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Institute of Certified Financial Managers

Syllabus for *Level I - Professional Internal Auditor*

1. The theoretical basis for the creation and operation of internal control systems.

  • Current understanding of internal control of economic entities.
  • Economic factors determining it saccelerated development.
  • Characteristics of the system of internal control: control environment,internal controls, risk assessment system.
  • The basic postulates, principles and requirements for the formation and operation of the system of internal control.
  • Models and characteristics of the system of internal control,the scope of their application.

2. The main functions of the internal audit service.

  • Control, information analysis, and consulting functions.
  • Stages of functional development of the internal audit service.
  • The main types of audits conducted.
  • The essence of the financial audit, operational audit, compliance audit, audit of information technology and auditing in the field of environmental protection.

3. Methodological framework of internal audit and controlling the economic entity.

  • The forms, methods, techniques, and objects of internal audit and control.
  • Objects of internal audit and control.
  • Methods and procedures for obtaining evidence.
  • Information database of internal audit and control.
  • Accountable and non-accountable sources of information.
  • The level of materiality and risk of error of an internal auditor and controller.
  • Sample and practice of its application.

4.        Modern methods base for inspections.

  • 4.1. Typical methods of validation of organizational work on the application of laws and regulations.
  • 4.2. Typical methods of assessing the quality of the inventory.
  • 4.3. Typical methods of verification of fixed assets.
  • 4.4. Typical methods of testing of intangible assets.
  • 4.5. Typical methods of testing of material resources.
  • 4.6. Typical methods of internal audit of the accounting system.
  • 4.7. Typical methods of verification of the sales process of production (works, services).
  • 4.8. Typical methods of detecting deviations in the performance of a business entity inputs (standard-cost).
  • 4.9. Typical methods of verification of funds.
  • 4.10. Typical validation methodology of calculation and payment of taxes.
  • 4.11. Typical methods of checking accounts receivable.
  • 4.12. Typical methods of verification of financial investments.
  • 4.13. Typical methods of verification of capital of the entity.
  • 4.14. Typical checking technique of borrowed funds.

5.     Features of the internal audit procedures and control of majorcycles (business processes) of the economic entity.

Classification and nature of business processes.

  • The businessprocess: "Logistical support"
  • The business process:"Manufacturing process"
  • The business process:"Financial salesprocess"