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Exam Preparation

CIA® 3
Certified Internal Auditor
Part 3

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Course Overview

This course is designed to equip internal auditors with the advanced knowledge and skills required to manage and optimize internal audit functions in alignment with organizational strategies and stakeholder expectations. Participants will develop a comprehensive understanding of internal audit operations, planning, quality assurance, and engagement monitoring, ensuring effective governance, risk management, and control processes.

Participants will learn how to strategically align internal audit objectives with organizational goals, optimize resource utilization, and apply best practices in stakeholder communication. The course will also cover key aspects of engagement planning, quality assurance programs, and effective reporting methodologies.

By the end of this course, participants will be well-prepared for the CIA Part 3 exam and to successfully obtain the CIA Part 3 certification, and excel in leading internal audit functions with confidence and strategic insight.

 

Sarah Al A.
Lead Enrollment Specialist
[email protected]
Let’s talk on WhatsApp

Key Takeaways

1
Develop strategies to plan, organize, and monitor internal audit operations effectively.
2
Align internal audit strategies with stakeholder expectations and organizational goals.
3
Optimize resource management within the internal audit function.
4
Implement a comprehensive quality assurance and improvement program.
5
Effectively communicate audit findings and recommendations to stakeholders.

The Institute of Internal Auditors
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Established in 1941, The Institute of Internal Auditors (IIA) is an international professional association with global headquarters in Altamonte Springs, Florida, USA. The IIA is the internal audit profession’s global voice, recognized authority, acknowledged leader, chief advocate, and principal educator. Members work in internal auditing, risk management, governance, internal control, information technology audit, education, and security.

