Internal Audit; incorporating Corporate Governance & Financial Risk Management, Internal audit structure and Corporate Governance, Financial Risk and Unpredictability: Uncontrollable Environmental Issues

Module 1 - Introduction, Fundamental Concepts and Issues in Internal Audit

Discuss, with confidence, the importance of internal account to an organisation
Use a manufacturing organisation, to provide an example of the way in which the cost elements might be apportioned, thereby paving the way for an effective internal accounting structure
Explicitly explore the functioning of a ‘Responsibility Accounting System’
Explain the general function of internal audit in national organisations and international operations, on the other.
Effectively explore the advisory role of internal audit in organisations
Distinguish between internal and external auditing
Illustrate the extent to which an effective internal auditing regime can enhance to work of the external auditor
Exhibit a heightened understanding of the internal audit structure and its relation to corporate management, using an organisation of choice, as an example
Explain the accountability of corporate directors to the internal auditing group

Module 2 - Internal Audit in Practice
Explain the importance of an internal auditing policy to the role and functioning of an internal audit department
Use case examples to illustrate the inclusions of a typical internal auditing policy
Resolve the scenario in which an internal auditing policy conflicts with ‘Audit professionalism’ and Public Expectation
Suggest how to remedy a situation in which an internal auditing policy is in direct contravention of statutory directives or guidelines
Demonstrate their awareness of the role of the internal auditor in the implementation of the ‘Board Approved’ Audit Directive
Illustrate their ability to design, implement, monitor and evaluate an internal audit programme.
Internalise the importance of training and development in the enhancement of the audit management function
Give a brief explanation to the Sarbanes Oxley (SOX) Act and at least 3 of the associated requirements for audit firms;
Illustrate two key responsibilities for internal auditors, under the ACT;
Evaluate the chief consequence of the internal auditor’s omission, under the ACT

Module 3 - Internal Audit and Corporate Governance
Define corporate governance in relation to the processes, customs, policies, laws and institutions affecting the way a corporation is directed, administered or controlled.
Relate corporate governance to the relationships that persists between internal and external stakeholders, particularly in relation to the establishment of organisational goals and objectives
Demonstrate a heightened understanding of the organisation’s responsibility and accountability to its shareholders as primary stakeholders
Exhibit a heightened awareness of the organisation’s accountability to its Board of Directors
Accurately locate an organisation’s management and workers within the ‘internal-external-stakeholder-spectrum’
Distinguish between winding up or insolvency, Bankruptcy, Receivership, and Administration
Demonstrate an understanding of the difference that exists between ordinary and preference shares
Assess the implications of the ‘Receivership’ of a company for its statutory, primary and secondary creditors
Explain the order in which the proceeds of a company’s assets will be distributed among its creditors, in the event of it falling into ‘Receivership’
Exhibit an understanding of what constitutes the rights and equitable treatment of shareholders
Explain how the interests of secondary stakeholders can be preserved
Outline the roles and responsibilities of the Board of Directors
Outline salient steps that can be taken to preserve an organisation’s integrity
Establish the array of issues that are enshrined in a company’s ethical behaviour
Determine the importance of operational ‘transparency’ in the face of the regulatory authorities’ demand and in the enhancement of shareholder and client confidence

Module 4 - Internal Audit and Financial Risk Management
Define risk in an organisational context
Demonstrate their understanding and ability to apply the issue of ‘Financial Risk Management’ to it broader context
Define, with examples, the concepts or financial risk and financial risk management within an organisational setting
Exhibit their mastery of the link between market dynamics and financial risk
Demonstrate their understanding of Liquidity Risk
Pinpoint the bases of Operating Risk within organisations
Draw on cases to highlight the vulnerability of organisations to operational risks.
Illustrate the role of the internal audit team in identifying, verifying and addressing the risk associated with internal organisational members
Demonstrate their ability to use audit trail or audit log to indentify perpetrators of internal fraud
Devise a mechanism whereby organisational personnel vulnerable to outside influence, that might form the basis of ‘insider information’ that could be used frequently, might be identified and the appropriate risk management measure applied.
Illustrate their competence in identifying operational activities that are prone to Settlement Risk, proposing the measures that might be taken to reduce the associated financial risk
Analyse organisational Corporate Strategy, identifying the associated financial risk and employing the appropriate Risk Management Strategy
Demonstrate the various issues that are associated with The Currency Derivatives Market, indicating the extent to which their organisations are exposed and the degree to which financial risk management can reduce or avert the associated financial risk
Demonstrate an understanding of the external environmental, uncontrollable forces that affect an organisation’s operation and how they might be circumvented to effectively manage its Financial Risk
Explain how the Legal and Political Risk Environments will affect an organisation and the efforts that can be applied in the interest of its continuity
Indicate their understanding ‘Risk as an Economic Factor’ within an organisational context and the counter measures that can be applied
Explain how Technology might pose a financial Risk to an organisation and how the effect might be circumvented or even capitalised on.
Identify the financial Risk associated with Socio-Cultural Change and how their effect might be minimised or exploited
Exhibit a heightened awareness of Asset Behaviour and Pricing Implications and their consequence for organisational operation
Demonstrate an awareness of ‘Credit and Counterparty Risk’ and the organisational safeguards that might be applied
Draw on their previous and newly acquired knowledge to demonstrate their understanding of Risk in Financial Institutions and the financial risk management options that are available
Demonstrate their understanding of financial risk management in Banking
Explain to non-financial corporate personnel the financial risk associated with the Equity Market
Use examples from recent international events to illustrate the financial risk that is associated with the Futures Market and how these might be addressed
Explain Economic Exposure and its financial risk implications
Distinguish between Transaction Exposure and Translation Exposure, explaining their financial risk implications and remedy.

