The course will enable the Chief Internal Auditor to understand and develop attributes that demonstrate world-class performance, with particular emphasis on teamwork, relationships, innovation and the drive for continuous improvement.

The course will also enable Chief Internal Auditors to better deliver against increasingly demanding objectives set by their own management and Audit Committees, and frequently influenced by a wider range of stakeholders such as regulators and professional bodies. The recent guidance from the CIIA to internal audit functions in financial services and the public sector, as well as the newly updated corporate governance code from the Financial Reporting Council are evidence of this.

You will learn how to

• Understand how to create the most effective reporting lines and to build efficient channels of communication, both inside and outside the Boardroom
• Develop and build powerful relationships with all key stakeholders, understanding the levers and buttons which help build maximum impact and credibility within an environment of growing regulation and accountability.
• Learn how the Chief Internal Auditor (and their team) can leverage the principles of the CIIA code to work effectively across all organizations.
  Hear about and exchange “war stories” from a variety of Audit Committee and executive environments.
• Develop an approach to reflect the objectives, values and culture of the organization.
  Understand the skills and resources required to deliver a challenging plan and what does this mean for the shape of the team.
• Learn how to get the most out of a co-source relationship, recognizing the value that Audit Committee chairs now believe this can bring to all internal audit functions.
• Develop approaches to plan and audit more complex areas such as governance, culture and strategy.

Course Outline

• The role of the Chief Internal Auditor and how this is perceived across a range of organisations.   Example Role Profiles
• The CIA and access to the Executive Committee, the Audit Committee and the Board.  What challenges does a separate Board Risk Committee introduce?

The role and position of the Chief Internal Auditor

• Independence and Building Relationships:
• Non-Executive Directors (NEDs), Executives, Senior Management
• Visibility at the “top table” and the relationship with the Audit & Risk Committees
• Operating within the traditional three lines of defence model
• Other lines of defence – e.g. How to build on the role of the 1½ line?  Should external auditors and regulators be seen in 4th and 5th line roles?
• Co-source partners, professional bodies and peers

The Changing shapes of Internal Audit functions
How can the Chief Internal Auditor build the most effective team structure with access to the required breadth and depth of skills and experience – and at the right price?

• Substantial growth in co-source arrangements, way beyond traditional IT audit space
• Increased range of co-source providers and their skills base.
• Increased expectations by Audit Committees as to how to access & use specialist skills.
• The pros and cons of guest auditors and secondments.
• Understanding the relative costs to your internal audit budget.

Attributes of a World Class Internal Audit function

• Definition of “world class” and how it can be applied to internal audit
• Understanding the key capabilities that distinguish world class internal audit
• Performance; particularly process productivity, stakeholder satisfaction, strategic alignment and reporting for impact
• Use of balanced scorecards and other KPIs to measure performance

External Quality Assessments (EQAs)
EQAs are becoming more popular, particularly as standards require them to be performed every 5 years and regulators are looking for them to be done more frequently (in Financial Services). Audit Committees are looking to support their sign off on effectiveness under the Corporate Governance code.  As a Chief Internal Auditor, what should you look out for and how can you influence them?

How a CIA should set up and maintain an effective internal audit Quality Assurance & Improvement programme?

• How to assess your own team’s effectiveness – and your own effectiveness.

The benefits and pitfalls of feedback forms and (internal) peer reviews

State of the internal audit profession in 2016

• Understanding what the major global consulting firms are saying/predicting
• Sources of guidance from within your industry
• Use guidance from other professional bodies (CIIA, COSO, IRM, ISACA, ICAEW)