RISK BASED AUDITBy

TOMMY SEAH

(SEATA TM Systemic Risk Review)

CONCEPT

SEATA

A thorough diagnostic review of the current audit function is performed. This includesobtaining an understanding of the overall internal audit focus, the importance andreliance on financial controls and process capabilities by the business, the internal audit budgeting and project scoping processes and the integration of processes audit into the overall internal audit focus. This review of systemic risk can help management prioritize audit projects and assess the current resource and skill levels necessary to perform the total audit function.

OBJECTIVES

Learn to understand risks and to identify, evaluate, and document internal controls. Use the preliminary survey to determine how and what to review Discover the best techniques for getting audit evidence and preparing work papers. Enhance interpersonal and team-building skills throughout the audit.

COACHING OUTLINE1.  The Internal Auditor's vis-à-vis the Compliance Officer’s Roles and Responsibilities

Audit responsibilities and general audit objectives Types of internal audits and factors impacting audit emphasis Attributes of the 21st century internal auditor Your role in selling the internal audit function

2.  The Audit Model - Performance of Audit Work Overview of the audit process Plan the audit - the preliminary survey, audit objectives, scope and audit program Examine and evaluate information during fieldwork Communicate results Perform follow-up procedures

3.  Internal Control Establish management's responsibility for control Identify internal audit's responsibility regarding control Introduce the SEATA control model Internal control components and factors Learn the various types of controls Understand the difference between exception and objective controls Review tools for documenting and evaluating internal controls

METHODOLOGYThis coaching by a FCPA and Certified Fraud Examiner consists of a lively series of short participative lectures conveyed using plain uncomplicated explanations.  Learning will be facilitated through discussion and case studies.  Ample coaching materials will be given to participants so that these will be a constant source of reference to them.  Ample time will be allotted for the transfer of ideas. 

Trainer and Coach

Tommy Seah, FCPA, CFE, FAIA,ACIB

He is the Chairperson of CSI-World Headquarters and the elected Vice Chairman of The Association of Certified Fraud Examiners Board of Regents based in Texas, USA. CFE is a post graduate professional qualification recognized by the FBI and USA Central Intelligence Agency in it’s recruitment of auditors for combating fraud. His services in providing technical training is much sought after by numerous banks in the region, including Germany, Singapore, Malaysia, China, Indonesia, Philippines and Taiwan. Tommy's previous experience includes systems based auditing in an American International Bank, where he was the Senior Regional Auditor responsible for the Bank's audit in the Asia Pacific region. He has also held the top executive position of Chief of Internal Audit in a prime offshore bank where his audit duties cover the Singapore and Hong Kong operations of the bank. He covers all areas of the bank's audit of operations and IT systems. He also has practical working experience in the Operations Department of a foreign bank. Tommy Seah is the author of seven banking books including the F.I.G. Program. The FIG is the authoritative and definitive text on Financial Instruments designed to be used in the world wide banking industry for product training. This publication has received excellent review and first class commendation from some of the most authoritative professional certification body and top rated banks in the world. The other six authoritative texts used in his training are The Foreign Exchange Audit,The Control of Money Market Activities in Banks, Financial Management, MCA for Banks, SWAPS in Investment Banking and Anti-Money Laundering 101. His latest publication is Understanding and Auditing BASEL II, Operational Risk Management.For the past twenty eight years, Tommy Seah has trained some of the top banks and financial institutions in the region. In particular, his expertise in SOX 404, AML and Basel II systems implementation is much sought after by financial institutions and banks in Germany, Brunei, China, Indonesia, Malaysia, Philippines, Singapore, Taiwan and Thailand.