Overview

Day 1 – Core Principles, Standard & Regulatory Context

Introduction to Internal Audit 

• Definition and objectives of internal audit 

• Role of internal audit in the Three Lines Model 

• Internal vs. external audit: key differences 

Standards & Ethics 

• IIA International Professional Practices and Standards (new) 

• Core principles for the professional practice of internal auditing 

Governance, Risk & Compliance Framework 

• Relationship of internal audit with: 

• Board of Directors 

• Audit Committee 

• Executive Management 

• Regulatory bodies 

Regulatory & Legal Landscape 

• Relevant EBA Guidelines 

• CSSF Circulars 

• Central Bank of Ireland and relevant Consultation Papers/Guidance  

Day 2 – Internal Audit Practice & Tools

The Internal Audit Process 

• Audit universe and risk-based audit planning 

• Scoping, objectives, and engagement work programs 

• Audit fieldwork techniques (interviews, walkthroughs, sampling, testing) 

• Documentation and working papers (best practices) 

Reporting & Communication 

• Structure of audit reports (executive summary, findings, recommendations, risk grading) 

• Communicating with management and board/audit committee 

• Follow-up and tracking of recommendations 

Key Audit Areas in Financial Institutions 

• Key risk categories 

• Key processes 

• Key functions 

• Emerging risks: ESG, fintech, AI, outsourcing of critical functions 

Case studies and practical exercises along the two days

Self-assessment quiz at the end

Who should attend?

Internal Auditors working / interested in the finance sector and wishing to understand the fundamentals of internal audit and the specifics related to the finance sector. The focus is on the Luxembourg regulatory environment, but the course also provides a short introduction to the finance regulatory environment in Ireland. 

Course objectives

By the end of this training, participants will be able to: 

• Position the role of internal audit within the Three Lines Model and the entity’s governance model. 

• Apply IIA Standards and ethical principles in audit work. 

• Understand the regulatory landscape relevant to internal audit in financial institutions. 

• Develop and execute risk-based audit plans and engagements. 

• Prepare clear, effective audit reports and communicate results to stakeholders. 

• Contribute to the management of key and emerging risks faced through the business and the operating models of the organisation. 

Trainer

Certified from the INSEAD International Director Program (IDP) and the Luxembourg Institute of Governance (ILA) in Board of Directors’ strategy and governance matters, Samuel intervenes in three domains: 

• as an Independent Non-Executive Director (INED) in Boards of international financial institutions, chairman of Audit & Risk Committee, 

• as a Supervisory and Management Board advisor on strategy, governance, internal audit, risk & control matters, and 

• as a Senior trainer and coach in the banking and microfinance sectors, of which several programs initiated by the Luxembourg Government and by the European Community (where he acts as a Senior Expert). 

Samuel benefits from a solid previous career in international financial institutions, including Arthur Andersen (external audit and consulting, France and Switzerland), Fidelity Investments (Chief Audit Executive, Luxembourg and UK + Continental Europe), ABN Amro (Chief Risk Officer, Luxembourg, Netherlands and European subsidiaries and branches), Lombard Odier (Chief Risk Officer, Luxembourg, Switzerland and European branches) and Edmond de Rothschild (Europe Chief Risk Officer, Executive Committee member, Luxembourg, Switzerland, France, Monaco and European subsidiaries and branches).