Internal Audit Training.

Why you need to provide continuous training and coaching to your audit team

We often take it for granted, or in some instances, even loathe it, but training and coaching is critical to the success of your internal audit team. Without it, our teams can fall behind and / or become complacent.

When new team members join your audit team, it’s important that classroom style training be delivered to them. We have developed three modules to support your induction training:

• Module 1 – Introduction to Internal Audit
• Module 2 – Annual Planning
• Module 3 – Internal Audit

Through this induction training, you set the tone and expectation you have for your team. You clearly state the role, purpose, and position of internal audit within your entity. You set the expectations for individuals at each level and even explain the audit process and methodology. You also have an opportunity to show the team culture and encourage team members to be innovative and excited about their new careers.

By providing this training a classroom format, you are able to immediately answer any questions your new starter has, and provide any clarification. Lastly, once the training is delivered, it becomes a reference point. Should the new joiner need to check anything within their first weeks, we can see how much of a self starter they are through their ability to find the training and “self-service” before coming to you for final clarification.

So what does each of these modules contain?

Module 1 – Introduction to Internal Audit

This module provides new starters with a foundation to everything we do in Internal Audit. This module focuses on the Internal Audit team, its position within the business, and key documents such as the Internal Audit Standards, Code of Practice and Three Lines Model.

You can view the free version of this Module here. Alternatively, you can purchase this Module here. Members can download this training here as part of this membership.

Module 2 – Annual Planning

This module walks through the Annual Planning process. Reference are made to the Standards and key concepts taught in Module 1. The purpose of this module is to help the team understand how our audits make it to the annual plan, but also their role in the annual planning process. This module includes a number of activities for the team to practically apply what they have learnt.

You can view the free version of this Module here. Alternatively, you can purchase this Module here. Members can download this training here as part of this membership.

Module 3 – Internal Audit

In this module, team members will learn our audit methodology. Rather than this training being all theory based, team members will actually be given an example / mock audit. They will use this mock audit to practically apply our methodology as they essentially perform an audit step by step.

You can view the free version of this Module here. Alternatively, you can purchase this Module here. Members can download this training here as part of this membership.

The training has been designed so that team members can also print the training modules off and use these as a handy resource tool / guide.

Longer term, this training can also be used as refresher training, reminding team members each year of their role, responsibilities, and expectations we have of the broader team.

Its important team members are provided regular training. We have spoken before about how training can be included as an audit objective as part of your annual goals here. Regular training and investment in team members, particularly for emerging trends such as Agile, or new audit techniques such as data analytics, continuous controls monitoring and dynamic risks assessments, can ensure our audit teams stay ahead of the curve and continue to provide insights and value which the business expect from us.

If your team does not already, understanding the training needs and want of your team are a great idea, and building this into an annual learning plan will help ensure team members are receiving the appropriate amount of training each year.

Does your team have a training plan? If so, let us know how you have built and execute your plan here in our forum.