Operational Auditing
About
In today’s environment it is necessary for management who want to perform to understand whether the business division, department or project they are responsible for has the necessary systems, controls and approach to risk management in place to achieve its objectives economically, efficiently and effectively. Operational auditing is performed to evaluate these aspects and report back to management with recommendations for improvements. To work optimally, the operational audit requires close collaboration between the auditor and the auditee in order to accomplish the evaluation goals.
At Operational Auditing you will discover methods to identify, measure and prioritise risk in all types of operational audits. It will provide you with the tools to perform efficient and effective audits while working successfully with managers at all levels to achieve your missions and objectives.
Key learning objectives
This is your opportunity to:
• Gain knowledge of proven evaluation tools used in operational auditing
• Heighten your awareness of operational risk management
• Develop more focused audit plans through understanding the role of operational risk
• Discover how to employ effective operational auditing systems
• Position your audit to focus on management goals, initiatives and strategic thrusts
• Fully understand the role of management In the operational audit process
• Develop a consultative approach to problem solving
• Learn how to encourage necessary changes
• Design your own control systems to manage key business risks
Who Should Attend?
• Accountants
• Risk Managers
• General Managers
• Compliance Managers
• Internal Auditors
Training methodology
This intensive 2-day class will combine tutorial sessions and case studies with interactive learning exercises. All attendees will be provided with a workbook and a certificate of completion.
Outline
Identifying operational risks and risk mitigation strategies in your organisation
• Understanding the various elements of operational risk
• How do the various elements contribute to overall operational risk exposures?
• Difficulties in defining operational risk
• Different operational risks: Similarities and differences across industries
• Process analysis and benchmarking
• Knowledge management systems
• Risk classification and grouping of risks
• Identifying risk mitigation strategies and assessing their effectiveness
• Differentiation of high impact/low probability events
Effectively planning and structuring an operational audit
• Factors to consider in the acquisition audit approach
• Researching the human resources function
• Participative audit planning meetings
• The risk assessment thought process
• Identifying and assessing risks
• Characteristics of well-defined audit objectives
The role of management and operational auditing
• Participatory auditing: Getting your customer on the audit team
• Successfully identifying management’ greatest concerns about its operations
• Partnering with management to produce a value-added audit
• Assessing how successfully the management function is operating
• What you should do “when the problem is management”!
• Techniques for defining, planning and achieving the objectives of management
The risk-based audit approach
• Learning how to audit the things that are most vital
• Identifying the areas of greatest risk within your organisation
• Employing the most effective objectives/risks/controls combination to achieve optimum audit results
• Using the risk/control matrix and other audit tools to document your analysis
• Comparing the effectiveness of control adequacy and control effectiveness
• Building a control framework into the planning process
Providing business assurance advice through operational risk management
• The inter-relationship between risk management and operational auditing
• Determining whether internal controls are appropriate to achieve the company’s operating and compliance objectives
• Regularly auditing internal processes to ensure that they adequately address business requirements
• How effective are your control processes?
• The process of optimising the role of auditors in management and control of operational risk
Examining internal control strategies
• Controlling the organisation through internal control mechanisms
• Examining the comprehensive nature of internal control
• Convincing your audit customer to discard dated views of internal control
• Control frameworks examined
• Achieving organisational goals and objectives
The value-for-money audit
• Helping your organisation get the most for its dollars
• Focussing on effectiveness, efficiency and economy of operations
• Bringing creativity into the audit process
• Applying the value-for-money approach to a wide variety of audits
• Viewing operations from the customer’s perspective
The process audit
• Examining the characteristics of effective business processes
• Determining value-added and non-value-added activities
• Analysing the process, identifying time and cost drivers
• Recommending process improvements
• Building internal controls into the new process
Facilitator
Richard Moore CA, DIP ACC (HON), Director, RE Business Services Limited
Richard specialises in the provision of Internal Assurance and Risk Management based services to clients in both the Public and Private sectors of New Zealand business.
Richard is a director of RE Business Services Limited and a partner of Accru Smith Chilcott, and has worked with these organisations since 1999. Prior to this Richard’s experience includes 6 years as a Director of Audit New Zealand and 7 years as a Senior Manager with one of the current “big four” accounting firm’s assurance divisions.
He has extensive experience in undertaking a range of operational internal audit functions as well as implementation and review of risk management systems from both the operational and strategic perspectives.
Aaron Steele CA, Senior Consultant, RE Business Services Limited
Aaron has extensive experience in the provision of operational auditing services, including the provision of IT audit and risk management services. He has worked in senior positions as both a consultant and internal auditor.
Aaron joined the RE Group in 2005 and prior to this his experience includes senior positions in the both the private and public sectors. Aaron brings an in depth hands on approach to the provision of operational auditing services from both the IT and value for money perspectives.
In-house Training
Prices and Registration
Sorry, this event currently has no dates scheduled.
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