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Part of the continuing series of internal audit best practices, this session will provide insight on the realities of internal audit management roles, and the elements needed to build a strong internal audit department to provide the most value for your company. The world of internal audit has undergone many shifts over the past several years due to the state of the economic and pandemic concerns. However, these impacts must be evaluated in light of concepts outlined in the Internal Audit Standards.

The Institute of Internal Auditors (IIA) has done a tremendous job raising the profile of the auditing profession. As auditors, we strive to abide by the standards and guidelines. But have you ever asked management within your company if they knew such standards existed? Do they truly understand the concepts of risk-based auditing, independence, and obligations to the board or charter requirements? It is surprising how so many of these basic concepts are taken for granted by auditors and that we assume management is aware.

Individuals considering an internal audit management role should understand the challenges as well as benefits that may be presented to them within this role. It is critical that certain elements of the job be well understood by those holding the positions.

This session is designed to step into the reality of the internal audit management role, and discuss some of the concepts that aren’t always openly discussed within organizations--but are important concepts the internal audit manager should ensure they can clarify with management and be prepared to address on the job.

Learning Objectives

  • Identify critical components of upholding your internal audit charter.
    • Examine the difficulties of the concept of independence and objectivity.
  • Explore and understand what management views as risk- based auditing.
  • Discover and discuss the concept of agile auditing.
  • Explore and evaluate if internal audit can develop the audit plan independently.
  • Discover and examine what to do when management says “no”.
Last updated/reviewed: September 21, 2022

Included In Certifications

This course is included in the following Certification Programs:

28 CoursesInternal Controls and Internal Audit Certification

  1. Internal Audit Standards Overview
  2. Internal Audit Standards - Managing Internal Audit Work
  3. Internal Audit Standards - Executing the Audit Engagement
  4. Identifying and Implementing the Proper Balance of Internal Controls
  5. Documentation Methods For Internal Control Processes
  6. Segregation of Duties for Core Business Processes
  7. Foundations for a Strong Internal Audit Department
  8. Internal Audit Management - Top Skills
  9. Internal Audit: Keys to Managing an Effective Function
  10. Understanding Risk-Based Auditing
  11. Risk Based Auditing – Establishing a Methodology
  12. Risk Based Auditing – Applying the Methodology
  13. Cyber Risk Frameworks And Concepts
  14. Information Technology (IT) Controls in Emerging Business Environments
  15. Fraud Risk Assessments
  16. Professional Skepticism - Keys to Maintaining
  17. Introduction to Forensic Accounting
  18. The Fraud Triangle
  19. Internal Audit Effective Relations with the Audit Committee
  20. COSO 2013 Overview
  21. COSO 2013 - Operational Execution
  22. Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  23. Internal Audit Emerging Risks for 2021 and Beyond - Part 2
  24. Internal Audit Emerging Risks for 2021 and Beyond - Part 3
  25. Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  26. Internal Audit Challenges During Times of COVID
  27. Tools for Internal Control Certificate
  28. Lessons of an Auditor- Tools for Internal Control Certificate

118 Reviews (496 ratings)Reviews

5
Member's Profile
A lot of topics were covered that crossed each other in scope, as in real life! Clarity came after multiple review of the topics. Definitely spoke to the challenging task of internal auditing and modifying the audit charter to accommodate a changing environment and company functioning. Gained greater respect for the complexity of creating a company that keeps it "top game".
Member's Profile
The instructor asks critical questions that every CAE ought to be able to answer and takes the participant through the thought process in a way that models how a CAE would use his/her mind. I would consider this mandatory material for every new CAE - I am in my second year as a CAE and wish I took this course before I signed up!
4
Member's Profile
Likes – It is a very well-organized course which works well for self-study. It provides a very comprehensive review of Internal Audit. The organizational view is realistic and very helpful. Opportunities for improvement – Develop better examples and have more “case study” content.
5
Member's Profile
Lynn hit another one "out of the park" with this course. These are the real meaty issues that IA managers, directors and CAEs have to face, and this course provides a lot of discussion, consideration and helpful thoughts on how to face the real problem areas that all auditors face.
5
Member's Profile
It is always a delight to spend an hour or two with Lynn. She is an effective communicator with a wealth of knowledge and practical advise. Her explanations are clear, concise and supported with case study and historical experience and perspective.
5
Anonymous Author
I liked that the videos could be watched either individually as you have time or as one segment. Individuals with minimal experience will get the basics from this course. I plan on referencing the information as I move forward in my position.
5
Anonymous Author
The course has an in depth discussion on the importance of having an effective internal audit management. It also provides real-situation samples and advice on how to handle issues commonly encountered by an Internal audit management.
5
Anonymous Author
Wow! I really got to appreciate the difficult and importable role that the internal audit team plays in an organization. I can now see how those technical and soft skills play such a big role in shaping this department.
4
Member's Profile
This spoke to a lot of issues that I've been thinking about since joining my organization as CAE two years ago. It's helpful as I think about persuading the organization (not publicly traded) to embrace best practices.
3
Anonymous Author
I believe that new IA management would get the most out of this course. If offers a lot of detail of what the charter should consist of and how to deal with reporting to the Audit Committee as well as Management.
5
Anonymous Author
Another excellent course from Lynn. She is an effective communicator with a wealth of knowledge and practical advise. All explanations are clear and supported with case study and real life examples..
5
Member's Profile
The course is helpful and interesting, but the slides could have been organized and laid out differently to provide a concise and useful review material rather than posing open-ended questions.
4
Member's Profile
This course provides a comprehensive discussion of the various critical elements of the internal audit function within the business organization. The material is well-presented and engaging.
5
Anonymous Author
The instructor does a good job in summarizing the purpose of the Internal Audit charter, risk based audit approach and other foundations for a strengthened internal audit function.
5
Member's Profile
Really helpful, it was so reassuring to know that management pushes on other IA and accountants. I now know that I'm not alone! The instructor had some great insight and advice.
5
Anonymous Author
The course provides an overview and comprehensive knowledge of internal audit department. Furthermore, it also provides practical examples of effective internal audit function
5
Anonymous Author
Excellent information on best practices and the challenges an internal audit manager, CAE or audit staff could (or will) encounter, when being part of an internal audit team.
5
Member's Profile
Great presentation of the Internal Audit function responsibilities. Presentation provided very good guidance on how to use risk based auditing throughout the audits.
5
Member's Profile
This course was helpful for in understanding the value of foundations for a strong internal audit department and the significance of management understanding.
4
Anonymous Author
This a very comprehensive presentation. The topics covered are very interesting and the speaker is very good on relating the topics to real life issues.
5
Member's Profile
I liked the course because I completed it and the exam at my own pace. IA managers and IA executives would benefit the most from this course.
5
Anonymous Author
The course delivers a very interesting introduction into the world of the audit department and what makes a strong internal audit department.
5
Member's Profile
Outstanding course. I thank Proformative and Ms. Fountain for making this course available. A must for all IAs regardless of level.
5
Member's Profile
Always was excating to learn a lot of things from Ms Fomtain course, It was useful and parctical to be involved in to tnhe course.
5
Member's Profile
Having the video in the upper corner of the screen - while a small thing - helps the overall flow - not just a voice and a slide.
4
Member's Profile
Great overview; I like how an addition of Agile Auditing was incorporated. Great reference PDF as a refresher for all CIA's.
4
Anonymous Author
Great course to listen in and pretty much gives an idea on how to maintain a sustainable and strong internal audit department.
5
Member's Profile
It was a well though out. Well verse class. I am very familiar with the course material but it was still presented reasonably.
5
Anonymous Author
Tough covering many topics, the presenter succeeds to provide a logical transition. Practical examples. Clear presentation.
5
Member's Profile
Well organized course. I'm surprised at how much I still need to know about IA. Anyone teaching auditing would benefit.
5
Member's Profile
Very helpful overview of the internal audit function and their its duties, reporting responsibilities and governing body.
5
Member's Profile
Course was very comprehensive. I think some more specific examples would be helpful to illustrate some of the concepts.
4
Anonymous Author
This is a refresher course and interesting as well. Nothing surprised me. Every beginner will learn from this training.
4
Member's Profile
Nicely done. Very effective presentation on the foundations of IA. I would recommend easily to anyone interested.
3
Anonymous Author
Overall a good course, but a bit repetitive from earlier lessons. The RBA and Audit plan portions were helpful.
4
Member's Profile
This instructor always gives a very detailed explanation of the course she is teaching. I learn a lot from her.
5
Member's Profile
