FIVE-DAYS MASTERCLASS
Internal Audit
Essentials
Masterclass
The Internal Audit Essentials Masterclass will enable participants to gain insights into the latest industry standards, regulations, and best practices to ensure their audit processes are effective and compliant.
Participants will have access to an interactive learning approach as well as the practical application. A blend of lectures, case studies, and hands-on exercises will be incorporated, allowing attendees to apply theoretical knowledge in real-world scenarios.
(Please click on the module for further details)
Day One: Foundations of Internal Auditing
Overview
- Introduction to Internal Auditing
Gain an overview of the auditing process, its importance, and key objectives. - The Role and Responsibilities of Internal Auditors
Explore the crucial roles auditors play and the responsibilities they hold within organizations. - Internal Audit Standards and Professional Ethics
Learn about the International Professional Practices Framework (IPPF), The Global Internal Audit Standards 2024 and the COSO standards, focusing on adherence to professional ethics.
Day Two: Planning and Assessment
Overview
- Audit Universe Identification
Understand the process of defining the audit universe and how it helps prioritize audit work. - Risk Assessment Methodologies
Delve into various methodologies for assessing risks within the audit universe. - Internal Audit Annual Planning
Discuss strategies for effective annual audit planning, ensuring comprehensive coverage.
Day Three: Execution of Audits
Overview
- Audit Fieldwork
Engage in the practical aspects of conducting fieldwork, including data collection and evidence analysis. - Sampling Techniques vs. Full Population Data Analysis
Compare and contrast the effectiveness of sampling techniques versus analyzing the full data set. - Audit Tools and Technology
Explore modern tools and technologies that enhance the auditing process. - Control Testing and Evaluation
Learn how to test and evaluate control mechanisms within an organization effectively.
Day Four: Reporting and Communication
Overview
- Internal Audit Report Writing
Master the skills needed to write clear, impactful audit reports. - Communicating Audit Results
Focus on techniques for effectively communicating audit findings to management and board committees, including the preparation of audit packs and presentations.
Day Five: Ensuring Compliance and Standards Alignment
Overview
- Quality Assurance and Improvement in Internal Auditing
Examine the processes for ensuring continuous quality, alignment with auditing standards, and compliance within auditing practices.
| MODULE | DATE | TIME | DURATION |
|---|---|---|---|
| 1. Entrepreneurial Mindset, Feasibility Study, Business Plan & Understanding Market Gaps** | 8 – 9 July | 4 – 7pm | 2 days (6 hours) |
| 2. Governance for Start-up Companies & SME’s | 10 – 11 July | 4 – 7pm | 1 day (3 hours) |
| 3. Understanding Financial Statements | 14 July | 4 – 7pm | 2 days (6 hours) |
| 4. Accounting & Taxations Essentials for Entrepreneurs | 21 July | 4 – 7pm | 1 day (3 hours) |
| 5. Understanding Loans, Funding & Equity Investment to Fund Growth and Optimize Cost of Capital** | 23 July | 4 – 7pm | 2 days (6 hours) |
| 6. Financial Planning, Financial Control & Budgeting** | 25 July | 4 – 7pm | 1 day (3 hours) |
| 7. SME Risk Management | 28 July | 4 – 7pm | 1 day (3 hours) |
| 8. Export, Trade Finance (Export & Import) Tools, Certifications & Strategies | 30 – 31 July | 4 – 7pm | 3 days (9 hours) |
| 9. Business & Financial Valuation and Exit Strategies | 4 – 5 August | 4 – 7pm | 2 days (6 hours) |
| 10. Understanding the Audit Process | 6 – 8 August | 4 – 7pm | 1 day (3 hours) |
Will I receive a certificate?
Upon successful completion of the masterclass, participants will be receiving a certificate of completion.
Physical or virtual mode of delivery?
The training will be held physically at the BIBF Headquarters, Bahrain Bay
Are there any prerequisites?
Participants are expected to have foundation knowledge in this subject area coupled with relevant work experience.
Will there be any assessments at the end of each course?
The masterclass is non-examinable
