The STEP project held three on-site training sessions on Internal Audit Toolkit phase 2 (IAT2) and Internal Audit Report which lasted 1.5 days each for 28 PCFs in Can Tho, Vinh, and Hai Phong in July 2022. STEP advisors and Co-opbank experts collaborated to train the PCFs’ control board heads and internal auditors on the IAT2 development and how to prepare the internal audit report which directly links to the audit toolkit.
The trainees were not only introduced to new internal audit methodology and audit procedures during the training sessions, but they also did some exercises on the e-learning platform to become familiar with using these toolkits.
On the first day of each session, the participants were trained on the new development of the IAT2 which would focus on how to perform accounting audit procedures and analyze financial statements… Some Excel VBA functions have been developed and built into the toolkit to assist PCFs in minimizing data entry errors. Furthermore, the trainees were introduced to the IT audit test, as well as issues concerning gender equality and the environment. The design of these audit tests has supplemented the toolkit phase 1 and completed the audit toolkit which provides the PCF internal auditors with procedures of a full audit cycle.
On the second day, STEP experts introduced the template of the internal audit report and guided on how to compile audit findings and recommendations into the report in a comprehensive but concise manner. The report template follows the prevailing regulations, internal audit standards, and best practices as well. An internal audit report sample has also been built and exchanged to PCFs so that they could understand how to form a real one.
Most trainees shared that they were happy with the training content. “The toolkit is very useful. It may take time to use the toolkit for the first time, but I believe that it will eventually make the internal audit more efficient and effective. Ngu Doan PCF will apply the toolkit and audit report template immediately” said Mrs. Oanh, director of Ngu Doan PCF in Hai Phong.
The STEP project believes that these training sessions continue to both improve the internal audit practices in PCFs and raise the awareness of the importance of audit documentation of work done, findings and recommendations in the toolkit and in the audit report as well. Along with in-class training sessions, personalized coaching sessions for selected PCFs will be also conducted to support internal auditors to handle with specific issues and difficuties arising from actual implementation.]