by Internal Audit Collective

Establishing the Foundation of the Modern Internal Auditor

Cohort-based training for new and seasoned Internal Auditors on the fundamentals of risk-based internal auditing.

Next course starting November 17, 2025
Register for FOUNDATIONS
Our team was struggling to keep things running efficiently, but this service completely changed the game.
Emily Roberts
Technical Project Manager

Introducing Foundations

Foundations is a “how-to” training program designed to give internal auditors a playbook to carry-out a modern internal audit project and knowledge of core concepts of internal auditing.

Next course starting November 17, 2025
Register for FOUNDATIONS

Understand Internal Audit’s role and learn how auditors add value by enhancing risk management, governance, and performance across the organization.

Grasp core Internal Audit principles such as independence, objectivity, and the distinctions between objectives, risks, and controls in practice.

Master the audit lifecycle with step-by-step guidance on planning, conducting fieldwork, gathering evidence, and delivering impactful, executive-ready reports.

Gain exposure to supporting activities of high-performing audit teams, including risk assessment, quality assurance, executive communication, and cross-department collaboration.

Stay ahead of evolving practices by exploring emerging Internal Audit trends like advisory services, second/third line integration, and Connected Risk frameworks.

Learn career advancement strategies to position yourself for promotions, higher compensation, and long-term professional success as an Internal Auditor.

What You Get

Register for FOUNDATIONS
9 instructor-led presentations on the foundational aspects of Internal Auditing.
7 workshop sessions and peer discussion with your cohort
1 year’s membership to the Internal Audit Collective community
16 NASBA-certified CPEs

Our team was struggling to keep things running efficiently, but this service completely changed the game. I would recommend this to anybody.

Emily Roberts
Technical Project Manager

Building the Modern Internal Audit Practitioner

This course provides a detailed, “how-to” instruction to up-level the performance of internal audt staff, seniors, and supervisors.

Register for FOUNDATIONS
Day 1

Course Welcome and Understanding the Profession of Internal Audit

Description

This opening session sets the stage for the course and introduces participants to the Internal Audit Collective community. We’ll explore what Internal Audit is, why it is unique within organizations, and how typical departments are structured.

Learning Objectives

Describe the role of Internal Audit and its value proposition.

Recognize how Internal Audit differs from other assurance and compliance functions.

Explain how a typical Internal Audit department is organized and operates.

Day 2

Fundamental Concepts of Internal Auditing

Description

This session covers the building blocks of Internal Auditing, including independence, objectivity, and the distinctions between objectives, risks, and controls. We will also explore the differences between assurance and advisory services.

Learning Objectives

Define independence and objectivity in Internal Auditing.

Differentiate between objectives, risks, and controls.

Distinguish assurance from advisory services and identify when each is appropriate.

Day 3

Distilling the Theoretical Components of Internal Audit

Description

Theory is important, but it can create challenges when applied to real audit projects. This session examines practical tensions around independence, clarifies control terminology, and explores how service type selection impacts audit work.

Learning Objectives

Analyze how independence requirements can create challenges in practice.

Differentiate between a “control” and “controls” in risk management.

Determine when to provide assurance versus advisory services.

Day 4

Planning an Internal Audit Project

Description

Planning lays the foundation for every audit. This session teaches participants how to identify risks and controls using internal and external sources and how to plan an audit project from scratch.

Learning Objectives

Identify common sources of risk and control information.

Use internal and external data to inform audit planning.

Develop a step-by-step audit plan for a new project.

Day 5

Putting Planning to Practice

Description

Participants will put planning concepts into action by creating an audit program for a non-routine audit. This hands-on session reinforces how to move from theoretical planning steps to a practical audit plan.

Learning Objectives

Apply audit planning steps to a case study scenario.

Construct an audit program for a non-routine audit.

Demonstrate effective documentation of planned procedures.

Day 6

Contemporary Fieldwork Practices

Description

This session covers the nuts and bolts of modern fieldwork, including walkthroughs, testing types, and documenting workpapers. Participants will learn to execute testing with clarity and accuracy.

Learning Objectives

Identify the four types of audit testing and when to use each.

Conduct and document effective walkthroughs.

Prepare and maintain high-quality audit workpapers.

Day 7

Breakout Session on Contemporary Fieldwork Practices

Description

Through breakout exercises, participants will apply fieldwork concepts, decide which testing approaches to use, and critique examples of walkthroughs and evidence. This interactive format builds confidence in audit execution.

Learning Objectives

Select appropriate fieldwork methods for different audit objectives.

Evaluate examples of walkthroughs and testing documentation.

Apply good practice standards to strengthen audit evidence.

Day 8

Root Cause Analysis and Issue Development

Description

Strong audit issues start with clear root cause analysis. This session introduces frameworks for issue development and emphasizes critical thinking in determining observations, causes, and business impacts.

Learning Objectives

Define audit observations, issues, and root causes.

Apply frameworks for root cause identification.

Use critical thinking to fully assess audit issues.

Day 9

Performing Root Cause Analysis

Description

This session moves from theory to practice with deeper application of root cause analysis frameworks. Participants will learn how to confirm whether they have identified the true root cause

Learning Objectives

Apply multiple root cause analysis frameworks to real examples.

Evaluate the completeness of identified causes.

Confirm whether an identified cause addresses the true root problem.

Day 10

Reporting Internal Audit Project Results

Description

Reporting is where audit work becomes visible to stakeholders. This session reviews reporting audiences, formats, and critical elements for producing effective, executive-ready audit reports.

Learning Objectives

Identify stakeholders and audiences for audit reporting.

Compare different reporting formats and templates.

Recognize key concepts that apply across all audit reports.

Day 11

Practicing Internal Audit Reporting

Description

This hands-on session allows participants to practice drafting audit issues, risks, recommendations, and summaries. Discussion will focus on tailoring messages for clarity, impact, and stakeholder needs.

Learning Objectives

Draft effective audit issue titles and descriptions.

Write business risks, recommendations, and action plans.

Summarize audit results in clear, concise language.

Day 12

Using Data During the Course of an Audit

Description

Auditors increasingly rely on data to drive insight. This session introduces the basics of organizational data ecosystems and discusses when and how to apply analytics in an audit project.

Learning Objectives

Describe an organization’s typical data ecosystem.

Identify opportunities to apply data analytics during an audit.

Determine when analytics add value to audit objectives.

Day 13

Troubleshooting Common Data Problems During an Audit

Description

Data challenges are inevitable in audit work. This session covers how to access data, overcome common analysis hurdles, and use findings effectively during and after the audit.

Learning Objectives

Explain when and how to obtain audit-relevant data.

Apply common techniques for troubleshooting data issues.

Determine appropriate actions for data insights after an audit.

Day 14

Ancillary Activities of a High-Performing Internal Audit Team

Description

Beyond audits, strong teams manage risk assessments, quality programs, executive reporting, and cross-functional coordination. This session explores the broader processes that elevate Internal Audit.

Learning Objectives

Conduct risk assessments and assurance mapping.

Coordinate effectively with other assurance and compliance functions.

Recognize the importance of QA, monitoring, and executive reporting.

Day 15

Discussing “What Good Looks Like” in High-Performing Internal Audit Functions

Description

This discussion session explores benchmarks of excellence. We’ll review the frequency of ancillary activities, the use of technology, and how practitioners support these functions.

Learning Objectives

Identify hallmarks of high-performing Internal Audit teams.

Evaluate how automation and technology enhance performance.

Define the practitioner’s role in supporting ancillary activities.

Day 16

Internal Auditing: Enabling Positive Change

Description

The capstone session ties together course concepts with practical next steps for participants. We’ll explore emerging trends such as Generative AI and Connected Risk, and discuss strategies for career development.

Learning Objectives

Apply course learnings to day-to-day audit work.

Identify emerging trends shaping the future of Internal Audit.

Develop personal tactics for career advancement in Internal Audit.

Our team was struggling to keep things running efficiently, but this service completely changed the game. I would recommend this to anybody.

Emily Roberts
Technical Project Manager
About the Course Instructor

Linh San Truong

MBA, CPA, CIA, CISA, CRMA

Linh San Truong has served as Chief Audit Executive at four different organizations, where she successfully led both Internal Audit and ERM transformations. Her career spans Big 4 public accounting and senior leadership roles across diverse industries including financial services, transportation, government, oil & gas (both upstream and downstream), retail, and biomedical.

Beyond her executive roles, Linh is passionate about advancing the profession. She advises CAEs on audit and ERM best practices, speaks and trains globally, and serves as a board member for Noggin. She is also the author of Seven Deadly Sins of Organizational Culture, where she explores the critical connection between culture, governance, and performance.