Innovative Audit Reporting

Boost your productivity by mastering innovative audit!

Innovative Advanced Audit Audit Reporting Skills 1 – 2 March 2009

3 – 5 March 2009

Attend This Best Practice Course To:

Attend This Advanced Course To:

• • • •

• • • • • •

Discover 100 ways to improve your reports Enhance the impact of your reports significantly Make your reports easier to write, easier to review and easier for management to implement Improve the acceptance and implementation of your recommendations with proven techniques



Improve audit performance, success and reputation by adopting the most up to date audit techniques Market the internal audit service effectively Adopt proven methods to automate the audit process Enhance your coverage by auditing more challenging and interesting areas of the business Add measurable value to your organisation by delivering world class audit services Enable your organisation to combat the risk of fraud

1 – 5 March 2009 • Crowne Plaza Hotel (Sheikh Zayed Road), Dubai, UAE Who Should Attend?

  Audit professionals seeking fresh perspectives and advanced techniques in Middle East audit reporting including, but not limited to: • Heads of Audit Department • Auditing Directors • Internal Auditors • Auditing Managers • Auditors • Financial Managers

Organised by:

Official Regional Recruitment Partner

www.iirme.com/audit

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected]

Dear Audit Professional, ‘Innovative’ and ‘Audit’ may not traditionally go hand in hand but as a professional in the field you realise that marrying the two is anything but oxymoronic. You’re audacious, you’re ambitious and you’re well aware that it’s high time for an autopsy on your auditing techniques. The face of the industry is changing and with a new set of rules, comes a new set of skills to master. As a progressive audit practitioner who strives for consistent growth, your vision is world-class and you realise that long term survival in today’s competitive marketplace means delivering impeccable products and services. That is why we are confident that you will benefit overwhelmingly from two highly interactive, value-adding IIR courses taking place in Dubai this March. An advanced and innovative auditing strategy coupled with effective implementation can greatly enhance the departmental value added and company-wide support of your auditing department. As you know, expertise in auditing is essential to maintaining a stable foundation from which your company can effectively compete in the Middle East environment. Through five interactive days, these two comprehensive, complementary courses are led by the renowned Phil Griffiths, lauded for previous courses as “innovative yet practical” and “amazing when discussing modern challenges”. Phil Griffiths, Managing Director of Business Risk Management Ltd., has built a reputation in the Gulf region as an incredibly beneficial course leader who will enable you to implement international expertise in this unique Middle East environment.

Meet Your Expert Course Director Phil Griffiths FCA, AIIA is Founder and Managing Director of Business Risk Management Ltd.

A Chartered Accountant, he has over 25 years’ experience in internal audit, risk management and fraud prevention as practitioner, professional adviser, consultant and trainer. He has held top management positions with a number of international groups, in roles embracing finance, internal audit, risk management, IT and general management. His areas of expertise include: • Assisting senior management to identify, manage and then exploit the risks within their business via facilitated business risk management programmes • Helping internal audit functions to implement world class standards • Benchmarking internal audit and risk management – the BRM Ltd. database has information from over 2000 organisations across the world • Fraud prevention, detection and investigation programmes tailored specifically to clients requirements • Training both private and public sector organisations in all the above disciplines Phil is recognised as an accomplished and charismatic facilitator, trainer and lecturer having advised many renowned organisations, coordinated top-level events and addressed national and international conferences on a wide range of critical business topics. He has published research into many aspects of the audit and risk management challenges faced by organisations, the latest being his new book ‘Risk Based Auditing’. He has worked extensively with all sectors in the Gulf during the past 13 years to enable such organisations to exploit their potential by managing their strategic risks and/or enhancing the effectiveness of their internal audit services.

Is this the right course for you?

Open the door to a new realm of opportunities by registering today for IIR’s Innovative Audit Reporting and Advanced Audit Skills.

*5 Risk Based Auditing *4

Register on the phone, by email, online or by fax! See the back page of this brochure for more details, including information on our significant early bird discounts!

Innovative Audit Reporting and Advanced Audit Skills *3

Phil and I look forward to seeing you in March. Lead Auditor – for auditors with 12-18 months experience or auditors responsible for supervising teams *2

Best Regards,

Essentials of Internal Audit – for newcomers to the audit role – those who are about to be appointed to the role *1

Keith Parker Conference Manager IIR Middle East P.S. You are asked to bring along two or three recent audit reports. These are solely for your own reference. P.P.S You will receive an electronic version of a best practice audit manual!

