Audit2020: Evolving the Internal Audit Process

Course Overview

The internal audit profession is similar to other professions; very resistant to change. When one of our profession’s main goals is to promote efficiency and effectiveness, we have to be more adept at adjusting and being open-minded to change.

Audit2020 is a day-long course that takes an in-depth look at the accepted practices inherent in internal audit. It critically analyzes each piece and identifies ways to enhance the current view and process of internal auditing.


Annual Risk Assessment

i. What is a Continuous Risk Assessment?

ii. Assessment modes

iii. Assessing Emerging Risk

iv. Foundational Pieces of Successful Internal Audit Departments

v. Audit Cycle


Audit Planning

i. % of Audit Cycle – New versus Recurring Audits

ii. Components of Audit Planning

iii. Kick-Off Meeting – Who/What/Why and for How Long?

iv. Formality of Engagement Risk Assessment

v. Risk Categories

vi. Utilizing a True Top-Down Risk-Based Approach

vii. What should I test and why?

viii. Building an Effective and Efficient Audit Work program



i. % of Audit Cycle – New versus Recurring Audits

ii. Timing & Contents of PBC List

iii. Sampling Methodology

iv. What support to keep and why?

v. Presenting Observations to Clients


Reporting/Wrap-Up & Follow up

i. % of Audit Cycle – New versus Recurring Audits

ii. Do We Even Need a Formal Report?

iii. Timing of Audit Report

iv. Audit Reports – Emerging Formats

v. What Words NOT to Use & What to Replace them With



i. Correlation between Finding Type and Follow-Up Method necessary

ii. Timing of Follow-Up

IV. Transparency & Continuous Communication