Optimizing the Three Lines of Model for Internal Audit
Rating:
English
Intermediate
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Course Overview
The Three Lines of Defense Model (3LOD) has been updated and modernized in 2020 by the Institute of Internal Auditors (IIA). According to this model, the internal audit function plays a key role to support the governing body, while being a trusted partner with the management.
Internal auditors need to understand how to manoeuvre in the model while keeping its objectivity and independence. Nevertheless, we often see organisations who cannot optimize roles and responsibilities leading to governance inefficiencies, audit fatigue or assurance gaps. The internal audit function should play a leadership role in assessing the organizational maturity to optimize the model and make appropriate recommendations to management and the governing body.
To create value to the organization, internal audit should leverage the model to ensure continuous improvement and maximize interactions with all line’s stakeholders.
During this engaging course, the participants will be able to put into practice the concepts of program, discuss best practices and leave with a comprehensive methodology model to apply in their organisation.
Internal auditors need to understand how to manoeuvre in the model while keeping its objectivity and independence. Nevertheless, we often see organisations who cannot optimize roles and responsibilities leading to governance inefficiencies, audit fatigue or assurance gaps. The internal audit function should play a leadership role in assessing the organizational maturity to optimize the model and make appropriate recommendations to management and the governing body.
To create value to the organization, internal audit should leverage the model to ensure continuous improvement and maximize interactions with all line’s stakeholders.
During this engaging course, the participants will be able to put into practice the concepts of program, discuss best practices and leave with a comprehensive methodology model to apply in their organisation.
Key Takeaways
1
A better knowledge of the Three Line of Defense Model.
2
A thorough understanding of the standards and conformance requirements.
3
A list of key best practices to put in place to insure flawless implementation.
4
An opportunity to put the program into practice.
5
A comprehensive toolkit to implement the program.
National Association of State Boards of Accountancy
LEORON Professional Development Institute DMCC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org
Course Outline
Part 1
Section 1: Overview of the 3LOD model
→ 3 LOD concepts
→ The different lines – roles and responsibilities
→ Why do we need a 3LOD model?
→ Scenarios, role play and group activities
→ The different lines – roles and responsibilities
→ Why do we need a 3LOD model?
→ Scenarios, role play and group activities
Section 2: The Governing Body
→ Responsibilities and key relations
→ What are they looking for?
→ How to promote the model “buy in”
→ Assessment tool
→ What are they looking for?
→ How to promote the model “buy in”
→ Assessment tool
Section 3: The First Line
→ Defining roles and responsibilities
→ Best practices
→ Assessment scale
→ Best practices
→ Assessment scale
Section 4: The Second Line
→ Defining roles and responsibilities
→ Who are the actors of the second line
→ Assessment scale
Exercise: Assessing the organizational governance coverage
→ Who are the actors of the second line
→ Assessment scale
Exercise: Assessing the organizational governance coverage
Part 2
Section 5: External Assurance Providers
→ Roles and responsibilities
→ Who are the actors?
• External auditors
• Regulators
• Other players
→ Assessment scale
Exercise: Assessing the organizational governance coverage (continued)
→ Who are the actors?
• External auditors
• Regulators
• Other players
→ Assessment scale
Exercise: Assessing the organizational governance coverage (continued)
Section 6: Internal Audit
→ Role of the Audit Committee in the model
→ Role for internal audit depending on the second line maturity assessment
→ Maintaining independence and objectivity while being a trusted partner
→ Using the model for:
• Annual planning
• During the engagements
• After the engagements
→ Are you optimized? … from “assurance gap” to “audit fatigue”
→ Other 3LOD best practices
→ Are you ready for “Combined Assurance”?
Exercise: Identify opportunities for internal audit to optimize the model
→ Role for internal audit depending on the second line maturity assessment
→ Maintaining independence and objectivity while being a trusted partner
→ Using the model for:
• Annual planning
• During the engagements
• After the engagements
→ Are you optimized? … from “assurance gap” to “audit fatigue”
→ Other 3LOD best practices
→ Are you ready for “Combined Assurance”?
Exercise: Identify opportunities for internal audit to optimize the model
Section 7: Making Recommendations
→ Assessment scales and their impacts
→ What to report and when
→ Considerations for small audit shops
→ What to report and when
→ Considerations for small audit shops
Who Should Attend?
This highly practical and interactive course has been specifically designed for
This training course is appropriate for internal auditors (at all levels) seeking professional development to understand, enhance or implement the 3LOD Model in their organisation
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FAQ
What language will the course be taught in and what level of English do I need to take part in an LEORON training program?
Most of our public courses are delivered in English language. You need to be proficient in English to be able to fully participate in the workshop and network with other delegates. For in-house courses we have the capability to train in Arabic, Dutch, German and Portuguese.
Are LEORON Public courses certified by an official body/organization?
LEORON Institute partners with 20+ international bodies and associations.We also award continuing professional development credits (CPE/PDUs) for:1. NASBA (National Association of State Boards of Accountancy) 2. Project Management Institute PDUs 3. CISI credits 4. GARP credits 5. HRCI recertification credits 6. SHRM recertification credits
What is the deadline for registering to a public course?
The deadline to register for a public course is 14 days before the course starts. Kindly note that occasionally we do accept late registrations as well, but this needs to be confirmed with the project manager of the training program or with our registration desk that can be reached at +1071 4 1075 5711 or [email protected].
What does the course fee cover?
The course fee covers a premium training experience in a 5-star hotel, learning materials, lunches & refreshments, and for some courses, the certification fee and membership with the accrediting bodies.
Does LEORON give discounts?
Yes, we can provide discounts for group bookings. If you would like to discuss a discount on a corporate level, we will be happy to talk to you.