5. 4. 3. 2. 1.

Heads of audit forum – solely for heads of internal audit or those who have been appointed to a HOA role Primarily for audit managers and senior auditors with more than 2 years experience Designed primarily for senior auditors with 18+ months experience Suitable for those personnel in other assurance functions including compliance and health safety and environmental auditors who need to build their leadership skills Also suitable for managers and staff from other functions who need to build an understanding of the internal audit role

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected] Web: www.iirme.com/audit

Course Methodology Both courses will be highly practical and interactive with exercises and case studies to enhance your understanding of the key issues including how to: • • • •

Deal with the common problems of audit reports which often: - Have too many pages and unnecessarily long explanations - Take too long to issue and finalise - Have impractical recommendations - Do not get commitment by management Critically assess your own reports Create a best practice report Set your own key performance indicators

• • • • • • •

Assess your reputation Create risk based audit plans Automate the audit process Enhance the level of assurance you can give without the need to increase the time on each audit Understand the corporate governance challenges Combat the risk of fraud Audit the reputation of your organisation

Course Timings Registration will commence at 08:00 on Day One of each course. The courses will begin at 08:30 each day. There will be two breaks for refreshments at around 10:30 and 12:30. Lunch will follow close of day at 14:30.

Innovative Audit Reporting

1 – 2 March 2009

Course Outline Internal audit reports and the reporting process should be constructive, creative and provoke change. In this age of innovation and challenge, conventional audit reports and reporting procedures may fail to arouse interest, stimulate action, or do justice to the audit performed. Answer these 20 questions about internal audit reports issued during the last 12 months as truthfully and objectively as you can. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.

Have more than 95% of audit recommendations during the last year been fully and successfully implemented? Did your reports correlate with your organisation’s strategic and business objectives? Do your audit recommendations specifically assist in their achievement? Were all of your reports less than six pages? If you were the recipient would they have spurred you into immediate action? Did all the reports take less than two weeks to finalise? Were all of your findings or recommendations different from the last time an audit of the same area was carried out? Was the cost of completing the audit shown on the face of the report? Did the reports include photographs and graphics? Were they issued electronically? Were there any surprises? Did the reports focus on the future rather than the past? Did the management comments indicate real commitment rather than simply a way for the client to close the audit process and get on to something else? Was the audit opinion a true reflection of the overall conclusions? Did the key recipient accept this audit opinion as valid? Did the findings, conclusions and recommendations really represent the key issues? Did you only report on the major issues found during the audit with the minor issues being dealt with separately? Were all the recommendations 100% practicable? Were all the audits conducted fully recognised by the organisation as helpful and relating to key business risks or opportunities? Were the reports a true reflection of the expertise, knowledge and professionalism that went into the audits? Have you changed the report format significantly within the past two years? Do you believe that your reports are as good as they could be?

If you cannot answer ‘Yes’ to more than 15 of the questions it is unlikely that your audit reports will meet the needs of your organisation. If you scored 10 or less you are probably being more objective than those who scored themselves 15 or more (and you are representative of the normal organisation as far as audit reports go!)

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected] Web: www.iirme.com/audit

Day One – Sunday, 1 March 2009 Audit Reporting And Impact Audit Reports – Your Shop Window

• Challenges of audit reporting • Who are the reports really for? • How do you know a good report when you see one? • What management expects – recent survey of chief executives • Professional standards • The need for reports with impact Exercise 1: Characteristics Of A Successful Report

The Problems With Audit Reports

• The 20 questions – how did you score? • What are the factors impacting achievement of these best practice measures? • Tips, techniques and ideas to help you score 20 out of 20 Exercise 2: 20 More Best Practice Questions • Discussion of the implications • Advice and guidance to help you achieve best practice • Explanation of a proven method to evaluate your own reports Exercise 3: Analysis Of Two Actual Reports • Feedback and discussion Exercise 4: Assessment And Evaluation Of Your Own Reports

• Self evaluation against the model provided (you are asked to bring along two or three recent reports – for your own use) • Key challenges and their implications

