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Risk-Based Internal Audit Workshop

Risk-Based Internal Audit Workshop

Why Attend

Internal auditing is defined by the Institute of Internal Auditors as "an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. This course guides internal auditors through the required standards for performing the internal audit. It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organization's strategic objectives, improve its sustainability and leverage its ability to face future challenges.

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Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies, live demonstrations of sampling methodologies and group exercises to apply the knowledge acquired throughout the course.

Course Objectives

By the end of the course, participants will be able to:

  • Describe how the GRC system functions
  • Assist in developing a risk-based audit plan
  • Conduct risk based internal audit
  • Increase efficiency and decrease risk
  • Execute different types of internal audits
Target Audience

Delegates with some experience in auditing as well as junior auditors or professionals from finance or other departments looking to develop a focused and best practices approach to the internal audit function. This course is also suitable for supervisors and managers who are interested in updating, upgrading, and refreshing their knowledge of the internal audit function.

Target Competencies
  • Risk based audit planning
  • Evaluating risk management frameworks
  • Evaluating internal audit functions
  • Identifying risk
  • Identifying and designing controls
  • Sampling
  • Completing fieldwork audit
Course Outline
  • Governance, Risk and internal audit overview
    • Corporate governance
    • Risk management
    • Types of risks in an organization
    • Scope of internal auditing
    • The role of an audit committee
    • Risk management process
  • Planning the fieldwork
    • Reasons for risk-based audit planning
    • Three stages for implementing risk-based internal audit
      • Stage 1: risk maturity assessment
      • Stage 2: production of the audit plan
        • Assurance requirements from board and management
        • Actions to achieve production of an audit plan
        • Using assurance maps to determine assurance requirements
  • Conducting audit engagements (Stage 3)
    • Assessing risks: inherent, control, detection, and audit risks
    • Engagement planning
      • Engagement objectives, scope, and criteria
      • Engagement work program
      • Role of internal audit staff
    • Uncover risks during audit engagement
    • Testing management controls
      • Assess design of internal controls
      • Test operating effectiveness of internal controls
    • Summarizing audit conclusions for the audit committee
  • Types of internal auditing
    • Assurance services: the third line of defense
    • Performance auditing      
    • Operational auditing
    • Financial auditing
    • Security and privacy auditing
    • Quality auditing
    • Compliance auditing
Schedule & Fees