Page 16 - Verracy's 2019 Course Catalogue

Internal Audit

Getting to the Root of the Matter: Embedding Critical Thinking in the
Root Cause Analysis Internal Audit Process

IA-101 8 16 IA-102 8 16

CPEs CPEs CPEs CPEs

In today’s audit environment there is a lot of discussion around Organizations are looking to their audit departments for
audit functions “adding value.” Audits are time consuming and company insights, risk and fraud expertise, in-depth industry
costly, and they’re often a source of frustration for the audit knowledge, and forward-looking reporting. Auditors are ex-
client. Why? As auditors we often hear that the “auditor(s) just pected to be open-minded and analytical thinkers. Decision-
doesn’t understand my business.” The business can feel this way making skills and professional judgment are a necessity in
as a reaction to the proposed action and remediation plan. If internal audit. Teaching auditors to utilize critical thinking skills
an audit team doesn’t perform effective root cause analysis, throughout the audit process strengthens their ability to iden-
then the recommended action often will not solve the root tify and assess risk, prioritize testing, align audit objectives with
cause of the issue and problems will persist. business objectives, and identify true value-add activities.

To truly add value, an audit must address the root causes of the This course provides the skills and techniques necessary to
issues and exceptions identified, not just the symptoms. This embed critical thinking skills in all aspects of the audit cycle.
course will introduce the various tools and methodologies used The tools and techniques shared will guide your use of critical
for root cause analysis and show how to apply them to the thinking skills in risk assessment, interviewing, audit evidence
audit process. Participants will learn interactively through a gathering, and report writing. Real-life examples of failures
combination of lecture, case studies, and exercises. and successes of critical thinking in internal audit will be
New Courses
covered to further the learning process.

This course is interactive with multiple hands-on exercises and
class participation to provide opportunities for you to practice
what you learn.

What You Will Learn: What You Will Learn:
• Understanding Root Cause Analysis (RCA) • Understanding the process of critical thinking and
• Introduction to the various tools and methodologies that intellectual traits
can be utilized for RCA • Discussing the meaning and application of professional
• Understanding how RCA can be applied within audits judgment
• Understanding when to utilize RCA in an Internal Audit • Demonstrating how critical thinking helps improve the
• Understanding the common challenges when using RCA audit process
• Learning how to apply RCA in practice • Comparing and contrasting auditor judgment and critical
thinking skills
• Reviewing ways to develop critical thinking to enhance
the audit process
• Covering the use of critical thinking during the risk
assessment, interviewing, and reporting cycles
• Reviewing the importance of appropriate, sufficient, and
persuasive audit evidence
Group Live | 1 or 2 Days | Intermediate | Auditing Group Live | 1 or 2 Days | Intermediate | Auditing
Who Should Attend: Internal Audit and Operations Staff & Who Should Attend: Internal Audit and Operations Staff &
Management Management
Prerequisites: Minimum of 1 year of general business experience Prerequisites: Auditors with at least 2 years experience