Internal, External and IT Audit

What You Will Learn

• 1 Learn the definition, purpose, and scope of internal audit, including the IIA Standards and the internal audit charter.
• 2 Understand the Three Lines Model, governance structures, and the audit committee's oversight responsibilities.
• 3 Apply risk-based audit planning, the audit risk model, and materiality assessments to define engagement objectives.
• 4 Use audit sampling, walkthroughs, and control testing techniques to gather sufficient, appropriate evidence.
• 5 Evaluate internal control frameworks, including COSO, and assess control design and operating effectiveness.
• 6 Develop audit findings, reports, and follow-up processes that drive management action and continuous improvement.
• 7 Learn the purpose of external audit, statutory reporting requirements, and the role of audit regulators and standard setters.
• 8 Understand auditor independence, professional skepticism, and ethical requirements under codes of conduct and regulatory rules.
• 9 Analyze materiality, misstatement risk, and the relationship among inherent, control, and detection risks in external audit.
• 10 Apply substantive analytical procedures and tests of details to verify financial statement assertions and disclose misstatements.
• 11 Understand audit opinions, unmodified versus modified reports, key audit matters, and communication with governance and management.
• 12 Explore IT audit concepts, including IT governance frameworks, cybersecurity controls, data analytics, and emerging technology risks.