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The world has changed. 2020 was an unprecedented year for all professions. Internal auditors were faced with a tremendous impact to their audit plans causing refocus and realignment of not just projects but resources. As a profession, internal auditors have traditionally focused on past events or as some would say, taking the “look in the rear-view mirror. Most financial or accounting professionals can look at previous year data and tell management where past mistakes were made.

With the evolving landscape, risks and economy that have been spurred on by the pandemic of 2021, internal auditors must look to stretch their skills to areas that are most valued by their organizations. Today's insight may well be tomorrow's hindsight.

Stakeholders seek to navigate the future more than revisit the past or dwell in the present. We need to concentrate on the risks of tomorrow if we are to not only protect but enhance value for our organizations. We must start looking beyond the horizon to identify emerging risks.

This is part one in a four-part series in which we will take a deep dive into the individuals suggested risk areas. In this session we will examine three areas of focus and some of the most impactful risks that Internal Audit should focus on during the new normal.

  • Heightened Focus on Organizational Resilience
  • Elevated Macro Environment Uncertainty
  • Humanization vs. Dehumanization of the Workforce

 

After reviewing these areas, we will then link them to “Hot Spot” topics as identified by the Gartner group that internal audit should be attuned to in 2021 and years forward. Within each part, as we delve into the hot spot areas, we will discuss internal audit’s role and objectives as well as potential audit tests that should be considered when evaluating the particular hot spot.

This session begins by examining the three focus areas previously listed and then begins to delve into the first two Hot Topic areas of IT Governance and data governance.

Learning Objectives

  • Identify and examine the impact of COVID on Internal Audit Focus Areas.
  • Discover and understand the three key themes for internal audit focus.
    • Heightened Focus on Organizational Resilience.
    • Elevated Macro Environment Uncertainty.
    • Humanization vs. Dehumanization of the Workforce.
  • Explore and evaluate and identify procedures for specific internal audit Hot Spots.
    • IT Governance.
    • Data Governance.
Last updated/reviewed: June 22, 2021

Included In Certifications

This course is included in the following Certification Programs:

28 CoursesInternal Audit Certificate

  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) Risks 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

4 Reviews (25 ratings)Reviews

4
Anonymous Author
This course provides an understanding of the need for contingency planning and how internal audit is affected and appropriately responds to contingent situations.
4
Anonymous Author
As the country and world emerge from 2020, the information is beneficial in refocusing the IA strategy and risk evaluation.
5
Member's Profile
This training is very timely and well presented. I look forward to completing the series.
4
Anonymous Author
Difficult course to understand. Need to add more examples

Prerequisites

Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However it is recommended to take other Internal Audit Emerging Risks for 2021 and Beyond course series by Lynn Fountain.
Internal Audit Emerging Risks for 2021 and Beyond - Part 2
Internal Audit Emerging Risks for 2021 and Beyond - Part 3
Internal Audit Emerging Risks for 2021 and Beyond - Part 4

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
  7:49Introduction to Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  11:08COVID Impact and Internal Audit Focus Areas
  6:36Internal Audit Recommendations
IA FOCUS AREAS AND HOT SPOTS
  10:16Heightened Focus on Organizational Resilience
  7:46Elevated Macro Environment Uncertainty
  4:33Humanization Vs Dehumanization of the Workforce
  7:52Internal Audit Activities Hot Spots
  8:32IT Governance Framework
  5:59IT Governance Internal Audit Risk Focus
  5:29Data Governance
  2:21Summary
CONTINUOUS PLAY
  1:18:21Internal Audit Emerging Risks for 2021 and Beyond - Part 1
SUPPORTING MATERIAL
  PDFSlides: Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  PDFInternal Audit Emerging Risks for 2021 and Beyond - Part 1 Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM