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IAE Internal Audit Education
IAE offers three unique audit preparation services. These services will educate and prepare your current and future management teams, staffs and students in preparation for their roles as audit clients. These services are based on many years of my conducting audits, interfacing with internal and external audit organizations and teaching controls and auditing concepts including the do’s and don’ts of audit engagement. The three main educational offerings are: Auditing Financial Statements, Auditing Information Systems and Conducting Mock Audits.
There will be two weeks of education covering 40 hours. The pre-requisite for participating in Mock Audits (the second week) is the completion of the one week course in either Auditing Financial Statements or Auditing Information Systems. The Mock Audit participation makes little or no sense unless the participant is first educated in the audit process and control basics.
I have conducted this education for the past eight years at Kean University to both undergraduate and graduate students with highly satisfactory results.
1) Review of material, logistics and rehearsals with executive management will take place,if requested, approximately one month prior to the classes, leaving time for modifications and changes to be made, if warranted.
2) Classes are limited in size to 20 students.
3) All classes will be conducted within a 4 hour day window for 2 weeks.
4) All classes will take place at the client's location or can be conducted remotely via zoom.
5) Educational services will be restricted to Northern New Jersey or New York City if conducted at the client's location with no restrictions on location, if conducted remotely.
6) All handouts and exercise materials will be provided by IAE.
7) All visual aid equipment and appropriate educational facilities will be supplied by the client.
8) The price for a 40 hour class will be $600 per student (NOTE: The first 2 week class will be free. After evaluation by the company, a decision will be made whether or not to continue the education.)
9) The 40 hour class will be spread over 2 weeks with 20 hours (4 hours every day) for two weeks. A two week approach with half day sessions each day will be beneficial so that the first week the students learn about the audit process and controls and the during the second week, they will participate in mock audits. Requiring an attention span of more than 4 hours a day will be daunting and ineffective.
10) During the first week , all students will attend 4 hour sessions for the first two days where the audit process is discussed. The remaining three days in the first week will be split between two sessions, each 4 hours. The morning session , session "A", will focus on "Auditing Financial Statements" for those students who want to learn about financial statement audits and the afternoon session, session "B", will focus on "Auditing Information Systems' for those students who want to learn about information system audits. Students will choose either session "A" or "B" depending on their functions and responsibilities within their companies.
11) During the second week, all students will participate in mock audits where they will use knowledge they acquired in the first week and will conduct audits. They will role play, simulating audits - each student will participate both as an audit client and an auditor. Again, during the second week, there will be a morning session "A" for auditing financial statements and an afternoon session "B" for auditing information systems. Students will select the section they wish to attend.
More detail on the financial statement audits, information systems audits and mock audits can be found on subsequent pages on this website.