This course provides the fundamental knowledge needed to become effective in performing risk-based internal audits. Foundational concepts such as the nature of risk, risk sources and categories, risk appetite and tolerances, and risk frameworks are provided to help you understand the application to the audit engagement planning.
During this course, you will participate in interactive activities and real-life scenarios. Be prepared to walk away with best practices an understanding of the risk assessment process and the impact on an audit engagement. The course will offer and key takeaways you can apply to your organization and its internal audit function department. In addition, you will learn the value this approach brings to your organization.
Explain the role of the internal auditor in risk-based auditing.
Identify key risk and risk management concepts and principles.
Identify internal and external influences of risk.
Identify risk categories.
Identify well-known risk frameworks, including COSO and ISO 31000.
Explain the importance of risk appetite and risk tolerance.
Define risk measurement criteria that support the analysis of risk.
Interpret the nature of inherent and residual risk.
Apply risk and risk management concepts in planning a risk-based audit engagement.
Apply tools to conduct a control evaluation in a risk-based audit engagement.
Develop best practices for effectively communicating observations in a risk-based audit engagement.
What You Will Learn
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
Other risk considerations
Risk Frameworks: An Overview
The purpose of risk management frameworks
Major risk and control frameworks
o COSO Internal Control Framework
o COSO ERM Framework
o 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
This course is designed for internal auditor practitioners who want to learn the principles and concepts of risk and risk management, as well the tools and techniques used to perform a risk-based audit. This course would be beneficial for individual currently performing internal control testing that are transitioning to a risk-based audit approach.
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