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Course Overview

Level:
Intermediate
Enrolled:
182
CERTIFICATION CREDITS (hover/touch for more information)
CPA
2 CPE
 

Certified Public Accountant

Continuing Education Credit:
2 CPE Credit
Field of Study:
Auditing
CPE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
Recommended understanding of internal controls and the Institute of Internal Audit Standards of Professional practice. Individuals either in Internal Audit management or considering taking on an Internal Audit management role.
cpe/qas logo
Proformative is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org.

NASBA Sponsor Number: 109504
State of New York Sponsor Number: 002746
State of Texas Sponsor Number: 009890
CPD
2 Hours
 

Continuing Professional Development

Continuing Education Credit:
2 Hour
Field of Study:
Accounting
CPE Delivery Method:
Self-Study
Program Location:
Online
Your specific provider of Continuing Professional Development accreditation has final authority on the acceptance of individual courses for CPD credit.
CMA
2 CE
 

Certified Management Accountant

Continuing Education Credit:
2 CE Credit
Field of Study:
Auditing
CE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
Recommended understanding of internal controls and the Institute of Internal Audit Standards of Professional practice. Individuals either in Internal Audit management or considering taking on an Internal Audit management role.
CFE
2 CPE
 

Certified Fraud Examiner

Continuing Education Credit:
2 CPE Credit
Field of Study:
Financial Transactions and Fraud Schemes
CPE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
No advanced preparation or prerequisites are required for this course.
CGFM
2 CPE
 

Certified Government Financial Manager

Continuing Education Credit:
2 CPE Credit
Field of Study:
Internal Control And Internal Control Assessment
CPE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
No advanced preparation or prerequisites are required for this course.
CIA
2 CPE
 

Certified Internal Auditor

Continuing Education Credit:
2 CPE Credit
Field of Study:
Auditing and accounting
CPE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
Recommended understanding of internal controls and the Institute of Internal Audit Standards of Professional practice. Individuals either in Internal Audit management or considering taking on an Internal Audit management role.
IIA CPE Provider Seal


Proformative is a recognized CPE provider, authorized by the Institute of Internal Auditors for use in the Certified Internal Auditor (CIA) CPE program.
CRMA
2 CPE
 

Certification in Risk Management Assurance

Continuing Education Credit:
2 CPE Credit
Field of Study:
Auditing and accounting
CPE Delivery Method:
Self-Study
Program Location:
Online
Program Level:
Basic
Prerequisites:
No advanced preparation or prerequisites are required for this course.
IIA CPE Provider Seal


Proformative is a recognized CPE provider, authorized by the Institute of Internal Auditors for use in the Certified Risk Management Assurance (CRMA) CPE program.
CTP
1.8 CE
 

Certified Treasury Professional

Continuing Education Credit:
1.8 CE Credit
Program Location:
On Demand/Online
Prerequisites:
No advanced preparation or prerequisites are required for this course.
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Approved for up to 1.8 CTP/CCM recertification credits by the Association for Financial Professionals
CRFS
2 CPE
 

Certified Red Flag Specialist

Continuing Education Credit:
2 CPE Credit
Critical Risk Domain:
Identity Theft Overview
CPE Delivery Method:
Self-Study
Program Location:
Online
Your specific provider of Continuing Professional Development accreditation has final authority on the acceptance of individual courses for CPD credit.
 

Today’s internal audit management function is an ever-expanding role and vital to any business. Many companies consider internal audit as a “training ground” for future management as it provides professionals with key strategic insight into the business. For an organization to truly build credibility within the internal audit function, the skills and organizational positioning of the Chief Audit Executive and Internal Audit management is a critical success factor.

The old saying, “If you can’t stand the heat stay out of the kitchen,” can be applied to anyone stepping into an internal audit management role. You must have the fortitude and ability to appropriately balance the organization’s needs with the necessity for independence and objectivity. This can be a very difficult issue for even the most experienced executive.

Designed by a past Chief Audit Executive of two international companies with more than 30 years of experience, this session covers:

  • Critical hard and soft skills required
  • Real-world examples and challenges facing today’s internal audit management
  • Key concepts to ensure audit management is ready to meet the challenges they face
  • Legal and ethical standards needed
  • Preparing and transitioning into your new role

Intro Video Transcript

Welcome, everyone, in on today's session. Today, we're going to be speaking about Top Skills for Internal Audit Management. You may be a new Audit Manager, possibly a new Audit Director, or even a Vice President of Audit, or Chief Audit Executive, as it's sometimes referred to. And we're going to discuss a little bit about the various skills and the challenges within this role and how you can approach those.

