Fundamentals of Risk Based Internal Auditing
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Course Details
- Introduction
- Objective
- Who should attend
- Course Location
Internal auditing is a profession that is always evolving, especially in the area of risk-based audit approaches. Successful audit leaders know that it is imperative to guide their organizations’ risk-based auditing while improving their current internal audit processes.
This course provides the fundamental knowledge needed to become effective in performing risk-based internal audits. Foundational concepts such as the nature of risk, risk sources and categories, risk appetite and tolerances, and risk frameworks are provided to help you understand the application to the audit engagement.
By attending this course be prepared to walk away with best practices and key takeaways you can apply to your organization and its internal audit function. In addition, you will learn the value this approach brings to your organization.
Course Outline
Risk-based Internal Auditing: An Overview
- The definition of internal auditing
- The International Standards for the Professional Practice of Internal Auditing (Standards)
- The value of risk-based internal auditing
Risk and Risk Management: Principles and Concepts
- Risk overview and the definition of risk
- Risk management definitions
- Risk and risk management misconceptions
- Objectives as they relate to risk
- Uncertainty as it relates to risk
- External risk versus internal risk
- Risk categories
- Other risk considerations
