Advanced Risk-based Auditing

Course Description

Print-friendly Course Description and Outline

The need to manage risks is increasingly recognized as essential to effective corporate governance and to maintaining an effective system of internal control. Internal audit plays a key role in providing assurance 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 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.

This course is designed for senior internal audit practitioners and audit managers who want to build on their knowledge and increase their value to the organization by developing effective risk-based audit plans that address emerging risks.

Risk – Pathways to Success

Advanced Risk Based Auditing is the second in a sequence of recommended risk courses for internal auditors.

Following this course, consider taking this recommended risk course:

Enterprise Risk Management: A Driver for Organizational Success

In-person classes are 2 day(s). For online courses, please click on the Details & Pricing link to review session times and dates.

Course Duration: 2 day(s)

CPEs Available: 16

Knowledge Level: Intermediate

Field of Study: Auditing

Prerequisites:

Participants should be senior internal audit practitioners or internal audit managers. Completion of the Fundamentals of Risk-based Auditing course is recommended.

Advance Preparation:

None

Delivery Method: eLearning (Group-Internet-Based); On-site Training (Group-Live); Seminar (Group-Live); Live Stream

Risk Management Principles and Concepts: A Review

Risk definitions
Risk management definitions
Major control and risk frameworks
Risk management assessment criteria

Corporate Governance Risk

Overview, definition, and standards
Relationship between governance, risk and control
Governance breakdowns
Corporate governance principles
Governance principles and COSO frameworks
Audit activities and approach

Strategic Risk

Strategy overview
Definition of strategic risk
Internal audit’s consideration of strategic risk
Strategy related audit
Strategy risk audits
Strategy process audits

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

Information Technology Risk

The IT risk landscape
IT risk assessment frameworks
Internal audit considerations
Internal audit focus
- Cybersecurity
- Information security
- Governance

Auditing the ERM Process

Enterprise risk management audits: Internal audit considerations
Assessing enterprise risk management
Maturity assessment approach
Comprehensive assessment approach

Developing the Risk-based Audit Plan

Auditable universe: General attributes
Audit universe risk assessment: Examples
Assessment criteria: Sophistication factors
Risk identification
Risk measurement
Risk prioritization

Most courses can be delivered through on-site training. You might be surprised that the organization leading the profession is just as committed to the delivery of affordable training.