Cambridge
Academy
In London

Introduction

Modern internal audit and control functions must provide assurance, anticipate emerging risks, and deliver insights that improve governance and performance—especially within finance and accounting. This immersive program equips professionals with contemporary methods for planning and executing audits, evaluating internal controls, leveraging data analytics, and strengthening compliance and financial reporting assurance.

 

Course Objectives

• Apply modern internal audit approaches, standards, and risk-based planning

• Evaluate and improve internal controls over financial reporting and key processes

• Design effective audit programs, testing methods, and evidence documentation

• Use data analytics to enhance audit coverage, quality, and efficiency

• Strengthen reporting, follow-up, and remediation tracking for sustainable control improvements

• Assess fraud risks and implement practical prevention and detection controls

 

Target Audience

• Internal auditors, audit supervisors, and audit managers

• Finance and accounting managers responsible for controls and compliance

• Risk and compliance professionals supporting financial governance

• Process owners involved in internal control design and execution

• Professionals preparing for internal audit, control, or governance roles

 

Course Outlines

Day 1: Modern Internal Audit Foundations & Risk-Based Planning

• The evolving role of internal audit: assurance, advisory, and value creation

• Internal audit standards, ethics, and independence (overview)

• Risk-based audit planning: audit universe, risk assessment, and prioritization

• Scoping audits: objectives, criteria, materiality, and stakeholder expectations

• Activity: Build a risk-based audit plan for a finance and accounting audit universe

 

Day 2: Internal Control Systems & Control Design in Finance

• Internal control frameworks and concepts (control environment, activities, monitoring)

• Controls in finance processes: P2P, O2C, payroll, treasury, and record-to-report

• Control design: preventive/detective, manual/automated, key vs. non-key controls

• Documenting processes and controls: narratives, flowcharts, and RCM concepts

• Workshop: Create a process map + Risk & Control Matrix (RCM) for a selected process

 

Day 3: Audit Execution, Testing Methods & Evidence Quality

• Audit programs: test design, sampling approaches, and walkthroughs

• Testing operating effectiveness: inquiry, observation, inspection, re-performance

• Using analytics in testing: completeness, accuracy, and exception identification

• Workpapers and documentation: evidence standards and quality review practices

• Practical activity: Control testing simulation + workpaper review checklist

 

Day 4: Data Analytics, Continuous Auditing & Technology Controls

• Audit analytics lifecycle: define, extract, analyze, interpret, report

• Continuous auditing concepts and monitoring dashboards

• IT general controls (access, change management, operations) for finance systems

• Application controls and automated controls assurance

• Case study: Analytics-driven audit of journal entries and financial close risks

 

Day 5: Reporting, Fraud Risk & Sustainable Remediation

• Audit findings: root cause, impact, and practical recommendations

• Audit reporting: clear writing, executive summaries, and issue rating consistency

• Fraud risk assessment: red flags, pressures/opportunities, and control responses

• Remediation and follow-up: action plans, owners, timelines, validation testing