Course Outline

Part 1: Internal Audit Operations(25%)
Planning, organizing, directing, and monitoring internal audit operations
  • Methods for managing external providers of internal audit services
  • Methods for monitoring internal audit operations
  • Methods for balancing assurance and advisory engagements
  • The conditions that warrant the review and possible revision of internal audit methodologies
Managing financial, human, and IT resources
  • Key steps and considerations of the budgeting process
  • The steps and considerations involved in recruiting resources
  • Roles and responsibilities of various internal audit team members
  • Strategies to train, develop, and retain internal auditors
  • Internal audit function’s performance management techniques
  • Key considerations for technological resources to perform engagements
  • Behavioral and management techniques that would enhance the internal audit function, including job design, rewards, work schedules, mentoring, coaching, and constructive feedback
Aligning internal audit strategy with stakeholder expectations
  • How internal audit strategy supports the organization’s business strategy and risk management practices
  • The purpose of the internal audit function’s mission and vision statements
  • How internal audit resource planning is aligned with the internal audit strategy
  • The conditions that warrant the review and revision of internal audit strategy
Building relationships and communicating with senior management and the board
  • The importance of formal and informal communication with stakeholders
  • Protocols for communicating the audit plan and any subsequent changes and how it links to the organization’s overall strategy
  • The protocol for communicating independence concerns and significant risk exposures
  • The chief audit executive's responsibility to report timely the overall effectiveness of the organization's risk management and control processes and to identify themes based on multiple engagements
  • The chief audit executive's responsibility for communicating quality assessment results, performance metrics, and any necessary remediation plans
Part 2: Internal Audit Plan (15%)
Identifying sources of potential engagements
  • The process for defining the audit universe
  • Key components of the audit universe
  • Applicability of Topical Requirements
  • The process for considering board and management requests
  • The process for identifying applicable laws and regulatory mandates
  • The process for identifying relevant market and industry trends, organizational changes, emerging issues, and emerging technologies such as the internet of things, artificial intelligence, blockchain, digital currency and assets, and robotic process automation
  • Audit cycle requirements reasons
Developing a risk-based audit plan
  • Risk assessment methodology and risk prioritization
  • The process for maintaining the audit plan’s alignment with the organization's strategy, the internal audit strategy, and stakeholder expectations
  • Circumstances that may trigger the need to make timely updates to maintain a dynamic audit plan
Coordination with other assurance providers
  • Internal and external assurance providers
  • Examples of, and methods for, coordinating assurance coverage
  • Criteria for evaluating assurance providers to determine the ability to rely on their work
Part 3: Quality of the Internal Audit Function (15%)
Elements of the quality assurance and improvement program
  • Key components of quality assurance
  • Applicability of Topical Requirements
  • Purpose of a quality assurance and improvement program
  • The chief audit executive’s responsibility for communicating to the board the results of the quality assurance and improvement program
  • Comparison of the elements of internal and external assessments
  • Acceptable qualifications of quality assessors
  • Key components of ongoing monitoring and periodic self-assessments
Addressing nonconformance with IIA standards
  • The information that must be communicated, such as the circumstances, actions taken, impact, and rationale for nonconformance
  • Key steps for communicating nonconformance to senior management and the board
Establishing key performance indicators for audit functions
  • The objectives of key performance indicators
  • Key considerations when establishing performance indicators and the need to establish the target
  • The merit of both qualitative and quantitative performance indicators
  • The internal audit function’s performance measures, including financial, operational, quality, productivity, efficiency, and effectiveness
Part 4: Engagement Results and Monitoring (45%)
Effective communication of engagement results
  • Attributes of accurate, objective, clear, concise, constructive, complete, and timely reporting
  • Application of these attributes in the communication of engagement results
  • Effective communication methodologies
  • Key components of audit reports, including objectives, scope, conclusions, recommendations, and action plans
  • When it is acceptable to include “conducted in accordance with the Global Internal Audit Standards” in the final communication of engagement results
  • When it is necessary to document scope limitation
Developing recommendations and action plans
  • Protocol for internal auditors when there are disagreements with management about engagement findings or action plans
  • Purpose of recommendations and action plans, including cost-benefit considerations
  • Action plan to adequately addresses the root cause of a finding
Engagement closing and reporting processes
  • The purpose and parties involved in the closing communication (exit conference)
  • Chief audit executive’s responsibility for distributing the final communication and reporting to stakeholders
  • Various purposes of communicating with different stakeholders, such as management of the activity under review, senior management, the board, the risk management function, external auditors, regulators, and the general public
  • The protocol for reporting on a finding that management has already resolved
  • Chief audit executive’s responsibility and protocol for correcting significant errors and omissions in the final communication
Assessing Residual Risk and Communicating Risk Acceptance
  • Methodologies to assess the existing controls for design adequacy and effectiveness and determine the level of residual risk
  • Purpose of aggregating and prioritizing findings
  • The purpose of using a rating scale to reflect the overall assessment of controls for the engagement
  • The process for communicating risk acceptance when management has accepted a level of risk that may be unacceptable to the organization
  • The method for determining whether a risk is unacceptable to the organization
  • The parties involved in communicating risk acceptance
  • Proper sequence of steps for communicating risk acceptance
Monitoring and confirming management action plans
  • Follow-up and escalation procedures for unresolved issues

Who Should Attend?

This highly practical and interactive course is tailored for professionals who aspire to achieve the Certified Internal Auditor (CIA) designation and advance their careers in internal audit. It is designed for:

Chief Audit Executives

Audit Managers

Internal Audit Staff

Risk Management Professionals

Governance and Compliance Officers

Finance Professionals

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FAQ

What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations. We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.

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    Country Learning & Development Manager at IKEA Saudi Arabia
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    Dir L&D, Talent Management at Mobily, Etihad Etisalat Company
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    Certified Professional in Quality and Patient Safety
    Since the partnership was signed between BAE Systems Saudi Development & Training and LEORON in 2017, we have been working together to offer the Saudi market a complete portfolio of training solutions benefiting from the wide and extensive experience of both parties. Recognizing the great success of this partnership, we are looking for further collaborations in the future that will position both companies as one of the leading training providers in Saudi Arabia. We thank the LEORON team for their full cooperation and continuing support, and look forward to further success together in the years to come.
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    Certified Professional in Quality and Patient Safety
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