Today's business environment is characterized by growing uncertainties and increasing stakeholders' demands for more effective governance in the wake of spectacular corporate failures. Internal audit is an important mechanism in the assurance framework to inspire confidence on the tenacity of governance, risk management and business practices. Internal audit is an essential pillar of a resilient organization. Its significance is highlighted in the Recommendations by the Committee to develop the Accountancy Sector (CDAS1). The CDAS Report identified and recommended internal audit as a niche pathway for Singapore to pursue towards accountancy excellence in its quest to be an Asian accountancy hub.
The purpose of this course is to provide participants with a sound foundation of internal concepts, principles and practices. It provides an overview of internal audit in the context of governance, risk management and business practices. Professional promulgations by the Institute of Internal Auditors serve as the foundational references for the course. These include the attributes of internal audit, planning, execution and reporting. More importantly, the course will deepen students' understanding and appreciation of internal audit with real world industry illustrations and sharing of professional internal audit engagements.
At the completion of this course, students are expected to be able to:
- Relate internal audit to corporate governance and risk management.
- Understand the concepts and principles of internal audit.
- Apply techniques to capture and analyse the external and internal environments of an organization.
- Perform risk based internal audit engagement in relation to planning, execution and reporting.
- Understand the professional ethics and relevant skills required in internal audit.
With the internal audit profession facing major disruptive forces from many fronts, students proposed strategies to better future-proof the internal audit profession.