
2
17.0
Foreign Exchange (FX) Accounting
17.1
International Financial Reporting Standards (IFRS)
Specialized Industries
19
18.0
Healthcare Accounting
18.1
Case Study
18.2
Real Estate and Construction
18.3
Oil and Gas Accounting
18.4
Manufacturing and Industry Accounting
18.5
Trade and Retail Accounting
18.6
Telecommunications Accounting
18.7
Transportation and Logistics Accounting
18.8
Hospitality and Tourism Accounting
18.9
Problem and Solution
18.10
Problem and Solution
18.11
Problem and Solution
18.12
Problem and Solution
18.13
Problem and Solution
18.14
Problem and Solution
18.15
Problem and Solution
18.16
Problem and Solution
18.17
Rest
18.18
Expert in Accounting
30 Minutes
10 Questions
Introduction to Internal Financial Audit
15
19.0
1- Understanding Internal Financial Audits
19.1
Definition of Internal Financial Audits
19.2
Key Characteristics of Internal Financial Audits
19.3
The Role of Internal Audits in Governance, Risk Management, and Control
19.4
The Difference Between Internal and External Audits
19.5
2- Importance of Internal Audits for Directors
19.6
Assurance of Effective Corporate Governance
19.7
Risk Management and Mitigation
19.8
Financial Integrity and Accuracy
19.9
Strengthening Internal Controls
19.10
Regulatory and Legal Compliance
19.11
Support in Strategic Decision-Making
19.12
Ensuring Accountability at the Management Level
19.13
Case Studies
19.13
Rest
Professionalism in Internal Audit
20
20.1
Definition
20.2
1- Principles of Professionalism in Financial Audits
20.3
Objectivity and Impartiality in Audit Processes
20.4
Accountability and Transparency in Audit Reporting
20.5
Ethical Leadership and Decision-Making
20.6
2- Code of Ethics for Internal Auditors
20.7
Integrity: Upholding Honesty and Fairness in Audit Activities
20.8
Confidentiality: Protecting Sensitive Financial Information
20.9
Competency: Maintaining and Improving Professional Knowledge and Skills
20.10
3- Key Skills and Competencies for Directors Overseeing Audits
20.11
Understanding Audit Procedures and Financial Regulations
20.12
Analytical Skills: Interpreting Financial Data and Audit Reports
20.13
Leadership and Communication: Working with Auditors and Audit Committees
20.14
4- Maintaining Independence and Objectivity
20.15
Ensuring that Auditors are Free from Conflicts of Interest
20.16
The Importance of a Whistleblower System
20.17
Guidelines for Directors to Foster Auditor Independence
20.18
Case Studies
20.18
Guidelines for Directors to Foster Auditor Independence
20.19
Rest
Role of the Audit Committee
18
21.0
Definition
21.1
1- The Role of the Audit Committee in the Governance Structure
21.2
Key Responsibilities of the Audit Committee
21.3
Selecting and Evaluating the Performance of Auditors
21.4
2- Collaboration Between Directors and the Audit Committee
21.5
How Directors Can Effectively Communicate with the Audit Committee
21.6
Ensuring Proper Briefing and Feedback Mechanisms
21.7
Setting Expectations for Internal Audit Deliverables
21.8
3- Audit Committee Oversight in Risk Management
21.9
Identifying and Mitigating Financial and Operational Risks
21.10
Assessing Risk Management Policies and Procedures
21.11
Ensuring Effective Internal Controls to Mitigate Risks
21.12
4- Reporting Lines and Accountability
21.13
Reporting to the Board of Directors
21.14
Reporting Issues to Regulatory Authorities and Stakeholders
21.15
Handling Escalations and Dispute Resolutions
21.16
Case Studies
21.17
Rest
Financial Audit Planning and Execution
18
22.0
1- Developing the Internal Audit Plan
22.1
Defining Audit Objectives and Scope in Alignment with Strategic Goals
22.2
Risk-Based Audit Planning: Identifying Key Risk Areas
22.3
Resource Allocation: Budgeting for Audit Activities
22.4
2- Phases of the Audit Process
22.5
Planning: Identifying Risks, Setting Objectives, and Developing Audit Programs
22.6
Fieldwork: Gathering and Analyzing Audit Evidence
22.7
Reporting: Preparing and Communicating Audit Findings
22.8
3- Evaluating the Effectiveness of the Internal Audit
22.9
Key Performance Indicators for Measuring Audit Effectiveness
22.10
Tracking Audit Recommendations and Corrective Actions
22.11
Ensuring Continuous Improvement in Audit Processes
22.12
4- The Role of Technology in Internal Auditing
22.13
Use of Audit Management Software and Data Analytics
22.14
Automating Audit Workflows for Efficiency Workflow Automation
22.15
Cybersecurity Audits and Data Protection Concerns
22.16
Case Studies
22.16
Rest
Legal and Regulatory Requirements for Internal Audits
18
23.0
1- Regulatory Framework for Financial Audits
23.1
Overview of Legal Requirements for Internal Audits
23.2
Ensuring Compliance with Financial Regulations and Standards
23.3
Consequences of Non-Compliance for Organizations and Directors
23.4
2- Role of Directors in Ensuring Compliance
23.5
Directors’ Fiduciary Duties in Monitoring and Ensuring Audit Compliance
23.6
Understanding Legal Liabilities Associated with Audit Failures
23.7
The Importance of Corporate Governance in Compliance Management
23.8
3- Corporate Governance and Internal Audit
23.9
Best Practices for Ensuring Good Corporate Governance
23.10
The Role of Internal Audit in Enhancing Governance Frameworks
23.11
How Directors Ensure Governance Structures Are in Place
23.12
4- Handling Audit Irregularities and Fraud
23.13
Common Indicators of Fraud in Financial Audits
23.14
Directors’ Responsibility in Fraud Prevention and Detection
23.15
Managing Whistleblower Complaints and Investigations
23.16
Case Studies
23.16
Rest
Communicating and Reporting Audit Findings
22
24.0
1- Reporting Audit Results to the Board
24.1
Understand the Board’s Role and Responsibilities
24.2
Tailor the Content to the Audience
24.3
Structure and Flow of the Report
24.4
Best Practices for Preparing Audit Reports
24.5
Key Elements of an Effective Audit Report
24.6
How to Present Complex Financial Data in a Comprehensible Way
24.7
2- Interpreting and Acting on Audit Recommendations
24.8
Developing Action Plans to Address Identified Weaknesses
24.9
Tracking Implementation of Audit Recommendations
24.10
Best Practices for Implementation and Tracking
24.11
3- Managing Disputes in Audit Findings
24.12
Resolving Disagreements Between Auditors and Management
24.13
The Role of Directors in Ensuring Fair Evaluation of Disputes
24.14
Working with External Auditors When Necessary
24.15
4- Communicating with External Stakeholders
24.16
Resolving Disagreements Between Auditors and Management
24.17
The Role of Directors in Ensuring Fair Evaluation of Disputes
24.18
Working with External Auditors When Necessary
24.19
Case Studies
24.20
Rest
24.21
Internal Audit for Directors
30 Minutes
11 Questions
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