Establishing the Internal Audit Function

Course Summary:

This new half day course provides an introduction to the work of the internal audit function, setting out the role and place of the function in the regulated financial and insurance services business.

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Details:

Date Time  Venue
Thursday 20th September 2012 2.00 pm to 6.00 pm Camden Court Hotel, Camden Street, Dublin 2


Cost:

€380 (All training fees are VAT exempt)


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Course Content:

“The Financial Regulator views internal audit as being an integral part of the ongoing monitoring of an undertaking’s system of internal controls and of its internal capital assessment procedure, because internal audit provides an independent assessment of the adequacy of, and compliance with, the undertaking’s established policies and procedures. The role of the internal audit function is to assist senior management and the Board of Directors in the efficient and effective discharge of their responsibilities” Financial Regulator, Corporate Governance, December 2007

 

Benefits:

The course will look at:

  • The role of the internal audit function in the firm’s governance mechanisms
  • The distinction between internal audit and external audit
  • Setting terms of reference for the internal audit function
  • The relationship between internal audit and supervisory authorities
  • The relationship between internal audit and the board of directors
  • Outsourcing the internal audit function
  • Integrating the work of internal audit, compliance and risk management functions for maximum effectiveness


The course will examine:

  • Principles underlying a sound, capable internal audit function, across various Directives including MiFID, Solvency II and Reinsurance
    • Independence,
    • Objectivity and Impartiality,
    • Authority,
    • Access,
    • Reporting,
    • Remuneration,
    • Resources,
    • Scope,
    • Key Findings,
    • New Products,
    • Competence
  • Working methods and types of audits
  • Risk focus and audit plan
  • The audit process from plan to report
  • Procedures
  • Managing the internal audit department
  • Performance assessment metrics and the balanced scorecard


An effective and well structure internal audit function is not just imperative, but is a regulatory requirement, under Irish (and overseas) banking, MiFID and insurance regulatory systems.  The current banking and investment scandals both in Ireland and abroad make this course a must for senior management and internal auditors.

Who Should Attend: 

    • Executive and Non-Executive Directors
    • Members of Risk & Audit Committees
    • Heads of Internal Audit
    • Heads of Risk
    • Heads of Compliance
    • MLROs
    • Operational Management