Operational Audit – The Basics-By AtoZ Compliance

Key Take Away:

Internal Audit has the responsibility to evaluate those controls through the operational auditing process to determine if they are adequate and effective.

Overview:

This class is designed to give you the basics for doing an operational audit. We will discuss management and audit concepts to help you understand how the process works. We will also do some exercises to further strengthen your knowledge.

Why Should You Attend:

Every organization has a primary business objective, the reason for its existence. Whether it is a “for-profit” organization or a “not-for-profit” organization, there is always a primary business objective. And each organization is set up to accomplish that primary business objective.

The primary business objective is the life blood of the organization. And management has the responsibility to set up an operational structure and processes to ensure that the primary business objective is accomplished. However, to do that, there are so many other secondary objectives that have to be achieved. For example, management has to establish various departments like an:

HR Department– to hire/train personnel
Procurement Department – to purchase material/goods
Accounting Department – to pay vendors and employees
IT Department – to leverage technology
Maintenance Department – to care for equipment/infrastructure
There are numerous other possible departments depending on the company and its primary business objective. And every department has its own departmental objectives to directly or indirectly support the primary business objective. And management has the responsibility to establish controls to ensure that these objectives are achieved.

Areas Covered In This Webinar:

Definitions

IIA internal audit
Operational audit
The three primary types of audits

Financial
Compliance
Operational
Management’s responsibilities

Plan, organize, lead, and control
Establish an organizational structure
Establish objectives that directly or indirectly support the primary mission
Assess the risk of not achieving the objectives
Establish controls to ensure that the objectives are achieved
Gain an understanding of the operational audit process which includes

Develop an annual audit plan
Conduct a preliminary survey of the selected area
Determine the audit objectives
Determine the audit scope
Conduct an entrance conference
Conduct the field work
Conduct exit conference
Communicate the Results to Management
Follow up on audit findings
Key IIA Standards relative to operational audits

2010 – Planning
2201 – Planning Considerations
2220 – Engagement Scope
2240 – Engagement Work Program
2300 – Performing the Engagement
2400 – Communicating Results
2500 – Monitoring Progress

Learning Objectives:

Operational auditing plays an important role in helping management achieve its primary business objective.
Who Will Benefit:

Audit Managers
Staff Auditors
Government Auditors
Compliance Auditors
Internal Control Specialists
Public Accountants
Accounting Analysts
Business Analysts
Quality Control Specialists

For more information, please visit : http://bit.ly/2orlCZF
Email: support@atozcompliance.com
Toll Free: +1- 844-414-1400
Tel: +1-516-900-5509

Speakers Profile:

Jonnie Keith
Jonnie Keith has been in auditing for over 40 years. He retired in 2012 as the assistant general manager (AGM) of internal audit with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, GA. He served in that capacity for over 10 years and was responsible for administering their overall audit activities. He was also responsible for the review and approval of all internal audit correspondence including audit reports, executive summaries, internal and external correspondence, etc.

Prior to that, he worked at MARTA as the operational audit manager and senior contract compliance auditor. He also worked at Norfolk Southern Railway (Southern Railway) as a senior operational auditor and started his career at the Federal Reserve Bank of Atlanta as a bank examiner.

Mr. Keith received a BA degree in economics from Clark Atlanta University (formerly Clark College). His certifications include: Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Government Auditing Professional (CGAP), and Certified Internal Control Auditor (CICA).

He has been a volunteer seminar instructor for the National Office of the Institute of Internal Auditors for several years and has taught numerous classes including: audit report writing, communication skills for auditors, advanced operational auditing, leadership skills for auditors, CIA review course, and more.

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