Day 1: Foundation Building – Understanding and Aligning with GIAS
Objective:
Establish a foundational understanding of the GIAS framework and align the internal audit function’s objectives with the organization’s strategic goals.
Actions:
1. Overview Session:
Conduct a detailed presentation on GIAS Domains and Principles.
- Key Focus Areas: Purpose of Internal Auditing (Domain I) and Ethics & Professionalism (Domain II).
- Include specific examples from the IIA’s guidelines and align them with organizational objectives.
2. Gap Analysis Workshop:
Facilitate a collaborative workshop to review the organization’s current internal audit practices against GIAS standards.
- Utilize the Conformance Readiness Assessment Tool to identify areas of non-compliance.
- Focus on high-priority gaps in governance, resource allocation, and reporting frameworks.
3. Document Internal Audit Charter:
Review and, if necessary, update the Internal Audit Charter to align with GIAS Standard 6.2, emphasizing the role of the board and senior management.
4. Engage Stakeholders:
Schedule a briefing with senior management and the board to:
- Present key findings from the gap analysis.
- Discuss the importance of aligning with GIAS to enhance governance and risk management.
Deliverables:
• Completed gap analysis report.
• Draft of an updated Internal Audit Charter.
Challenges/Risks:
• Stakeholder Resistance: Lack of urgency or prioritization.
Mitigation Strategy: Clearly communicate the risks of non-conformance, including reputational and operational impacts.
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Day 2: Strategic Planning – Developing a Risk-Based Audit Framework
Objective:
Create a risk-based audit strategy and ensure alignment with GIAS Domain IV on Managing the Internal Audit Function.
Actions:
1. Risk Assessment Workshop:
Organize a session with key stakeholders to identify and prioritize organizational risks.
- Use a risk and control matrix to map risks to potential internal audit engagements.
2. Define Strategic Objectives:
Based on the risk assessment, define the key objectives for the internal audit function.
- Ensure alignment with the organization's strategic plan and stakeholder expectations.
3. Develop the Audit Plan:
Draft a comprehensive, risk-based internal audit plan that includes:
- Audit priorities by risk level.
- Engagement schedules and resource allocation requirements.
- Coordination with external auditors to avoid duplication.
4. Stakeholder Validation:
- Present the draft audit strategy and plan to the board and senior management for review.
- Collect and incorporate feedback into the finalized plan.
Deliverables:
• Completed risk assessment document.
• Finalized internal audit strategy and plan.
Challenges/Risks:
• Incomplete Risk Identification: Overlooking emerging or less obvious risks.
Mitigation Strategy: Use external benchmarks and input from industry experts to supplement internal discussions.
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Day 3: Operational Design – Establishing Policies and Procedures
Objective:
Develop and document detailed internal audit policies and procedures, aligned with GIAS Domains II and IV.
Actions:
1. Draft Core Policies:
Develop policies covering:
- Independence and objectivity safeguards (Domain II).
- Resource management, including financial and human capital allocation.
- Audit execution, reporting, and follow-up.
2. Design QAIP:
Create a Quality Assurance and Improvement Program (QAIP) to ensure ongoing conformance and continuous improvement.
- Include internal assessments and periodic external quality assessments as per GIAS Standards 12.1 and 12.2.
3. Procedure Workshop:
Host a workshop with the internal audit team to:
- Review draft policies and procedures.
- Provide training on the new policies, focusing on practical application during engagements.
4. Finalize Documentation:
Incorporate feedback from the workshop to finalize the internal audit manual, including guidelines for each stage of the audit process.
Deliverables:
• Comprehensive internal audit policies and procedures manual.
• QAIP framework document.
Challenges/Risks:
• Team Resistance: Difficulty in adopting new practices.
Mitigation Strategy: Provide clear training and emphasize the benefits of standardization and clarity in processes.
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Day 4: Technology Integration – Streamlining Audit Operations
Objective:
Implement audit management software to enhance efficiency and ensure alignment with GIAS technological requirements.
Actions:
1. Evaluate Technology Options:
Identify and assess audit management tools based on:
- Support for risk-based auditing.
- Integration capabilities with existing organizational systems.
2. Configure and Pilot Software:
- Customize the chosen software to align with the internal audit policies developed on Day 3.
- Conduct a pilot audit to validate functionality and identify potential issues.
3. Team Training:
Provide detailed training for internal auditors on the software’s features and workflows.
4. Finalize Deployment:
Resolve issues identified during the pilot phase and roll out the software to the entire internal audit team.
Deliverables:
• Fully deployed audit management software.
• Training materials and records for team members.
Challenges/Risks:
• Technical Challenges: Potential software compatibility issues.
Mitigation Strategy: Engage vendor support and conduct thorough pre-implementation testing.
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Day 5: Communication and Feedback – Solidifying Stakeholder Engagement
Objective:
Review implementation progress, gather stakeholder feedback, and establish a roadmap for continuous improvement.
Actions:
1. Prepare Progress Report:
Summarize achievements of Days 1–4, focusing on:
- Updated policies and procedures.
- Implemented software and stakeholder engagement outcomes.
2. Facilitate Stakeholder Session:
Conduct a session with the board and senior management to present the progress report and collect feedback.
3. Roadmap Development:
Draft a roadmap for continuous conformance monitoring, including:
- Scheduled QAIP assessments.
- Regular policy reviews and updates.
Deliverables:
• Progress report.
• Approved continuous improvement roadmap.
Challenges/Risks:
• Alignment Issues: Differing stakeholder priorities.
Mitigation Strategy: Engage stakeholders early and frequently to ensure shared understanding and commitment.
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