This Audit Webinar/training will discuss how to create an Internal Audit Opinion as per 2009 issued IIA Guidance on "Formulating and Expressing Internal Audit Opinions" which Internal Auditors presented to board, management and other stakeholders.
Why Should You Attend:
Internal auditors are constantly being challenged to provide audit opinions presented to the board, management, and other stakeholders as well as provide services dealing with the overall adequacy of governance, risk management, and control in their own organizations. These demands may take the form of an opinion at a broad level for the organization as a whole (macro-level opinion) or on individual components of the organization’s operations (micro-level opinion). We'll explore the IIA's new 2009 guidance related to how to properly assess your testing at the micro and macro level to create an audit opinion.
In this Internal Audit Webinar, we'll explore the ever increasing need for audit opinions and the ability of internal auditing to express them. We will discuss the various circumstances, including understanding the needs of stakeholders; determining the scope, nature, timing, and extent of audit work required to actually prepare an audit opinion. We'll cover the requirements of ensuring there are sufficient resources to complete the work and assessing the results of the work performed. Internal Auditors have an ever expanding set of Stakeholders which demand a more robust set of both formal and informal reports. We'll cover the necessary communication required with senior management and the board and other stakeholders.
Areas Covered in the seminar:
- Planning the Expression of an Opinion.
- " Expressing an Opinion for a report".
- Scope of Opinions (for both macro and micro levels).
- Establishing Suitable Criteria for the Opinion.
- Scope of the work.
- Evaluating Results and using grades in expressing an opinion.
- Use of Negative (Limited) Assurance Opinions and "Informal" Opinions.
- Reliance of the work of others and Dealing with Legal Considerations.
Audit Opinions Covered in this webinar:
The newly 2009 issued IIA Guidance on "Formulating and Expressing Internal Audit Opinions". We'll explore the following types of audit opinions dealing with both Macro and Micro levels:
- An opinion on the organization’s overall system of internal control over financial reporting (macro).
- An opinion on the organization’s controls and procedures for compliance with applicable laws and regulations, such as health and safety, when those controls and procedures are performed in multiple countries or subsidiaries (macro).
- An opinion on the effectiveness of controls such as budgeting and performance management, when such controls are performed in multiple subsidiaries and coverage comprises the majority of the organization’s assets, resources, revenues, etc. (macro).
- An opinion on an individual business process or activity within a single organization, department, or location (micro).
- An opinion on the system of internal control at a subsidiary or reporting unit, when all work is performed in a single audit (micro).
- An opinion on the organization’s compliance with policies, laws, and regulations regarding data privacy, when the scope of work is performed in a single or just a few business units (micro).
Who will benefit:
Webinar will be helpful for those looking to the latest 2009 Institute of Internal Auditors Audit Opinion guidance for both macro and micro level audit work being performed at various organizations. Those that will benefit most from this webinar include:
- Chief audit executives (CAEs)
- Internal Auditors - Manager Level
- Audit committee members
- Executive and operating management
- Other assurance providers (OAPs)
- External Audit Professionals
Instructor Profile:
Sonia Luna, CPA, CIA is the founder of SOX Solutions, the only boutique consulting firm specializing in sox effort, headquartered in Southern California. Ms. Luna offers over 12 years of internal and external audit experience and having completed over 30 SOX engagements she is one of the leading authoritative authors for courses offered by Compliance Online and other continue education organizations.
