Advanced Risk Based Internal Auditing
Advanced Risk Based Internal Auditing.
Most Heads of Internal Audit (IA) would say that their functions have adopted a risk-based approach, however, has this process been fully embedded?
The need to manage risks is increasingly recognized as essential to effective corporate governance and to maintain an effective system of internal control.
Internal audit plays a crucial role in assuring that risks to the organization are properly managed. Risk-based auditing links internal audit to an organization’s overall risk management framework.
This course provides participants with the knowledge to develop an audit universe and risk-based internal audit plan. This course also addresses emerging and advanced risk management topics such as governance risk, strategic risk, fraud risk, information technology risk, and auditing the risk management process.
During this course, you will participate in interactive activities and real-life scenarios. Be prepared to walk away with concepts and tools to develop a value-added, risk-based audit plan for your organization.
Not sure if you need this course? Then answer the below questions.
Have you for example:
Linked your audit programmes and testing directly with the risk registers?
Made suggestions for reducing controls for over-managed risks?
Challenged management’s evaluation of the residual risks? If so, do you have a consistent basis for this challenge?
Encouraged management to determine a target for each risk?
Completed risk-based audits of major projects?
Carried out risk-based audits of complex business activities such as marketing, environmental management and performance management?
Audited your organization’s website, or social media activities?
Determined a strategic audit plan which is flexible, but simple to explain to senior management?
Had an audit plan which was fully coordinated with the other assurance providers in your business?
This course is designed to cover all these questions and other significant challenges of the modern risk-based audit role and will help you plan your risk based assignments efficiently and effectively.
This is the official IIA Course.
You might be interested in other Auditing programs as a next step.
- COURSE TYPE Advanced
- COURSE NUMBER
- DURATION 3 days
- COURSE ACCREDITED BY IIA
YOU WILL LEARN HOW TO
Fully embed the Risk-Based Audit approach
Advise management on the reality of controls and risk management effectiveness
Challenge management’s evaluation of risks and sell the benefits of proactive risk management
Audit major and complex areas of risk for your business with confidence
Add measurable value to your organization by the application of risk-based audit services
Plan Risk-Based assignment efficiently and effectively
IMPORTANT COURSE INFORMATION
Participants who fully attend this course and complete the test on the last day will receive a Strategic Axis Professional Certificate (SAPC). SAPC certificates are regionally recognized and can be quite valuable when applying for more senior roles within the organization or outside.
This course is endorsed by IIA – The Institute of Internal Auditors.
Module 1: Risk Management Principles and Concepts: A Review
Risk management definitions
Major control and risk frameworks
Risk management assessment criteria
Corporate Governance updates
Business Risk Management current trends
Internal Audit modern approaches
Module 2: Business Risk Management Principles
Categories of risk and business risk models
Business Risk assessment
Risks external to the company
Risks per business cycle
Module 3: Corporate Governance Risk
Overview, definition, and standards
The relationship between governance, risk, and control
Corporate governance principles
Governance principles and COSO frameworks
Audit activities and approach
Module 4: Strategic Risk
Definition of strategic risk
Internal audit’s consideration of strategic risk
Strategy related audit
Strategy risk audits
Strategy process audits
Module 5: Fraud Risk Assessment
Definition and principles
Standards and guidelines
Role of internal audit
Internal audit approach
Types of fraud
The fraud triangle
Module 6: Information Technology Risk
The IT risk landscape
IT risk assessment frameworks
Internal audit considerations
Internal audit focus
Module 7: Auditing the ERM Process
Enterprise risk management audits: Internal audit considerations
Assessing enterprise risk management
Maturity assessment approach
Comprehensive assessment approach
Module 8: Business Risk Management Tools & Methodologies
- Tools for measuring and assessing business risks
- Strategy and methodology for managing business risks
- Internal Control Systems and systems for business risk management
- Dangers Audit principles
- The role and responsibilities of Internal Auditor in Risk-Based Audit
- Risk-Based Internal Audit Methodology compared to Traditional Audit approaches
- Legal and regulations impact on Risk-Based Audit
- Impact of Business Ethics in Corporate Auditing
Module 9: Developing the Risk-based Audit Plan
Audit planning development
Audits types and frequency
Audit examples focusing on Risk
Strategy for transitioning Internal Audit department to a Risk-Based Audit function
Effective communication, staff keeping, and Productivity Improvement
Auditable universe: General attributes
Audit universe risk assessment: Examples
Assessment criteria: Sophistication factors
Risk related reporting
In The Classroom
Private Team Training
Indiviual Private Session
Please Register for More Information