Best Practice Internal Audit Reports – The Way Forward

• Key requirements of the audit report of the future • How to draft a report with impact • Highlighting the issues that matter • The psychological problem with reports • Why audit reports are taken as a criticism of management • How to get recipients to react positively • How to write balanced reports • Format and structure • Wording and layout • How to get 95% of your recommendations actioned Exercise 5: Role-Play – Meeting With Senior Management To Discuss The Key Issues

Day Two – Monday, 2 March 2009 Implementing Best Practice Audit Reports The Executive Summary

• The messages you want the board to hear • How to ensure no overreaction • Including positive comments • How to keep it short and focused Exercise 6: The Executive Summary

The Main Report

• Audit objectives • Scope • Forming and expressing the audit opinion

Advanced Audit Skills

• Benefits and deliverables • Conclusions • The power of senior management comments • Words and phrases to avoid • Best practice format • Reducing the number of words • The power of pictures and graphics • The need to relate the issues to objectives and risk • Recommendations and actions • Action plans • Dissemination of a best practice report template Exercise 7: Redrafting The Objectives, Scope And Audit Opinion

Presenting And Distributing Reports And Measuring Success

• Distribution lists • Presenting or issuing reports (including use of e-mail and the intranet) • Alternative methods of reporting e.g. PowerPoint presentations • 20 steps to success • Follow up audits – using the action plan • How to get management to take responsibility for chasing actions • Determining your reporting Key Performance Indicators (KPIs) Exercise 8: Reporting KPIs

Writing A Report In The Best Practice Format Interactive Exercise: Taking a long report of your own – ideally one with more than 15 pages – and turning it into the six page best practice format. A report should be brought along for the purpose.

3 – 5 March 2009

Course Outline

Day One – Tuesday, 3 March 2009 Planning And Automation The Internal Audit Role

• Audit’s primary roles, objectives and concerns • What is best practice? Sharing results of recent benchmarking surveys • The role of the function – policeman, risk assessor or consultant? • The reputation of the function and how to assess it • Key performance indicators

Exercise 9: Assessing The Reputation Of Your Function

Audit Planning

• Determining the level of assurance required • Identifying the audit universe • Strategic audit planning • Best practice audit risk planning model (an electronic version will be provided) Exercise 10: Strategic Audit Planning Using The Model • Sources of work • Managing audit requests

• Audit programme development • Assignment planning and control • Fieldwork techniques Exercise 11: Fieldwork Techniques • How to cover specialist areas

Audit Automation

• Computer assisted audit techniques • Covering the whole population of data rather than just a sample • Benfords Law and its importance • Options available

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected] Web: www.iirme.com/audit

Demonstration of ACL – the market leading audit software solution

Marketing Of Internal Audit

• Success measures • Methods of marketing • Key Performance Indicators (KPIs) • Tools and techniques Exercise 12: Marketing The Function

Day Two – Wednesday, 4 March 2009 Pushing The Barriers Back Skills Required

• Results of recent surveys • Outlining the broader range of skills needed • Is internal audit a career or a stepping stone? Exercise 13: Audit Skills • How to carry out a skills inventory • Facilitation skills – tips and techniques • How to recruit personnel with the skills you need • Achieving a blend of experience, competencies and innovation Exercise 14: The Skills Inventory

Relationships With The Board And Audit Committees • Board requirements of internal audit • Developing regular contact with the chief executive • Role of the audit committee - The audit committee relationship – how to develop this - Evaluating audit committee requirements - How to anticipate requests etc. - How to develop effective audit committee reports - External audit relationships Exercise 15: The Audit Committee / Board Report

Fraud And The Internal Audit Role

• Fraud explained: definitions and nuances • Who commits fraud? • Trends and statistics regarding detected fraud • Why fraud is probably being perpetrated now in your organisation • Fraud case histories and the lessons to be learned Exercise 16: Typical Fraud Scenario • Fraud indicators • Spotting the danger signs • Auditors fraud toolkit • Proactive fraud detection • Anti-fraud policies

Exercise 17: Identifying The Fraud Risks

- Audit reports - Measuring performance - Marketing the function • Explanation of the scoring system – 200 areas with a maximum overall score of 500

Day Three – Thursday, 5 March 2009

Exercise 20: Completing The Benchmarking Template

• Use of data mining • Fraud profiling – how to target the right systems • How to get the information you need

