IAC 101 - RISK BASED INTERNAL AUDITING

INTRODUCTION

The current trend in Internal Audit – Risk Based Internal Audit (RBIA) requires that Internal Auditors (IA) are strategically and operationally linked to the business risk and assurance framework.

This requires that auditors understand the risk profile of their organizations and be able to prioritize and allocate resources to the most risk prone processes within the instruction.

The days of pre-audits are long gone and the auditor is now more focused on adding value to the governance system in organizations through efficient and effective risk profiling of the institutions operations and making sure that audit resources have been geared towards strengthening internal controls and minimizing possible losses through systematic evaluation, monitoring and consulting services to help achieve organizational objectives and goals.

Learning outcomes

    This three-day workshop will help you teach participants how to:

      • Participants will discover why Audit functions that focus their efforts on significant risk are able to concentrate their resources on issues that drive their business.
      • You will learn how to put in place a risk –based approach that is truly business oriented.
      • You will gain an understanding of what is necessary to make your audit function totally risk based;
      • learn tools, methodologies and  techniques  that  will  boost  auditor  productivity  and ‘’bullet proof’’ audit plans; and
      • Discover how to convert the entire audit process to a risk-based approach that will take you from planning all the way through to report writing.
      • Throughout the workshop class exercises will allow you to hone your risk-based auditing skills.
      • You will leave this workshop with a specific understanding of what is necessary to be risk-based and how to implement this approach.
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