The Internal Audit Function in Financial Institutions (Board of Directors, C-suite and Executives)

In a fast-changing environment within the financial services’ industry, the Internal Audit function benefits from a unique positioning and influence historically built over the control history of any regulated entity, but is also faced with crucial challenges to adapt to new expectations in terms of adding value to the organisation, avoiding the risk of “too much” and “too little”, contributing to a sound control environment without threatening business initiatives and operational agility.

At the end of this training, participants will be able to:

• Highlight the key role of the Internal Audit function in a general governance and oversight structure and its added-value

• Raise expectations towards a sound Internal Audit function (enhancing and protecting organisational value by providing risk-based and objective assurance, advice and insight) to fulfill the latest developments of international standards for the professional practice of Internal Auditing

• Understand the impact of the regulatory evolution and trends on the Internal Audit function (including in Environment, Social and Governance recent requirements)

• Deep dive into proven successful Internal Audit approach and techniques (including standard audit reviews and special assignments, as well as develop and maintain high quality Internal Audit key documentation)

• Identify the challenges faced by the Internal Audit in becoming more agile

• Experiment a real-situation’s role play in the Board room. 

Challenges in Internal Audit functions

The role of Internal Audit in Environment, Social and Governance (ESG) evolutions

• Executive Management

• Board of directors/ Audit and Risk Committee(s)

The roles and responsibilities of key governing bodies

• The Audit Committee package

• The Internal Audit reports

• The Audit Plan

• The Audit Charter

Expectations from key Internal Audit documentation

• Conducting special Internal Audit assignments (as required)

• Executing standard Internal Audit reviews (as per Audit Plan)

• The Internal Audit Competency Framework (Institute of Internal Auditors – IIA)

• Their transposition into operational practices

• The concepts and key principles  
  

The Internal Audit international standards and approach

Governance and oversight in financial institutions

Role play (4 groups: Audit Committee members, Internal Auditors, Sr Mngt/ Auditees, External Auditors)

The methodology is based on theoretical lectures, interactive exchange of experiences, practical exercises and case studies.

Senior Management representatives (C-level - including Chief Internal Auditors, Board members - including Audit and Risk Committee Members).