The New Challenges For Internal Audit Risk Based Assurance

• Why is corporate governance so important? • The enhanced role of stakeholders • Risk based audit • The need to translate the key risks into the basis of the IA programme • The options for internal audit involvement in risk evaluation • Controlling risk self assessment • The need to coordinate the various assurance providers • How to focus your audit attention Exercise 18: Major Risks In Your Organisation

Audit Manual • Job descriptions • Audit methodology • Annual and quarterly audit plan • Time recording • Interpersonal awareness • Personnel to interview determination • Pre-audit PowerPoint • Audit testing • Methods of testing adopted • Clearance meeting • Audit classification Exercise 19: What Makes A Good Audit Manual? You will receive an electronic version of a 64-page best practice audit manual

Benchmarking Internal Audit

• The power of benchmarking • Internal quality assurance • The need for external evaluation as per the IIA standards • The need to give comfort to the audit committee regarding best practice • Introduction to a unique benchmarking template • Explanation of the 11 sections - Corporate governance and the internal audit role - Professional standards - Audit charter - The audit committee relationship - Skills, training and resources - Strategic audit planning - The audit manual - Completing the audit

Course Summary And Close Courses Include Extensive Documentation And A Copy Of The Following: • Phil Griffiths’ research report into the expectations of chief executives towards internal audit and its future • Phil’s acclaimed work entitled ‘Optimising Assurance’ • The 64 page BRM internal audit manual • An electronic copy of the best practice audit planning model and report templates

“The event was just great!” Faleh Al Anjani, Auditor Sabic, KSA

“The Middle East is catching up with the skills, theories and concepts discussed.” Sohel Merchant, Assistant Manager, Management Assurance WJ Towell & Co (LLC), Oman

“It was a very valuable event, and I really learnt a great amount from it.” Gamil Zaki, Internal Audit Officer EFG Hemes Holding Co, Egypt

Forthcoming Relevant Events BC2875 Due Diligence 11 – 15 January 2009 www.iirme.com/duediligence BC2883 Practical Audit Skills 8 – 12 February 2009 www.iirme.com/pas BC2885

Risk Based Auditing Of Projects 8 – 12 February 2009 www.iirme.com/rbap

For more information on any of the above events please contact us on Tel: 971-4-3352483 or email: [email protected]

Tel: 971-4-3352437 Fax: 971-4-3352438 Email: [email protected] Web: www.iirme.com/audit

Innovative Audit Reporting Advanced Audit Skills

IIR Middle East certified by

1 – 5 March 2009 • Crowne Plaza Hotel (Sheikh Zayed Road), Dubai, UAE

FIVE EASY WAYS TO REGISTER 971-4-3352437

[email protected]

971-4-3352438

IIR Holdings Ltd.

GCS/IIR Holdings Ltd.

PO Box 21743, Dubai, UAE

P O Box 13977, Muharraq, Kingdom of Bahrain

www.iirme.com/audit For further information and Group Discounts* contact 971-4-3352483 or email: [email protected] *Group discounts are only applicable on the full event price

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Innovative Audit Reporting

1 – 2 March 2009

US$ 2,895

Advanced Audit Skills

3 – 5 March 2009

US$ 3,495

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1 – 5 March 2009

US $ 1,640

US$ 4,750



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18 January 2009

US$ 1,840

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21 December 2008

US$ 2,140

US$ 4,250

Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance.

If you have eight or more delegates who need this training, contact IIR In-House on 971-4-3352439 or [email protected] Course fees include documentation, luncheon and refreshments. Delegates who attend all sessions will receive a Certificate of Attendance. Personal Details: Title

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A confirmation letter and invoice will be sent upon receipt of your registration. Please note that full payment must be made upon receipt of the invoice and prior to the event. Only those delegates whose fees have been paid in full will be admitted to the event. You can pay by company cheques or bankers draft in Dirhams or US$. Please note that all US$ cheques and drafts should be drawn on a New York bank and an extra amount of US$ 6 per payment should be added to cover bank clearing charges. All payments should be made in favour of IIR Holdings Ltd.

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Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

Event Venue

Crowne Plaza Hotel (Sheikh Zayed Road), Dubai, UAE Tel: 971-4-3311111

Accommodation Details

We highly recommend you secure your room reservation at the earliest to avoid last minute inconvenience. You can contact the IIR Hospitality Desk for assistance on: Tel: 971-4-4072693 Fax: 971-4-4072517 Email: [email protected] CJ

PG G201

Audit

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