In January 2024, the IIA released its updated Global Internal Audit Standards. These Standards will replace the IPPF in January 2025. Domain V – Performing Internal Audit Services speaks to requirements to properly execute upon internal audits.

The principles and related standards in this domain are related to:

  • Effective engagement planning
  • Conducting engagement work
  • Communicating during the engagement and developing findings
  • Giving recommendations and providing conclusions
  • Monitoring action plans

This course is part one in a two-part series on Executing the Internal Audit. In this course we focus on the aspect of Planning the internal audit. This includes aspects of planning the engagement, developing objectives and scope, executing and communicating on the engagement. Although we will refer to the new GIAS standards for guidance in these areas, we will also focus on practical tips to execute these processes.

Part two of Executing the Internal Audit will focus on recommendations and monitoring.

Learning Objectives
  • Explore and examine elements of engagement planning, engagement objectives, engagement scope.
  • Identify and understand elements of performing the engagement, identifying information, documenting information, engagement supervision.
  • Recognize and review methods of communication and monitoring.
  • Recognize and consider the requirements of the GIAS in all of these areas.
Last updated/reviewed: September 18, 2024

Included In Certifications

This course is included in the following Certification Programs:

32 CoursesInternal Controls and Internal Audit Certification

  1. Internal Audit Standards Overview
  2. Managing the Internal Audit Function in Line with GIAS - Part 1
  3. Managing the Internal Audit Function in Line with GIAS – Part 2
  4. Managing the Internal Audit Function in Line with GIAS – Part 3
  5. Executing the Internal Audit Engagement in Line with GIAS – Part 1
  6. Executing the Internal Audit Engagement in Line with GIAS – Part 2
  7. Identifying and Implementing the Proper Balance of Internal Controls
  8. Documentation Methods For Internal Control Processes
  9. Segregation of Duties for Core Business Processes
  10. Foundations for a Strong Internal Audit Department
  11. Internal Audit Management - Top Skills
  12. Internal Audit: Keys to Managing an Effective Function
  13. Understanding Risk-Based Auditing
  14. Risk Based Auditing – Establishing a Methodology
  15. Risk Based Auditing – Applying the Methodology
  16. Cyber Risk Frameworks And Concepts
  17. Information Technology (IT) Controls in Emerging Business Environments
  18. Fraud Risk Assessments
  19. Professional Skepticism - Keys to Maintaining
  20. Introduction to Forensic Accounting
  21. The Fraud Triangle
  22. Internal Audit Effective Relations with the Audit Committee
  23. COSO 2013 Overview
  24. COSO 2013 - Operational Execution
  25. Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  26. Internal Audit Emerging Risks for 2021 and Beyond - Part 2
  27. Internal Audit Emerging Risks for 2021 and Beyond - Part 3
  28. Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  29. Internal Audit Challenges During Times of COVID
  30. Global Internal Audit Standards (GIAS) - Overview and Contrast to 2017 International Professional Practices Framework
  31. Tools for Internal Control Certificate
  32. Lessons of an Auditor- Tools for Internal Control Certificate
2 Reviews (4 ratings)

Reviews

4
Anonymous Author
Good information, but would be helpful to tie this into the new standards. Maybe there is another class that does this.
5
Anonymous Author
Comprehensive course, clear insights into internal audit standards.
Prerequisites
Course Complexity: Foundational
No advanced preparation or prerequisites are required 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 .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Executing the Internal Audit Engagement in Line with GIAS – Part 15:02
  Engagement Planning18:34
  Engagement Objectives4:10
  Objective Considerations and Wording5:16
  Engagement Scope5:53
  Performing the Engagement20:58
  Standard 14.3 Evaluation of Findings11:16
  Exit Conference2:00
  Standard 14.4 Recommendation and Action Plans6:18
  Summary2:10
CONTINUOUS PLAY
  Executing the Internal Audit Engagement in Line with GIAS – Part 11:21:36
SUPPORTING MATERIAL
  Slides: Executing the Internal Audit Engagement in Line with GIAS – Part 1PDF
  Executing the Internal Audit Engagement in Line with GIAS – Part 1 Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam