Advanced Risk Based Internal Auditing

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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.

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  • View Schedule
  • COURSE TYPE Advanced
  • DURATION 3 days


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


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 definitions

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

Governance breakdowns

Corporate governance principles

Governance principles and COSO frameworks

Audit activities and approach

Module 4: Strategic Risk

Strategy overview

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

Anti-fraud program

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


Information security


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

Special Issues

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 identification

Risk measurement

Risk prioritization

Risk related reporting

  • In The Classroom

  • Live, Online

  • Private Team Training

  • Indiviual Private Session

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