Introduction to Internal Audit of Shipping Companies -an internal control approach

Short Description/Aims

Before you audit a company and its audit universe, it is wise to know the business/industry and familiarity to take place for all the auditors for a more effective and efficient audit. Shipping is one of the world’s most international industries. According to Carlo Cippola (The economic history of world population), shipping is indeed one of the prime forces responsible for shifting the world from an essentially national system to the global economy that exists today. The core of each national economy is the firm. The core of maritime industry is the shipping company. The actual players in the last 100 years are the British nation, the Norwegians, the Japanese & the Greeks.

Learning Outcomes

         How a shipping company works and what risks and controls each department should have as a minimum in their framework.

•         Useful insights from shipping industry and many practical examples in the class associated with financial, operating and compliance controls.

•          Full knowledge how a shipping company works and which robust internal control framework to use.

•          The rotation of all departments will further enhance the participants’ knowledge and will assist them in their risk based audit approach

Course Outline

During the course, the trainer will make an introduction in ship- ping industry and will present the benchmark practice of internal control frameworks that are applied in most shipping organizations.

Further, the trainer will divide the audit universe and present each department of a shipping company analyzing the units’ objectives, responsibilities, risks identified and control procedures that should be followed to provide reasonable assurance to the company’s management.

The workshop will include many practical examples as the train- er incorporates long accumulated experience and his maritime training on board (training voyage from Gibraltar to Odessa with a bulk carrier) that makes him capable of delivering the course from shipping insight with more efficient and productive way.

Teaching & Learning Methods

  • Classroom activities: teaching and presentations

Who should attend

This workshop is customized for the following positions: • Accountants •Accounting managers • Internal auditors • External auditors • managerial staff involved in internal audit, credit control, risk management and corporate governance • CEOs, CFOs and COOs • Consultants who are involved in shipping industry From the above list, they are welcome all those who might not have a shipping background but they desperately need to take a shipping insight and take a route in shipping career path. (Familiarity will take place at the beginning of the course)

Course length

1 day

Mode of Delivery

Customized