Background:

A sound internal audit function plays an important role in contributing to the effectiveness of the internal control system. The audit function should provide high quality counsel to management on the effectiveness of risk management and internal controls including regulatory compliance by the bank. Accordingly, under Risk Based Audit, the regulated entities have to gradually move towards risk-based internal audit which will include, in additional to selective transaction testing, an evaluation of the risk management and control procedures prevailing in their various areas of operations. These serve as a safeguard against financial, operational and reputational risks, contributing to the overall stability and trust in the banking / financial system. An effective internal audit framework, acts as a watchdog and provide necessary inputs to the top management and the board with critical information necessary for enforcing compliance & assurance function and enhance the overall governance in the organization.

Objectives:

This two-day program will deliberate on the evolving role of internal audit functions in the emerging risk environment and in the background of shift in the mix of business products, models and delivery with increasing scrutiny and expectations from the regulators. It will also provide opportunities to the participants to interact with the regulators and also have peer level discussion.

Program Highlights:

The program will deal with the following:

• Evolving role and significance of internal audit functions
• Risk Based Audit: Supervisory Issues & Concerns
• An insight into Internal Audit Process
• IS Audit: Issues & Challenges
• Business Intelligence & Analytics in Internal Audit
• Credit & FEMA Audit
• Management Audit Process
• An approach to Statutory Audit
• Use of Advanced Technologies in Internal Audit
• Audit Reporting & Follow up
• Significance of Concurrent Audit