Training: The Role of Internal Audit in Financial Institutions

The African Guarantee and Economic Cooperation Fund (FAGACE) Institute is organizing the training course “The Role of Internal Audit in Financial Institutions”.

Date: December 2 to 4, 2024, online
Duration: 24 hours

Participant Profiles
All professionals in Internal Audit, Risk Management, Compliance, Operations, Finance, Human Resources, and Legal/General Secretariat.

Training Objectives

In a constantly evolving financial services industry, the Internal Audit function holds a unique position and historically built influence over the control environment of any regulated entity. However, it also faces critical challenges in adapting to new expectations for creating value for the organization. Avoiding the risk of “too much” or “too little,” this key function must contribute to a healthy control environment without compromising business initiatives and operational agility.

In this context, the main objectives of this online training are to:

• Gain a better understanding of the key role of the Internal Audit function within a general governance and oversight framework and its added value to other external and internal stakeholders (Board of Directors/Audit Committee members, Executive Management, Compliance, Risk Management, External Audit, and regulators).
• Develop knowledge surrounding the mission of a robust Internal Audit function in the three lines of defense model (improving and protecting organizational value by providing objective and risk-based assurance, advice, and insights) to meet the latest developments in international standards for professional Internal Audit practice.
• Understand the impact of regulatory changes and trends on the Internal Audit function (including its role in recent Environmental, Social, and Governance – ESG requirements).
• Enhance the execution of Internal Audit missions by fully leveraging international internal audit standards (principle-based) to achieve tangible value (results-oriented) for all stakeholders (using the Internal Audit Competency Framework of the Institute of Internal Auditors – IIA).
• Deepen proven and successful Internal Audit approaches and techniques (including standard audit reviews and special missions), and develop and maintain high-quality Internal Audit documentation (Audit Charter, Multi-Year Audit Plan, Audit Reports, Audit Committee Packs).
• Ensure a solid understanding of the different phases to develop and monitor an appropriate Internal Audit budget.
• Develop skills in organizing and staffing an Internal Audit department through the required technical and behavioral competencies, attracting, developing, and retaining Internal Auditors, and their future transition to management roles.
• Experience concrete tools and practices through multiple case studies, real-life scenarios, concrete examples, multiple-choice quizzes, self-assessment, and highlights of the most commonly audited areas.
• Identify and mitigate difficulties and challenges faced by the Internal Audit function by relying on best practices and aiming for an agile Internal Audit function.

Trainer
With over twenty-five years of experience in the international financial sector (external audit and consulting, investment funds, private and commercial banks, microfinance institutions), Mr. Samuel GRAND serves as a Trainer at the FAGACE Institute. He has held successive positions as External Auditor/Consultant, Director of Internal Audit, Director of Risk Management, and Executive Committee Member for Europe, responsible for governance and optimization aspects of various control functions. He now dedicates himself to Non-Executive Director roles on financial institution boards (including Chair of Audit and Risk Committees), consulting assignments, and numerous international training sessions. Mr. GRAND is notably involved in training at the West African Center for Banking Training and Studies (COFEB) of the Central Bank of West African States (BCEAO) and holds the internationally recognized certification from INSEAD – International Director Program in corporate governance, value creation, and board responsibilities.

Registration
The cost of the training is 400,000 FCFA per participant.
For more information, please contact FAGACE at institut.fagace@fagace.org or at +229 97 97 97 30 / +229 94 01 37 20.