Innovative Audit Reporting

Boost your productivity by mastering innovative audit! Course One

Course Two

Innovative Audit Reporting

Advanced Audit Skills

9 – 10 August 2009

11 – 13 August 2009

9 – 13 August 2009 • Dusit Thani Hotel, Dubai, UAE Attend This Best

Practice 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 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

Attend This Advanced Course To: • 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

IIR SUMMER SERIES

Organised by

IIR R SUMM SUMMER SUM U SERIES

Official Regional Recruitment Partner

www.iirme.com/audit

Meet Your Expert Course Director:

Dear Audit Professional, 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 these two highly interactive, value-adding IIR courses taking place in Dubai this summer from 9 – 13 August 2009. Global and regional auditing standards alike are developing at a phenomenal rate, with ever increasing improvements in their clarity and structure. Through a revolutionary, practical approach, your renowned course director Phil Griffiths will help you drive a broader value proposition. Simplicity is the key to masterminding the world of audit and this course will dispel the myths, enabling an entirely fresh approach to executing traditional auditing functions. Open the door to a new realm of opportunities by registering today for IIR’s Innovative Audit Reporting and Advanced Audit Skills. 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! Phil and I look forward to seeing you in August.

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.

Best Regards,

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’.

Keith Parker Conference Manager IIR Middle East

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 service.

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.

Would You Like To Run This Course Exclusively Within Your Organisation?

IIR SUMMER SERIES The United Arab Emirates is something of an enigma. Selling itself on superlatives, the biggest, best, highest and tallest are all infinitely impressive. But scratch below the surface and be captivated by a breathtaking natural beauty that belies the blurb. Whether it’s diving with dolphins or treading water with turtles, you’re sure to be enticed by the tantalising azure hues of the Gulf. So, why not mix business with pleasure and extend the frivolities to your family? As the city simmers, Dubai Summer Surprises (DSS) presents its annual playground for adults and children alike, with an array of entertainment to capture and enrapture the imagination. Each week from June to August, shopping malls will be transformed into entertainment centres, providing an assortment of fun based activities, shows and leisure pursuits. This summer, put the feeling back into your business dealings and treat your nearest and dearest to a divine discounted stay, which will keep those creditcrunch blues at bay!

971-4-3352437

971-4-3352438

IIR’s Customised Training Solutions is the in-house training division of IIR Middle East.

FLEXIBILITY Have the flexibility to modify the course content, length of training and where and when it will take place CUSTOMISED PROGRAMMES Programmes tailored to meet your departmental objectives that reflect your organisation’s vision SAVINGS Reduced expenditure – no staff hotel or travel costs and a saving on valuable employee time EXPERIENCE Benefit from expert opinion and advice from our professional team regarded as the industry leaders within the Middle East ACHIEVEMENT IIR certificates awarded to attendees. Access to exclusive certified courses in the region Our Customised Training Solutions team are veterans of in-house training with a portfolio of specialists unrivalled anywhere in the Middle East! To design your training projects with significant business impact, please contact Leigh Kendall on: +971-4-335 2439 or email our team at [email protected]

www.iirme.com/cts [email protected]

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 Course One: 9 – 10 August 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.

Have more than 95% of audit recommendations during the last year been fully and successfully implemented? 2. Did your reports correlate with your organisation’s strategic and business objectives? Do your audit recommendations specifically assist in their achievement? 3. Were all of your reports less than six pages? 4. If you were the recipient would they have spurred you into immediate action? 5. Did all the reports take less than two weeks to finalise? 6. Were all of your findings or recommendations different from the last time an audit of the same area was carried out? 7. Was the cost of completing the audit shown on the face of the report? 8. Did the reports include photographs and graphics? 9. Were they issued electronically? 10. Were there any surprises? 11. Did the reports focus on the future rather than the past? 12. 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?

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13. Was the audit opinion a true reflection of the overall conclusions? Did the key recipient accept this audit opinion as valid? 14. Did the findings, conclusions and recommendations really represent the key issues? 15. Did you only report on the major issues found during the audit with the minor issues being dealt with separately? 16. Were all the recommendations 100% practicable? 17. Were all the audits conducted fully recognised by the organisation as helpful and relating to key business risks or opportunities? 18. Were the reports a true reflection of the expertise, knowledge and professionalism that went into the audits? 19. Have you changed the report format significantly within the past two years? 20. 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 will represent very much the normal organisation as far as audit reports go!)

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Day One: Sunday, 9 August 2009

Exercise 6: The Executive Summary

Audit Reporting And Impact

The Main Report • Audit objectives • Scope • Forming and expressing the audit opinion • 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 • Management comments • Action plans • Dissemination of a best practice report template

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, 10 August 2009

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 – Is this the right course for you? ideally one with more than 15 pages – and turning it into the six page best practice format. A report should be brought *5 along for the purpose. *4 Risk Based Auditing *3 Innovative Audit Reporting and Advanced Audit Skills *2 Lead Auditor – for auditors with 12-18 months experience or auditors responsible for supervising teams *1 Essentials of Internal Audit – for newcomers to the audit role – those who are about to be appointed to the role 5. Heads of audit forum – solely for heads of internal audit or those who have been appointed to an HOA role 4. Primarily for audit managers and senior auditors with more than two years experience

Implementing Best Practice Audit Reports

3. Designed primarily for senior auditors with 18+ months experience

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

2. Suitable for those personnel in other assurance functions including compliance and health safety and environmental auditors who need to build their leadership skills

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1. Also suitable for managers and staff from other functions who need to build an understanding of the internal audit role

[email protected]

www.iirme.com/audit

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.

Advanced Audit Skills Day One: Tuesday, 11 August 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 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, 12 August 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

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Course Two: 11-13 August 2009 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 Use of data mining Fraud profiling – how to target the right systems How to get the information you need

Exercise 17: Identifying The Fraud Risks

Day Three: Thursday,13 August 2009 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 - Audit reports - Measuring performance - Marketing the function • Explanation of the scoring system – 200 areas with a maximum overall score of 500 Exercise 20: Completing The Benchmarking Template Course Summary And Close

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www.iirme.com/audit

Innovative Audit Reporting

IIR Middle East certified by

Advanced Audit Skills 9 – 13 August 2009 • Dusit Thani Hotel, Dubai, UAE IS0 9001: 2000

FIVE WAYS TO REGISTER 971-4-3352437

971-4-3352438

[email protected]

GCS/IIR Holdings Ltd. P.O Box 13977 Muharraq, Kingdom of Bahrain

IIR Holdings Ltd. P.O Box 21743 Dubai, UAE

www.iirme.com/audit

Interested in running this course in-house? Please call the Customised Training Solutions Team on 971-4-3352439 or [email protected] BC3101 Event

Dates

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Price after 21 June 2009

Book entire event

9 – 13 August 2009

US$ 4,250 (Save US$ 2,140)

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Course I: Innovative Audit Reporting

9 – 10 August 2009

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Course II: Advanced Audit Skills

11 – 13 August 2009

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Cancellation If you are unable to attend, a substitute delegate will be welcome in your place. If this is not suitable, a US$ 200 service charge will be payable. Registrations cancelled less than seven days before the event must be paid in full. Avoid Visa Delays - Book Now Delegates requiring visas should contact the hotel they wish to stay at directly, as soon as possible. Visas for non-GCC nationals may take several weeks to process. Due to unforeseen circumstances, the programme may change and IIR reserves the right to alter the venue and/or speakers.

Event Venue: Dusit Thani Hotel, Dubai, UAE TEL: +971 4 3433333

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]

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