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

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

Who will benefit from this course?

This course will enhance the skills of experienced internal audit leaders who want to build on their knowledge and increase their value to the organization by developing effective risk-based department audit plans that address emerging risks based on organizational and internal audit risk assessments, interviews, and research. This course is designed for:

• Chief Audit Executives (CAE)
• Audit Directors
• Audit Managers
• Senior Internal Audit Practitioners.

Prerequisites: 

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

No. of CPE Units: 32 for IIA Certification