Live Online Training

Providing Internal Audit Opinions

Through structured discussion and practical exercises, this course will take participants through a framework for providing internal audit opinions, including being clear on when to use them, how to use them, legal implications, how to navigate overlaps between different assurance standards and frameworks and an appreciation of the IIA’s official guidance in this area.

Session overview

Audit opinions are an important part of most audit projects and increasingly being demanded, yet it is a subject that is often not well understood. Superficial understanding of the frameworks for internal audit opinions can lead to confusion by readers, potential false comfort and risk to the internal audit team and their reputation. If you are grading reports, drawing conclusions or providing a view on the control environment you need a deep understanding of this subject.

Specific issues covered

• Opinion types & formats
• Relevant frameworks & standards
• Potential expectation gaps
• Audit risk
• Limitations & disclaimer types
• Examples & practical ideas

Expected Learning Outcomes

• Recognise different audit opinions types (including implied opinions)
• Assess the audit risk associated with the provision of different opinion types
• Appreciate the role that reader interpretation (and misinterpretation) plays in audit risk
• Be familiar with the content and, be able to distinguish between different standards and guidance in relation to audit opinions
• Deal with the practical difficulties associated with the requirement to apply external audit standards to internal audit work
• Assess each situation and correctly apply audit opinions to different circumstances

Who should attend

Audit Managers responsible for the final issuance of audit reports. This will be particularly pertinent for CAEs and staff responsible for setting the nature of audit reports and opinions for their organisations.