Internal Audit: Incorporating Corporate Governance and Financial Risk Management

Course Contents, Concepts and Issues:

Introduction, Fundamental Concepts and Issues in Internal Audit

• Internal Accounting
• Internal Cost Elements
• A ‘Responsibility Accounting System’
• Internal Auditing
• Differences between Internal and External Audit
• Internal Audit Structure and Corporate Governance

• Internal Auditing Policy
• Enhancing the Role of the External Auditor
• Internal Audit and Internal Conflict
• Internal Audit and Statutory Conflict
• Audit Management
• Audit Programme Development
• Audit Programme Monitoring
• Audit Programme Evaluation
• Training and Development In Internal Audit
• Sarbanes Oxley (SOX) Act and Its Implications for Internal Auditing of International Firms
• Key Responsibilities for Internal Auditors, Under the Act
• Consequences for Internal Auditors Who Operate Below the Expected Standards

• Defining Corporate Governance
• Exploring Corporate Governance and the Relationships between Internal and External Stakeholders
• The Organisation’s Responsibility and Accountability to Its Shareholders
• The Organisation’s Accountability to Its Board of Directors
• Making ‘Sense’ of the ‘Internal-External-Stakeholder-Spectrum’
• The Difference between Ordinary and Preference Shareholders
• Distinguishing between Winding up or Insolvency, Bankruptcy, Receivership, and Administration
• Assessing the Implications of the ‘Receivership’ of a Company for Its Statutory, Primary and Secondary Creditors
• Rules for Distributing the Proceeds of a Company’s Assets in ‘Receivership’
• Rights and Equitable Treatment of Shareholders: Interests of Other Stakeholders
• Recognising the Organisation’s Legal Obligations to All Legitimate Stakeholders
• Role and Responsibilities of the Board
• Integrity and Ethical Behavior: Disclosure and Transparency

• Risk: A Working Hypothesis
• Defining Risk – Generally
• Financial Risk: A Plausible Definition
• Financial Risk in an Organisational Setting
• Financial Risk and ‘Market Dynamics’
• Liquidity Risk
• Operating Risk
• Fraud Risk
• Settlement Risk
• Corporate Strategy and Risk Management
• The Currency Derivatives Market
• Financial Risk and Unpredictability: Uncontrollable Environmental Issues
• Asset Behaviour and Pricing Implications
• Credit and Counterparty Risk
• The Legal and Political Risk Environments
• Risk as an Economic Factor
• Technological Risk Factor
• Risk associated with Socio-Cultural Change
• Financial Risk Settings: A Meta-Analytical Exploration
• Risk in Financial Institutions
• Banking Risk
• Risk and the Currency Market
• Risk and the Equity Market
• Futures Market Risk
• Financial Exposure as Risk: An Introduction
• Economic Exposure
• Transaction Exposure
• Translation Exposure
• Calculating Risk in Financial Exposure