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.
Course Fee:
MAKE INQUIRY
BOOK NOW

    I.        Why Risk-Based Internal Auditing:

    • RBIA defined;
    • The paradigm shift in Internal Auditing;
    • How RBIA differs from current approaches, and
    • Benefits of RBIA

       II.        The latest risk focused initiatives:

    • IIA’s standards on continuous auditing and risk assessment and
    • Basel I, II and III initiatives
    • COSO ERM model

      III.        Enterprise Risk Management (ERM) and Internal Auditing

    • Driving the ERM environment
    • Risk management and corporate governance
    • Establishing ERM structures
    • Conducting risk inventory
    • The impact of ERM on internal auditing function
    • Fundamental issues of how risk will be assessed
    • Risk register

     

      IV.        Key Attributes of RBIA

    • Understanding the meaning of ‘’true business risk’’ and its impact on the audit function
    • Effectively utilizing the three key components of real risk assessment
    • Ability to identify key types of business risk
    • Understanding how business risk should drive the audit function
    • Acknowledge the relationship between business risk and control failure

       V.        Evaluating IA’s readiness to Adopt a Risk based approach

     

      VI.        Redefining the Audit process for a RBIA function

    • Creating a plan for implementing risk based auditing in an organisation
    • Creating a dynamic / fluid audit plan
    • Targeting the engagements process on key risk areas for focused, high-impact, resource maximization
    • Employing risk-centric fieldwork tools and techniques
    • Utilizing a business risk-oriented reporting format

How can we help you today?

Discuss your training needs with our training consultants

Call us on:

050 1335 818-20 / 050 424 9700 / 050 424 9800

OR

Leave your details and we will get in touch

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form