Elite - Professional Training & Development

In many organisations the relationship between internal audit and the board is weaker than it should be. Audit plans are built from a cycle of past audits rather than from current risks. The audit committee charter is unclear on what it expects, reports focus on compliance detail, and follow-up of agreed actions is slow. Governance itself is rarely audited, although board processes, delegations of authority, ethics and related-party controls are where serious failures often begin.

This programme approaches internal audit from a governance perspective. It starts with the principles of corporate governance and the roles of the board, audit committee and management, then examines how the internal audit function is governed and positioned, how it plans risk-based work, how it audits governance, risk management and control, and how it reports to and influences the board.

Built on recognised practice. The programme references the Institute of Internal Auditors (IIA) Global Internal Audit Standards, which took effect in January 2025, the IIA Three Lines Model, the COSO Internal Control Integrated Framework and COSO Enterprise Risk Management framework, the G20/OECD Principles of Corporate Governance and the OECD Guidelines on Corporate Governance of State-Owned Enterprises. Participants also compare these with the corporate governance codes and regulations that apply in their own countries and sectors.

Decisions this programme improves. How the board and audit committee should oversee internal audit; what the audit charter and mandate should cover; which risks and governance areas to include in the audit plan; how to balance assurance and advisory work; how to report findings so that they lead to action; and how to assess the effectiveness of the internal audit function itself.

How it is delivered. Twenty hours across five sessions, built around one running case: a state-owned enterprise with a newly formed audit committee, a weak delegation of authority and a recent related-party issue. Participants review the audit charter, build a risk-based plan, plan a governance audit and draft a report to the audit committee.

In-house option. For organisations, the programme can be tailored to your own governance framework, audit methodology and regulatory requirements, and delivered to audit committee members and the internal audit team together.

Who Should Attend

Internal audit leaders: chief audit executives, audit directors and audit managers

Senior internal auditors preparing for management roles

Audit committee members and board members responsible for oversight of internal audit

Governance professionals: board secretaries, corporate governance officers and legal advisers

Risk and compliance managers working with internal audit as second-line functions

Objectives

Explain the principles of corporate governance and the roles of the board, committees, management and stakeholders

Apply the IIA Three Lines Model to clarify responsibilities for risk and control

Describe the structure and main requirements of the IIA Global Internal Audit Standards

Review an internal audit charter and mandate against the Standards and board expectations

Assess the independence, objectivity and resources of an internal audit function

Build a risk-based internal audit plan linked to organisational strategy and key risks

Plan audits of governance processes such as board effectiveness, delegations of authority, ethics and conflicts of interest

Evaluate internal control and risk management using the COSO frameworks

Communicate audit results to the audit committee in a clear and action-oriented form

Design a quality assurance and improvement programme for the internal audit function

Course Outline

Corporate Governance: Principles, Structures and Accountability

Purpose of corporate governance and the agency problem
G20/OECD Principles of Corporate Governance
Board roles, composition, independence and committees
Shareholder and stakeholder rights, including in family and state-owned enterprises
Governance of state-owned enterprises under OECD guidance
National governance codes and regulator expectations

Governing the Internal Audit Function

The IIA Global Internal Audit Standards: purpose, domains and principles
Board and audit committee oversight of internal audit
Audit charter, mandate and reporting lines
Independence, objectivity and ethics
The Three Lines Model and coordination with other assurance providers
Resourcing, competencies and use of co-sourcing

Risk-Based Audit Planning

Understanding strategy, objectives and the risk universe
Using enterprise risk management outputs in audit planning
Prioritising audit areas and building the audit plan
Balancing assurance and advisory engagements
Emerging risks: cyber, technology, sustainability and third parties
Data analytics and AI in audit planning: uses and limits

Auditing Governance, Risk Management and Control

Auditing board and committee processes
Delegation of authority and decision-making controls
Ethics, conflicts of interest, related parties and whistleblowing
Evaluating risk management effectiveness
The COSO Internal Control Integrated Framework in audit work
Fraud risk and the role of internal audit

Reporting, Influence and Quality

Writing audit findings that lead to action: condition, criteria, cause and effect
Reporting to the audit committee and the board
Overall opinions and thematic reporting
Tracking and escalating agreed actions
Quality assurance and improvement programme, including external assessment
Performance measures for internal audit
Action plan: strengthening internal audit's contribution to governance

Competencies

Corporate governance principles and board oversight

IIA Global Internal Audit Standards

Three Lines Model application

Audit charter and audit committee relations

Risk-based audit planning

Governance and ethics auditing

COSO internal control and risk evaluation

Audit reporting to boards and committees

Internal audit quality assurance

London

Access Elite Academy’s complete training portfolio in London. As one of the world’s leading centers for business, finance, professional services and executive learning, the city provides a strong setting for organizations and professionals seeking expert-led learning, with upcoming scheduled courses and other programs available on request. London is one of Elite Academy’s international training destinations and gives organizations and professionals access to our complete portfolio of training programs across all disciplines. As one of the world’s leading centers for business, finance, professional services and executive learning, the city offers a professional setting for focused learning. Participants can choose from upcoming scheduled courses in London or request any other program from the Elite Academy portfolio to be arranged in the city, subject to scheduling and delivery requirements. Browse the upcoming schedule below or explore our training areas to identify the program that best matches your organization’s development priorities or your own professional goals.

Internal Audit and Corporate Governance