HRODC Postgraduate Training Institute is a Graduate Institution Registered with the UK Register of Learning Providers (UKRLP), of the Department for Business, Innovation and Skills (BIS), formerly Department for Innovation, Universities and Skills (DIUS). Its Registration Number is: 10019585 and can be Verified at: http://www.ukrlp.co.uk/. It provides Intensive Full-Time Postgraduate Diploma Courses. 3 Months Intensive Full-Time Postgraduate Diploma Courses or 6 Months Full-Time Courses, progressing to MSc, MBA, MA. Intensive Full-Time (3 Months) Courses, and Full-Time (6 Months) Postgraduate Diploma Courses, Progressing to MA, MBA or MSc include: Human Resource Management: A Practitioner’s Approach; Comprehensive Automotive Electrical, Electronic and Mechanical Diagnostic, Maintenance and Repair; Comprehensive Real Estate Management; Executive Management; Communication, Information Gathering, Analysis and Report Writing; Women in Management; Human Resource Training and Development Management; National and International Economic Competitiveness: Towards Economic Growth and Sustainability; Corporate Governance and Strategic Management: Incorporating Corporate Strategy; Business Administration; Cost Accounting, Budgeting, Profitability Analysis, Strategy and Balanced Score Card; Financial Accounting: Theory and Practice; Advanced Islamic and Banking Finance; International Finance and Financial Services; Global Marketing: Local, National and International Marketing Strategic Plan and Implementation; Advanced International Legal Studies; International and National Events Management; Heating, Ventilation and Air-conditioning (HVAC) Engineering; Human Resource Management (HRM) in the International Petroleum – Oil and Gas – Industry; International Petroleum –Oil and Gas – Terminal Services, SAP, Joint Venture, Health, Safety, Human Resource, Organisation and Project Management; Advanced Oil and Gas Accounting: International Petroleum Accounting; Organisational Development and Change Management: Conceptual, Contextual and Analytical Issues; Effective Project Management: Employing HR, Cost, Quality, Procurement, Risk, & Time Management Strategies to Enhance Objectives; Strategising Logistics and Supply Chain Management; Drilling Operation: On-Shore and Deepwater Oil and Gas Drilling Operations, Incorporating Shale Gas Drilling; Intercultural Business Communication: Effective International Business Communication; Computer and Information Systems Communication, Incorporating Microsoft Office Suite Leading to World Trade Organisation, Anti-Dumping, Anti-Subsidy, Sustainability and Environmental Management, Development Economics, and Agricultural Project Management; International Petroleum – Oil and Gas – Operation for Non-Technical Staff: Mineral Rights, Upstream Oil and Gas Mineral Lease Contracts, Exploration, Drilling, Production and Sale, etc.
These Postgraduate Diploma, MSc, MBA, MA Courses are delivered in Dubai United Arab Emirates (UAE), Kuala Lumpur (KL) Malaysia, Caracas, Astana Kazakhstan, Moscow Russia, Baku Azerbaijan, Durban South Africa, Dodoma Tanzania, Nairobi Kenya, Abuja Nigeria, Accra Ghana, Malabo Equatorial Guinea, Luanda Angola, Mumbai India, Karachi Pakistan, Islamabad Pakistan, Lagos Nigeria, Sokoto Nigeria, Ontario Canada, Buenos Aires Argentina; Lima Peru, Brasília Brazil, Quito Ecuador, Panama City Panama, Managua Nicaragua, San Salvador El Salvador, Guatemala City Guatemala, Belize Belize City, San Jose Costa Rica, Tegucigalpa Honduras, London UK, etc. Short Postgraduate Courses and 20-Week Video Enhanced Postgraduate Diploma Courses are also available.

The Video-Enhanced On-Line Postgraduate Diploma Courses is studied in 20 Weeks, in the comfort of students’ homes. In a move away from the traditional on-line courses, and recent technology-mediated distance education, HRODC Postgraduate Training Institute has introduced a Video-Enhanced On-Line delivery. Students: