Internal Auditing - Level 1

The Role and Function of Internal Audit

• Key goals of the internal audit function
• Ensuring auditor objectivity
• Avoidance of conflicts of interest within auditing
• Auditor skillset

Conducting Effective Audits

• Pre-audit planning
• Effective audit sampling techniques
• Recording findings during auditing
• Effective stakeholder engagement

Audit Structures

• The audit committee’s role
• Developing the audit charter
• The external auditor’s role
• Developing and improving best practices

Financial Crime Risks

• Money laundering, terrorist financing and sanctions risks
• AML controls
• CTF controls
• Sanctions controls – matches
• Trade-based money laundering risks
• Customer due diligence controls
• Enhanced customer due diligence controls
• Consideration of money laundering risks in practice evidenced by the organisation  
• Beneficial Ownership Transparency – individuals and entities  
• Testing operational efficiency v. financial crime risk prevention in practice
• Training and awareness programmes

Audit Report Writing

• Ensuring objective comments
• Ensuring use of constructive language
• Financial crime compliance terms and abbreviations for internal auditors
• Improvement recommendations
• Continuous improvement techniques