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Developing a Risk-Based Audit Plan

Course Description

Effective internal auditing is ever-so crucial to an organization’s overall success; therefore, it requires thorough planning, coupled with nimble responsiveness to quickly changing risks — a constant in today’s business environment. To add value and improve an organization’s success, internal audit priorities should align with the organization’s objectives and address the risks with the greatest potential to affect its ability to achieve those objectives. 

This course describes a systematic approach to developing and maintaining a risk-based internal audit plan, as the internal audit activity works together to thoroughly understand the organization; identify, assess and prioritize risks, engage stakeholders and estimate resources; and finalize and communicate the plan. 

When applying the guidance of this course, internal auditors will be able to take into account their organization’s level of maturity, especially the degree of integration of governance and risk management; and understand how to adapt the guidance to the specifics of the industries, geographic locations, and political jurisdictions in which their organizations operate.

Who will benefit from this course?

This course is general enough, and robust enough to appeal to the CAE, who is responsible for establishing a risk-based audit plan and align an inventory of skills among the audit staff; for the audit manager, who needs to make a business case for desired and beneficial organizational changes; and for the internal auditor, who desires to increase awareness of potentially emerging risks in today’s business landscape.

Learning Objective(s):

  • Identify sources of potential engagements, including industry trends and emerging risks.
  • Describe the steps of a risk assessment to prioritize engagements.
  • Recognize the elements of a risk-based internal audit plan.
  • Describe internal audit’s coordination efforts and potential reliance upon external auditors, regulatory oversight bodies, and other assurance providers.
  • Discern the elements of a risk assurance map. 
Course Duration: 1 day(s)
CPEs Available: 1.6
Knowledge Level: Basic
Field of Study: Auditing
Advance Preparation: 
Delivery Method: QAS Self-Study