I am a past Chief Audit Executive. My name is Lynn Fountain. I am a subject matter expert in areas of Sarbanes-Oxley, Internal Audit, Enterprise Risk Management, fraud, risk and compliance types of issues, and I have over 30 years of experience in those roles. I have been a Chief Audit Executive for two separate internationally-held companies. So I have some good experience, both on the challenge side, as well as on the success side. And I want to share with you those experiences and maybe some of my insight into regards to how to maneuver and walk through those challenges and hopefully come out at the most successful area.

You can see my contact information at the bottom of the screen, as well as my website. After you've viewed this webinar, I encourage you to reach out. Let me know what you thought. If you have any questions, I'm always happy to speak to people further about what their challenges are and brainstorm about what can be done.

With that, I'm going to introduce just a little bit more about what we're going to be speaking about within this topic. And then there will be a series of topics that's really designed for internal audit management. Today's Chief Audit Executive role... You see I have CAE there. That's how I'll refer to it sometimes. But even not just Chief Audit Executive, but if you're an audit director or if you're an audit manager, it's very difficult. The dynamics of today's business continues to evolve. We have ongoing regulations and legislations. Our shareholders are expecting more. Our stakeholders and board members are expecting more. We're seeing an increase in instances of fraud in the workplace and then disclosures for financial statement purposes. There's also just many more issues that come up.

In today's internal audit world, it's much more than just a compliance view or a check and balance-type function, as we may have seen it in years prior to Sarbanes-Oxley. The role of Internal Audit Management continues to evolve also, as our businesses evolve. But what hasn't probably caught up to the plate yet is although the Institute of Internal Auditors does a great job of putting standards out there for internal auditors to follow, sometimes management isn't fully aware of what those standards are and what they mean to the internal audit function. So we're going to address that a little bit as we go through our challenges or our skill sets today and talk about how we can utilize the Professional Practices Framework to actually synergize and then enhance our processes within an internal audit.

As I said, audit management is an integral role for any company these days, and hopefully companies are starting to recognize that and are allowing internal audit management more into the seat at the table, sometimes I'll say. But management has to embrace that role, and they have to look at auditors more than just the back end check and balances. And the tough part is how do you get that done? And if you're in an organization that has had a function for quite a while and the function has stayed fairly static, sometimes the evolution to change is difficult. So those are some of those things we're going to talk about.

Now, what I want to point out here - and I've seen this phrase in other places - but this is really an evolution. It's not a revolution. We're not out there as internal audit management trying to change companies, but we're trying to enhance our role as professionals and allow management to see that we're partners with them and that we, indeed, want what is best for the company and best for our shareholders overall.

IA Management, though, has not always been one of those areas of strategic importance. When it was originally put together years and years ago, if you really research the concepts of internal controls, you'll notice that it goes way back to Egyptian times, when you had the tax collector who collected the money and then someone else counted the money. But as it's evolved, it got very much into -in the 80s and 90s, we were very much a check and balance function. Lots of times, it was on the operational side because they allowed the "external monitors" to really look at the financial statements.

And in those cases, if you are in an older generation, you probably know that we had a lot of audit work programs and standard audit work programs that we would go by. And then once we got into the 2000s and the Institute of Internal Auditors started updating their standards, we started going more towards risk-based auditing in trying to get that "seat at the table" for an internal audit management to be able to be of true value to the organization and not just the monitoring and the check and balance function.

Now, Sarbanes-Oxley itself, the legislation really opened the eyes of the investment community to the importance of things, like internal control and internal auditors. If you go back and look and Google back in 2000 when that first came out, there's topics that'll say, "Internal auditors are now rock stars." Well, I'm not sure that's the exact instance, but the point was it was a lot more focus on what internal auditors could really bring to the table. However, we still have a long way to go. Management sometimes still sees internal audit as lagging in priority, in regards to areas that should be "having that seat at the table" or integral to companies' strategy. And that's where audit management needs to step up to the table. And to be able to do that, you have to gain some of the buy-in and understanding and confidence of management in various ways.

I'm going to give you a little bit of a real world view and to some of the challenges we face, and I'll talk a little bit about my experiences. But it's not just my experiences that these series is going to bring to bear. I have the opportunity to train a lot of internal auditors. I do training for the Institute of Internal Auditors. I've written some books. I do a lot of trainings for other conference groups. So I'm out there quite a bit and talking to internal auditors about the challenges that they are facing. So this is to bring that to bear too, and I'm bringing forth those ideas to help you understand what some of your challenges may be.

