Course Details
Course Outline
5 days course
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
Risk Frameworks: An Overview
- The purpose of risk management frameworks
- Major risk and control frameworks
- COSO Internal Control Framework
- COSO ERM Framework
- ISO 31000
Risk Assessment Criteria
- The importance of risk assessment criteria in risk-based auditing
- Risk appetite definition and concepts
- Integrating risk appetite with risk assessments
- Risk tolerance definition and concepts
- Risk likelihood and impact
- Other risk criteria
The Risk-based Audit Engagement: Planning and Risk Assessment
- Risk-based audit engagement purpose
- Risk-based audit engagement approach
- Risk maturity
- Risk identification
- Risk assessment
Risk-based Audit Engagement: Control Evaluation
- Managing risks
- Definition of control
- Types of controls
- Evaluating controls
- Tools for evaluating controls
Risk-based Audit Engagement: Communicating Results
- Purpose of communicating
- Why audit reports fail to communicate
- Communicating an audit observation
Risk-based Audit Engagement: Implementation Challenges
- Roadblocks to success
- Personal implementation challenges
- Possible solutions
