INTRODUCTION FOR BRIBERY & CORRUPTION RISK ASSESSMENT – RISK BASED INTERNAL AUDITING

Bribery & Corruption Risk Based Assessment is an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of bribery and corruption risk management, control and governance processes. The risk assessment shall be in line with ISO 37001:2016 and the MACC Act 2009.

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the bribery and corruption internal audit function, namely the Guidelines to Adequate Procedures pursuant to the Malaysian Anti-Corruption Commission Act 2009(Section 17 A),

‘Essentials of Bribery and Corruption Risk Internal Audit’ guides internal auditors through the required standards for performing the internal audit of It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organization’s strategic objectives, improve its sustainability and leverage its ability to face future challenges

Reference shall be made to ISO 31000 for the Risk Assessment and Management guidelines.

COURSE OBJECTIVE

By the end of the course, participants will be able to:

• Define bribery and corruption internal risk based auditing scope and function within the company
• Understand internal risk based auditing
• List the bribery and corruption auditing standards constituting the framework of the internal audit activity
• Distinguish the types of internal audit assignments related to operational, compliance or financial internal audit
• Describe the internal audit fieldwork guidelines and apply techniques for risk identification, controls identification and controls testing
• Select the appropriate internal audit test tools and list the advantages and disadvantages of each
• Identify best sampling techniques in an internal audit assignment in terms of sample size or sample selection
• Recognize fraud, bribery & corruption risk and express internal auditor’s responsibility upon it’s detection

COURSE METHODOLOGY

• Online Training / Facilitation
• The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies, live demonstration of sampling methodologies and group exercises to apply the knowledge acquired throughout the course.

TARGET COMPETENCIES

• Risk based audit planning
• Evaluating an internal audit function
• Risks identification
• Identifying and designing controls
• Sampling
• Bribery, Corruption & Fraud assessment

COURSE CONTENT

• Reference to the Compliance Register
  • Legal
  • Standards & Guidlines
  • Best Practices

• Risk and internal audit overview
  • Definition of bribery and corruption risk
  • Types of bribery and corruption risk in an organization
  • Functions of management: planning, organizing, implementing and controlling
  • Defining internal audit
  • Internal audit as a function of corporate governance
  • Scope and building blocks of corporate governance
  • Reasons to have an internal audit function
  • Distinguishing internal from external auditing
  • Scope of internal auditing: the internal audit charter
  • Staffing the internal audit function
  • Role of audit committee

• Internal audit standards
  • Attribute standards
  • Performance standards
  • Framework for Internal Controls
    • Control Environment
    • Risk Assessment
    • Control Activities
    • Information & Communication
    • Monitoring
    • Application of the framework in the auditing process shall be discussed as an integrated part of this training program

• Types of internal auditing
  • Performance auditing
  • Operational auditing
  • Financial auditing: accounting cycles audited by the internal audit function
  • Compliance auditing
  • 20 questions directors should ask about the internal audit function

• Internal audit implementation: fieldwork guidelines
  • Information gathered by internal auditors
    • 4 qualities of information
    • Sources and nature of information
    • Assessing the degree of persuasiveness

• • Types of engagement procedures
    • Internal audit test tools
    • Observation
    • Interviewing: a disliked technique
      • Interviewing skills: how to run a successful interview
      • Role play: internal auditor in action
    • Examining records
      • Verification and confirmations
      • ​Vouching and tracing
      • Re-performing

• • Internal audit working papers
    • Best practices for managing working papers
    • Retention policies

• • Communicating fieldwork results and recommendations
    • Legal considerations for communicating results
    • 4 attributes of an observation or recommendation
    • Disseminating results and exit meetings

• The fieldwork: bribery and corruption risk-based auditing
  • The principles of T.R.U.S.T
    • Outlining all components of the T.R.U.S.T Principle
    • Reference to Transparency International Malaysia’s audit guidelines
  • Defining management assertions
  • Identification of Critical Business Process where Corruption Risk is high

• • Risk assessment process
    • Gap Analysis
      • Compliance Requirement vs Current Practise
    • Evaluating risks
      • Risk Description
      • Severity Rating (Impact & Likelihood AnalysisS

• • • Techniques to identify the auditable units
      • Criteria for selecting auditable units
      • Scoring and weighing risks
    • Prioritizing risk and developing audit plan
    • Methods to generate list of risks

• • Identifying entity level controls to mitigate risks
    • Broad definition for types of controls
    • Essential components of effective internal control system: ‘COSO’ model
    • Criteria for unsatisfactory rating for control components
    • Methods to generate list of controls
      • Insights on flowcharting for understanding cycles and controls

• • Testing of internal controls
    • Design and implementation of an internal control
    • Operating effectiveness of an internal control
  • Tips and tools for audit sampling
  • Audit results communication
    • Executive Summary with severity and explanation
    • Action Plan Priority
    • Presentation Skills
    • Communication Skills
    • Critical Communication
  • End of Session with Q &A

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