• February 13, 2017
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The paper will impart a detailed understanding of the globally accepted COSO (Committee of Sponsoring Organizations of the Treadway Commission) framework on internal controls and explain the role of an audit committee to ensure strong governance standards. The paper will bring out the best practices in internal audit execution methodology, including developing an internal audit plan, scoping, interactions with auditee stakeholders, elements of process understanding, interviewing techniques, 5W analysis, sampling techniques, effective use of analytics in audit, work-paper documentation, importance of management and executive leadership reporting, including format and guidelines, attending management committee and audit committee meetings.