This course aligns with the current trends in internal auditing. I was pleased with the lecturer's viewpoints.
4
Anonymous Author
COurse provides a good foundation for those understanding the objectivity required to perform IA effectively
5
Member's Profile
I recommend this course to every one WHO wants to gry better understanding od the IA departament structures.
5
Member's Profile
I would like to tell, that I was so excited of the course quality, that I would like take this course again.
5
Anonymous Author
I love how easy this instructor is to listen to and it is helpful that she truly understands internal audit.
5
Member's Profile
Helps out a great deal in my current role, while not very high level -- it provides a great starting point.
5
Member's Profile
Great course because it relates the theory of IA activity to reality and the challenges of this activity.
5
Member's Profile
Well organized and crafted course and its contents; beneficial to most internal auditors. kudos to Lynn.
4
Member's Profile
This was a good refresher on the importance of an Internal Audit charter and the required components.
4
Anonymous Author
Great course on the internal audit function. I found the information to be very helpful and useful.
5
Anonymous Author
Made me reflect back to the cpa exam review material. Did a thorough job of presenting the material.
4
Member's Profile
It is an interesting training for beginners and for those interested in the Internal Audit field.
4
Anonymous Author
Lots of high-level points. Course would be more interesting if more specific examples are added
5
Anonymous Author
The facilitator was extremely well-spoken and explained each concept with depth and clarity.
4
Anonymous Author
Good high level explanation of the Internal Audit department in the organization foundation.
4
Anonymous Author
Generally a good training session with real life examples that help to explain the concepts.
4
Anonymous Author
I like how it shows separation and collaberation of the internal audit group and management
5
Anonymous Author
Lynn Fountain courses always provide adequate coverage of all information over the topic.
4
Member's Profile
Another clear concise and to the point presentation. Well laid out and engaging slides.
4
Anonymous Author
Very good course for beginner level internal auditors and audit committee members.
4
Member's Profile
A good consideration for someone contemplating entering internal audit management.
4
Anonymous Author
Decent overview. Probably most appropriate for Staff and Senior level auditors.
5
Anonymous Author
Very clear synopsis; this is good material for exec management to hear as well.
5
Anonymous Author
Ms. Lynn Fountain is a great teacher who is great and explaining complex topics.
4
Anonymous Author
I thought the course was informative and appropriate for the targeted audience.
4
Anonymous Author
The speaker provides great insight on the strong internal audit considerations
4
Member's Profile
Excellent overview of what should be expected for and from an IA department.
5
Anonymous Author
A useful reminder of standards and reconciliation of standards vs real life.
3
Anonymous Author
Very pointed and informative presentation on the topic, very well prepared.
4
Member's Profile
Great refresher for the foundations of a strong internal audit function.
5
Anonymous Author
Good information for someone entering into the Internal Audit function.
3
Member's Profile
Nice description about the role of internal auditor in the organization
5
Member's Profile
Great review of the principles of internal auditing. Great instructor
4
Member's Profile
Management may get a better understanding of the position of the CAE.
5
Anonymous Author
Good to hear the internal audit perspective, as an external auditor.
5
Member's Profile
Internal auditors play an important and vital role within a company!
4
Anonymous Author
good class and I would recommend to all who desire of becoming an IA
4
Anonymous Author
Good insite overall on IA function but lacks the practical example
5
Anonymous Author
Great course of foundations of a strong Internal Audit department.
5
Member's Profile
Excellent content. Content was very relevant and easy to follow.
5
Member's Profile
great overview of the foundations necessary for an IA department
5
Anonymous Author
Helpful background on requirements around Internal Audit teams.
4
Member's Profile
This is a cursory review of the functions of internal auditing
4
Anonymous Author
I liked The part relating to RBA and "when Management says no"
5
Anonymous Author
An interesting and challenging short course. Thank you!
5
Member's Profile
Very good presentation with some thought-provoking insights
5
Anonymous Author
Thanks for the course. Well presented and well explained.
5
Anonymous Author
Good speaker. Obviously very knowledgeable on the topic.
4
Member's Profile
Materials were good and supported the areas adequately.
5
Anonymous Author
Thorough and clear presentation of the concepts!
4
Member's Profile
All information was relevant with good examples.
5
Anonymous Author
Great overview with really organized slides
5
Member's Profile
Great course! Very informative and helpful.
4
Member's Profile
This was a really relevant course. Thanks.
5
Member's Profile
A must review for Internal audit staff.
5
Member's Profile
Staff and senior internal auditors.
5
Anonymous Author
Good internal audit knowledge builder
4
Member's Profile
Nice overview of a very boring topic.
5
Anonymous Author
Good considerations and information
4
Anonymous Author
Great overview of internal audit.
5
Member's Profile
very well summarized audit plan.
4
Anonymous Author
Very clear and concise class.
Member's Profile
Good overview and perspective
5
Anonymous Author
Nice presentation of content.
5
Member's Profile
Good Review and presentation.
4
Anonymous Author
Good refresher course for IA!
4
Anonymous Author
Good overview of IA function.
5
Member's Profile
Great intro to IA department
5
Member's Profile
Complete and practical guide
4
Anonymous Author
It was a very good course
4
Anonymous Author
Good content - a bit lomg
4
Anonymous Author
nice refresher course
Member's Profile
Very good overview
Anonymous Author
Good information!
4
Member's Profile
Easy and quick
4
Anonymous Author
Good course
5
Member's Profile
N0 comments
4
Anonymous Author
Good Course
5
Anonymous Author
Excellent
4
Anonymous Author
Good info
5
Member's Profile
great!
4
Member's Profile
Good

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
Foundations for a Strong Internal Audit Department
  4:37Foundations of IA
  21:25Internal Audit Charter and Independence
  20:28Internal Audit Charter and Independence Cont'd
  22:06IA Charter Authority
  17:04IA Charter Authority Cont'd
  13:00Independence of Audit plan
  13:45Risk Based Internal Auditing
  6:12Identifying, Responding and Concluding on Risk
  4:35Agile Auditing
  5:38When Management says NO
CONCLUSION
  2:02Course Summary
CONTINUOUS PLAY
  2:18:38Foundations for a Strong Internal Audit Department
SUPPORTING MATERIALS
  PDFSlides: Foundations for a Strong Internal Audit Department
  PDFFoundations for a Strong Internal Audit Department Glossary/Index
REVIEW & TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM