Risk Based Operational Audit - NASBA CPE 1.5
- Speaker:Jonnie T. Keith
- Product Code:GRC-90446
- NASBA CPE: 1.5
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Why You Must Attend The Session:
Every organization has a primary business objective, the reason for its existence. Whether it is a “for-profit” organization or a “not-for-profit” organization, there is always a primary business objective. And each organization is set up to accomplish that primary business objective.
The primary business objective is the life blood of the organization. And management has the responsibility to set up an operational structure and processes to ensure that the primary business objective is accomplished. However, to do that, there are so many other secondary objectives that have to be achieved. For example, management has to establish various departments like an:
- HR Department– to hire/train personnel
- Procurement Department – to purchase material/goods
- Accounting Department – to pay vendors and employees
- IT Department – to leverage technology
- Maintenance Department – to care for equipment/infrastructure
There are numerous other possible departments depending on the company and its primary business objective. And every department has its own departmental objectives to directly or indirectly support the primary business objective. And management has the responsibility to establish controls to ensure that these objectives are achieved.
Operational auditing plays an important role in helping management achieve its primary business objective. Internal Audit has the responsibility to evaluate those controls through the operational auditing process to determine if they are adequate and effective.
This class is designed to give you the basics for doing an operational audit. We will discuss management and audit concepts to help you understand how the process works. We will also do some exercises to further strengthen your knowledge.
- IIA internal audit
- Operational audit
The three primary types of audits
- Plan, organize, lead, and control
- Establish an organizational structure
- Establish objectives that directly or indirectly support the primary mission
- Assess the risk of not achieving the objectives
- Establish controls to ensure that the objectives are achieved
Gain an understanding of the operational audit process which includes
- Develop a risk-based annual audit plan
- Conduct a preliminary survey of the risks in the selected area
- Determine the audit objectives
- Determine the audit scope
- Conduct an entrance conference
- Conduct the field work
- Conduct exit conference
- Communicate the Results to Management
- Follow up on audit findings
Key IIA Standards relative to operational audits
- 2010 – Planning
- 2201 – Planning Considerations
- 2220 – Engagement Scope
- 2240 – Engagement Work Program
- 2300 – Performing the Engagement
- 2400 – Communicating Results
- 2500 – Monitoring Progress
Who will Benefit:
All industries will benefit from attending this meeting:
- Staff Auditors
- Government Auditors
- Compliance Auditors
- Internal Control Specialists
- Public Accountants
- Accounting Analysts
- Business Analysts
- Quality Control Specialist
- Audit Managers
NASBA: Group Internet Based | 1.5 (1 CPE for 50 minutes) | Auditing - (1.5 CPE) | Basic to Intermediate| Prerequisites: None | Advanced Preparation: No advance preparation
Jonnie Keith has been in auditing over 40 years. He retired in 2012 as the Assistant General Manager of Internal Audit with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, Ga. He served in that capacity for over 10 years and was responsible for administering the overall audit activities.
At this position, he was responsible for the day-to-day operations of the Audit Department and he reported directly to the CEO and the Chair of the Audit Committee. Prior to that, he worked at MARTA as the Operational Audit Manager and Senior Contract Compliance Auditor. He also worked at Norfolk Southern Railway (formally Southern Railway) as a senior operational auditor and started his career at the Federal Reserve Bank of Atlanta as a bank examiner. Jonnie Keith received a BA degree in Economics from Clark Atlanta University (formerly Clark College).
- Certified Internal Auditor (CIA)
- Certified Fraud Examiner (CFE)
- Certified Government Auditing Professional (CGAP)
- Certified Internal Control Auditor (CICA
He has been a volunteer seminar instructor for the National Office of the Institute of Internal Auditors for several years. He has been married for over 44 years and has two adult daughters and two grandchildren. He and his wife authored the book: Tied Together – The Marriage Trinity.