There's an old saying that says, "If you can't stand the heat, stay out of the kitchen." And I used to laugh when I was the Chief Auditing Executive and say, "Sometimes that kitchen got really hot." But if you are not a person that can manage that type of atmosphere, who can take the criticism, who can stand up for what you believe, and stick up for your priorities, maybe the role of internal audit management is not one for you. But we're going to talk about those various things, and you can evaluate that as we go through.

So here's our agenda for today. We're going to talk about some of the top key and critical skills for Internal Audit Management, which includes both technical skills, as well as soft skills. And I will say that soft skills often are those that come with the bearing of time or as you have matured through an organization or through a business. We'll also talk a little bit about the variance between the ethical and legal standards and how that causes issues for Internal Audit. And then we'll discuss a little bit about how you can prepare to transition into the role or even if you're already in the role, if there's some things that you feel you need to change or enhance, how that can be done. So that's our agenda for today.

 

Learning Objectives

  • Ascertain the top key and critical skills for Internal Audit Management.
  • Acquire and understand technical skills required
  • Acquire and understand soft skills required
  • Determine the variance between ethical and legal standards.
  • Preparing and transitioning into the role effectively

20 ReviewsReviews

5
Member's Profile
Very detailed and well presented.
5
Anonymous Author
I recommended this course to few of my fellow workers who are part of the Audit team.
5
Member's Profile
The ease of navigation was nice.
5
Member's Profile
I enjoyed Ms. Fountain's low key, casual presentation. Made me want to get to the next topic. There was no extraneous commentary. Ms. Fountain delivered key points in a clear, effective manner. I would definitely look to take more of her seminars.
5
Anonymous Author
This course provided solid contents of Top Skills for Internal Audit Management and the instructor was effective.
4
Anonymous Author
Liked the course. Good overview with appropriate level of detail. Good to reinforce some topics.
5
Anonymous Author
No comment
5
Anonymous Author
Great course!
4
Member's Profile
Your final exam questions appear to have errors, specifically numbers 9 and 10. I did not identify correct answers; I guessed D for each, which was correct. However, I'm assuming this is because they are "which of these is NOT correct" questions, and answer D for each included a double negative... Perhaps re-read and revise the wording, as that was confusing.
5
Member's Profile
I really like Lynn's systematic explanations, as she explores every facet of every skill needed in today's internal auditor.
3
Member's Profile
!
5
Anonymous Author
This course is a great review for assessing whether an internal audit career is right.
4
Member's Profile
Lynn was once again phenomenal in her presentation. She broke down for me the role of an Internal Auditor and the characteristics one must have to be one. I like the fact that she emphasized that the efforts deployed by such function is for the health of the company.
4
Member's Profile
Only one hour but covers a lot of issues but is interesting. enjoy the course
3
Anonymous Author
Good material, but I think there were some issues with the test questions. Strangely written to focus more on verbose semantics rather than concepts.
4
Member's Profile
Good checklist of skill sets needed for role.
4
Anonymous Author
It was a very good course
5
Anonymous Author
A good overview of the characteristics that IA managers need to have to excel in the profession.
5
Member's Profile
Outstanding. Very organized and detailed. Was surprised that CAE in the past did not receive a "seat at the table" because they were viewed as unqualified. Any person at the supervisory level and above in IA should take this course.
5
Anonymous Author
A great primer for the new CAE
Job Titles / Functions: Internal Auditor
Categories: Risk Management

Prerequisites

Prerequisite: Exposure to managing the internal audit function

 

Recommended understanding of internal controls and the Institute of Internal Audit Standards of Professional practice.

Individuals either in Internal Audit management or considering taking on an Internal Audit management role. 

Advanced Preparation: None

 

Education Provider Information

Company:
Proformative, Inc., 99 Almaden Blvd, Suite 975, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 ext. 106, or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Skills, Acumen and Standards
  5:56Technical Skills
  7:29Business Acumen
  8:55Business Acumen Continued
  6:48IPPF Standards
Drive, Vision, Passion
  5:30Internal Drive
  3:04Components of Determination
  2:42Vision
  2:38Passion and Innovation
Communication and Ethics
  7:05Communication Skills
  6:38Executive Presence
  9:27Ethics and Integrity
  3:12Legal or Ethics
CONCLUSION
  6:23Transitioning to Internal Audit Management Role & Summary
Continuous Play
  1:31:37Top Skills for Internal Audit Management
SUPPORTING MATERIALS
  PDFSlides: Internal Audit Management
  PDFInternal Audit Management Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM