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Internal Audit inc. Corporate Governance and Financial Risk Management

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  • Objectives
    By the conclusion of the specified learning and development activities, delegates will be able to:


    Discuss, with confidence, the importance of internal account to an organisation


    Use a manufacturing organisation, to provide an example of the way in which the cost elements might be apportioned, thereby paving the way for an effective internal accounting structure


    Explicitly explore the functioning of a ‘Responsibility Accounting System’


    Explain the general function of internal audit in national organisations and international operations, on the other.


    Effectively explore the advisory role of internal audit in organisations


    Distinguish between internal and external auditing


    Illustrate the extent to which an effective internal auditing regime can enhance to work of the external auditor


    Exhibit a heightened understanding of the internal audit structure and its relation to corporate management, using an organisation of choice, as an example.

    Explain the accountability of corporate directors to the internal auditing group


    Explain the importance of an internal auditing policy to the role and functioning of an internal audit department


    Use case examples to illustrate the inclusions of a typical internal auditing policy


    Resolve the scenario in which an internal auditing policy conflicts with ‘Audit professionalism’ and Public Expectation


    Suggest how to remedy a situation in which an internal auditing policy is in direct contravention of statutory directives or guidelines


    Demonstrate their awareness of the role of the internal auditor in the implementation of the ‘Board Approved’ Audit Directive


    Illustrate their ability to design, implement, monitor and evaluate an internal audit programme.


    Internalise the importance of training and development in the enhancement of the audit management function


    Give a brief explanation to the Sarbanes Oxley (SOX) Act and at least 3 of the associated requirements for audit firms;


    Illustrate two key responsibilities for internal auditors, under the ACT;


    Evaluate the chief consequence of the internal auditor’s omission, under the ACT


    Define corporate governance in relation to the processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled.


    Relate corporate governance to the relationships that persists between internal and external stakeholders, particularly in relation to the establishment of organisational goals and objectives


    Demonstrate a heightened understanding of the organisation’s responsibility and accountability to its shareholders as primary stakeholders


    Exhibit a heightened awareness of the organisation’s accountability to its Board of Directors


    Accurately locate an organisation’s management and workers within the ‘internal-external-stakeholder-spectrum’


    Distinguish between winding up or insolvency, Bankruptcy, Receivership, and Administration


    Demonstrate an understanding of the difference that exists between ordinary and preference shares


    Assess the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors


    Explain the order in which the proceeds of a company’s assets will be distributed among its creditors, in the event of it falling into ‘Receivership’


    Exhibit an understanding of what constitutes the rights and equitable treatment of shareholders


    Explain how the interests of secondary stakeholders can be preserved


    Outline the roles and responsibilities of the Board of Directors


    Outline salient steps that can be taken to preserve an organisation’s integrity


    Establish the array of issues that are enshrined in a company’s ethical behaviour


    Determine the importance of operational ‘transparency’ in the face of the regulatory authorities’ demand and in the enhancement of shareholder and client confidence


    Define risk in an organisational context


    Demonstrate their understanding and ability to apply the issue of ‘Financial Risk Management’ to it broader context


    Define, with examples, the concepts or financial risk and financial risk management within an organisational setting


    Exhibit their mastery of the link between market dynamics and financial risk


    Demonstrate their understanding of Liquidity Risk


    Pinpoint the bases of Operating Risk within organisations



    Draw on cases to highlight the vulnerability of organisations to operational risks.


    Illustrate the role of the internal audit team in identifying, verifying and addressing the risk associated with internal organisational members


    Demonstrate their ability to use audit trail or audit log to indentify perpetrators of internal fraud


    Devise a mechanism whereby organisational personnel vulnerable to outside influence, that might form the basis of ‘insider information’ that could be used frequently, might be identified and the appropriate risk management measure applied.


    Illustrate their competence in identifying operational activities that are prone to Settlement Risk, proposing the measures that might be taken to reduce the associated financial risk

    Analyse organisational Corporate Strategy, identifying the associated financial risk and employing the appropriate Risk Management Strategy


    Demonstrate the various issues that are associated with The Currency Derivatives Market, indicating the extent to which their organisations are exposed and the degree to which financial risk management can reduce or avert the associated financial risk


    Demonstrate an understanding of the external environmental, uncontrollable forces that affect an organisation’s operation and how they might be circumvented to effectively manage its Financial Risk


    Explain how the Legal and Political Risk Environments will affect an organisation and the efforts that can be applied in the interest of its continuity


    Indicate their understanding ‘Risk as an Economic Factor’ within an organisational context and the counter measures that can be applied


    Explain how Technology might pose a financial Risk to an organisation and how the effect might be circumvented or even capitalised on


    Identify the financial Risk associated with Socio-Cultural Change and how their effect might be minimised or exploited


    Exhibit a heightened awareness of Asset Behaviour and Pricing Implications and their consequence for organisational operation


    Demonstrate an awareness of ‘Credit and Counterparty Risk’ and the organisational safeguards that might be applied



    Draw on their previous and newly acquired knowledge to demonstrate their understanding of Risk in Financial Institutions and the financial risk management options that are available


    Demonstrate their understanding of financial risk management in Banking



    Explain to non-financial corporate personnel the financial risk associated with the Equity Market


    Use examples from recent international events to illustrate the financial risk that is associated with the Futures Market and how these might be addressed

    Explain Economic Exposure and its financial risk implications


    Distinguish between Transaction Exposure and Translation Exposure, explaining their financial risk implications and remedy.
  • Practical experience
    Use of Video Cases; Written Cases; Simulations and Industrial Visits.
  • Entry requirements
    1stDegree or equivalent Qualification.
  • Academic Title
    Diploma-Postgraduate in Internal Audit
  • Course description

    Course Programme for Internal Audit, Incorporating Corporate Governance and Financial Risk Management

    Module 1 - Introduction, Fundamental Concepts and Issues in Internal Audit

    Internal Accounting

     Internal cost elements

     a  ‘Responsibility Accounting System’

    Internal Auditing

    Differences Between Internal And External Audit

    Internal audit structure and Corporate Governance

     

    Module 2 - Internal Audit in Practice

     

    Internal Auditing Policy

     Enhancing the role of the External Auditor

     Internal audit and internal conflict

     Internal audit and statutory conflict

    Audit Management

    Audit programme development

    Audit programme monitoring

    Audit programme evaluation

    Training and development in internal audit

    Sarbanes Oxley (SOX) Act and its implications for Internal Auditing of International Firms

    Key responsibilities for internal auditors, under the ACT

    Consequences for Internal Auditors who operate below the expected standards.

     

    Module 3 - Internal Audit and Corporate Governance

     

    Defining corporate governance

     Exploring corporate governance and the relationships between internal and external stakeholders

     The organisation’s responsibility and accountability to its shareholders

     The organisation’s  accountability to its Board of Directors

     Making ‘sense’ of the ‘internal-external-stakeholder-spectrum’

     The difference between ordinary and preference shareholders

     Distinguishing between winding up or insolvency, Bankruptcy, Receivership, and Administration

     Assessing the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors

    Rules for distributing the proceeds of a company’s assets in ‘Receivership’

     Rights and equitable treatment of shareholders: Interests of other stakeholders

     Recognising the organisation’s legal obligations to all legitimate stakeholders.

     Role and responsibilities of the board

     Integrity and ethical behavior: Disclosure and transparency:

     

    Module 4 - Internal Audit and Financial Risk Management

     

    Risk: A Working Hypothesis

    Defining Risk – Generally

    Financial Risk: A Plausible Definition

    Financial Risk in an Organisational Setting

    Financial Risk and ‘Market Dynamics’

    Liquidity Risk

    Operating Risk

    Fraud Risk

    Settlement Risk

    Corporate Strategy and Risk Management

    The Currency Derivatives Market

     

    Financial Risk and Unpredictability: Uncontrollable Environmental Issues

    Asset Behaviour and Pricing Implications

    Credit and Counterparty Risk

    The Legal and Political Risk Environments

    Risk as an Economic Factor

    Technological Risk Factor

    Risk associated with Socio-Cultural Change

     

    Financial Risk Settings: A Meta-Analytical Exploration

    Risk in Financial Institutions

    Banking Risk

    Risk and the Currency Market

    Risk and the Equity Market

    Futures Market Risk

     

    Financial Exposure As Risk: An Introduction

    Economic Exposure

    Transaction Exposure

    Translation Exposure

    Calculating Risk in Financial Exposure

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