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Segment One and Two of this series covered important aspects internal auditors should be aware of in relation to the Institute of Internal Auditors (IIA) Attribute Standards and the elements of the Performance Standards that related to managing the internal audit function and the nature of work for internal audit.  The final elements of the Performance Standards provide internal auditors with a relevant framework to properly execute engagements.  It is critical internal auditors have an understanding of the various aspects of the audit and the framework outlined by the IIA.

Although the Standards do provide specific templates on the elements that should be evaluated in each stage of the audit, they provide critical guidance on requirements internal auditors should consider during the various phases.  Understanding and following this guidance will ensure audit engagements are executed consistently and effectively.  This segment is designed to delve deeper into the Performance Standards as they relate to conducting internal audit projects. This includes:

  • Engagement Planning 
  • Performing the Engagement 
  • Communicating Results
  • Monitoring Progress
  • Communicating the Acceptance of risks

Learning Objectives

  • Explore elements of planning the audit engagement.
  • Identify methods for appropriately executing the audit engagement.
  • Identify methods of communicating results to management and the board.
  • Discover the requirements for monitoring audit issues.
  • Recognize methods for communicating the acceptance of risk.
Last updated/reviewed: November 5, 2020

Included In Certifications

This course is included in the following Certification Programs:

19 CoursesInternal Controls Certification

  1. Management Internal Control Essentials
  2. COSO 2013 Overview
  3. Internal Audit Standards Overview
  4. Internal Audit Standards - Managing Internal Audit Work
  5. Internal Audit Standards - Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Documentation Methods For Internal Control Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Internal Audit: Keys to Managing an Effective Function
  11. Internal Audit Effective Relations with the Audit Committee
  12. Understanding Risk-Based Auditing
  13. Risk Based Auditing – Establishing a Methodology
  14. Risk Based Auditing – Applying the Methodology
  15. Segregation of Duties for Core Business Processes
  16. Professional Skepticism - Keys to Maintaining
  17. Whistleblower Hotlines - Effective Management
  18. Tools for Internal Control Certificate
  19. Lessons of an Auditor- Tools for Internal Control Certificate

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

36 Reviews (142 ratings)Reviews

5
Anonymous Author
\An excellent overview of executing the audit engagement, particularly as it relates to planning, identifying scope and communicating results within the organization. Lynn's presentations are always relevant and engaging, and her supporting materials are clear, concise, and easy to follow along. Great overview reiterating the many key concepts in the IA engagement phase.
5
Anonymous Author
I really enjoyed this module. If finally transitioned from pure theory to some aspects which can actually be applicable to real life and are very useful. The way the material was presented is, as usual from Lynn, just outstanding and of a of a highest quality. Professionals who are making their way in to IA will find it very interesting and useful.
5
Anonymous Author
Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Three: Executing the Audit Engagement is a fulfilling conclusion to the three part course addressing the concept of applying the standards to your own organization. It goes into great depth on how to develop and implement an audit program.
5
Anonymous Author
This was a good wrap up of the three part course. It was a good foundation of internal audit and the steps involved in the process. This instructor is always clear and has a well developed course.
5
Anonymous Author
This course provides broaden, useful and practical information on how to perform internal audit engagements. Very easy to understand for all level of internal auditors.
5
Member's Profile
Course provides detailed information on how to apply the IIA Standard requirements during the planning, execution and reporting of the audit projects.
5
Anonymous Author
This course was very helpful. She gave great examples that were easy to follow. The information covered was well presented and easy to understand.
4
Anonymous Author
This course three parts have useful information, which gives a basic understanding and tips for the steps when performing internal audits.
4
Anonymous Author
The speaker discussed a depth overview IIA Standards Many examples are provided to give you a better understanding of these standards
5
Anonymous Author
Спасибо за курс с подробными объяснениями. Очень полезный материал
5
Member's Profile
Wonderful course for developing and executing the audit engagements in light of the Institute of Internal Auditors (IIA).
5
Member's Profile
This is another good foundations course. Staff auditors should definitely tune in to solidify their knowledge.
4
Member's Profile
I really enjoyed this one, it seemed to apply and to and clarify the process and day to day audit engagements.
5
Member's Profile
There were some mis-spellings and grammar errors in the materials, little distracting. Content was good.
4
Anonymous Author
It was good to again have a good overview of what is required when planning for an audit engagement
4
Anonymous Author
Another well-presented course on this topic, filled with insight based on actual work experience.
4
Member's Profile
This last part of the series really gives great guidelines for executing an internal audit.
4
Anonymous Author
Very informative in clarifying the IAA standards applicable to executing IA engagements.
5
Anonymous Author
good topic for internal auditors to review and test their knowledge of audit process.
5
Member's Profile
I specifically liked covering the importance of work papers, as it was very helpful.
5
Member's Profile
Fully understandable course, I think that it is a good start with Internal Audit.
5
Anonymous Author
Internal Audit Standards - Executing the Audit Engagement is an excellent course.
4
Member's Profile
I thought this was helpful to tie in the audit program with internal controls.
5
Anonymous Author
Very useful, and practical information applicable to executing IA engagements.
5
Anonymous Author
Really good course for novices and a great review for experienced auditors.
5
Member's Profile
Another well written course from Lynn Fountain. I enjoy all her classes.
4
Anonymous Author
i like lynn well done thanks for taking time. good course. best, igor
5
Anonymous Author
Good information for audit planning and areas to include and analyze.
5
Member's Profile
Just an FYI, at the top of the Exit conference slide, it says exist.
4
Anonymous Author
Good overall course, with high level explanations of the steps.
5
Member's Profile
Liked viewing the instructor delivering the presentation.
5
Member's Profile
Excellent summary of executing an auditing project.
4
Anonymous Author
Very useful, and practical information!
4
Member's Profile
Another very thorough course.
5
Member's Profile
Very informative course
4
Member's Profile
Great Presentation

Prerequisites

Course Complexity: Advanced

Completion of the following two courses: The Institute of Internal Auditor Standards Part One and Part Two

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
  5:19Introduction to Applying the llA Standards to Meet Your Organization's Needs Part 3
Executing the audit engagement
  14:10Engagement Planning
  5:24Engagement Objectives
  8:38Objective Considerations and Wording
  1:58Example Objective Statements
  7:34Engagement Scope
  10:53Engagement Resources and Work Program
  9:32Performing the Engagement
  6:20Work Papers
Communicating and Reporting
  7:02Communicating Results
  8:31Communication Interpretations
  4:16Exit Conference
  7:30Report Types
CONCLUSION
  2:20Summary
CONTINUOUS PLAY
  1:39:27Applying the Standards for Internal Auditors in line with your organization's needs – Part Three
SUPPORTING MATERIALS
  PDFSlides: Applying the Standards for Internal Auditors in line with your organization's needs – Part Three
  PDFApplying the Standards for Internal Auditors in line with your organizations need's – Part Three Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM