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Course Overview
Most Internal Audit functions would say that their functions have adopted a structured approach, but very few have fully embedded this process and added measurable value.
By attending this Audit and Risk Management training course, you will learn how to take your Audit approach to the next level by developing a strategic audit plan to clearly identify what to audit (and how often) and also deliver fully integrated audit assignments.
In this way, the level of assurance you provide can be significantly enhanced.
This Audit and Risk Management training course will feature:
A world-renowned strategic audit planning tool to enable audit priorities to be set with confidence and is simple to explain to senior management.
Participants will learn how to identify over-managed risks during the audit process, develop an integrated process whereby audit programmes can be linked directly with organizational risk registers, and ensure that the audit plan is fully coordinated with other assurance providers.
The course also provides a step-by-step guide to completing audits and techniques to challenge management’s evaluation of risks.
Course Objectives
By the end of this training course, participants will be able to:
- Deliver financially measurable value from the risk-based audit process
- Audit major areas of risk in your business with confidence
- Challenge the risk process (by ensuring that inherent, residual and target risk is identified for each event)
- Evaluate business risk appetite and ensure this is effectively managed
- Plan risk-based assignments efficiently and effectivel
Course Audience
- Heads of Audit
- Audit managers
- Senior auditors and team leaders
- Auditors responsible for developing or implementing a risk-based approach
- Other assurance professionals such as those in Compliance and QA functions who are wanting to develop their Risk based approach
- Managers and Directors of business functions – to aid their knowledge of a risk-based audit approach
Course Methodology
- A world-renowned strategic audit planning tool to enable audit priorities to be set with confidence, and is simple to explain to senior management
- How to identify over-managed risks during the audit process
- Techniques to develop an integrated process whereby audit programmes can be linked directly with the risk registers
- How to ensure that your audit plan is fully coordinated with the other assurance providers in your business
- A step by step guide to completing a risk-based audit
- How to challenge management’s evaluation of the risks
Course Outline
Unite1:
Risk Based Auditing in the Modern Era
- The modern risk-based audit (RBA) approach
- How risk-based audit has changed the face of auditing
- The importance of dealing with the audit risks not just the business risks
- RBA and ERM (Enterprise risk management)
- The ISO 31000 international risk standard
- Auditing strategic risks
Unite 2:
Evaluating the ERM (Enterprise Risk Management) Process
- Risk Workshops
- Other methods of risk identification (including root cause analysis and Monte Carlo analysis)
- Assessment of Risk Mitigation
- Determining the preventative, detective and corrective controls
- Auditing the ERM process
- Assessing the Key risk indicators
Unite 3:
Risk Based Audit Planning
- The Internal audit strategy
- The audit Universe
- Preparing a strategic audit plan
- RBA KPI’s
- Developing the annual plans
- The use of audit technology (CAAT’s)
Unite 4:
Risk Based Auditing in Practice
- Planning a risk-based audit (Initial brainstorming)
- The risk-based audit step by step
- The RBA programme – worked example
- The RBA deliverables
- Monitoring of action plans
- Determining an audit risk and control assessment
Unite 5:
Risk Based Audits of Complex Activities
- Auditing brand and reputation
- Risk based audit of projects
- Reviewing joint ventures
- Environmental auditing
- Auditing the marketing function
- Auditing performance management
Certificates
Upon successful completion of this training program, participants will be formally awarded a HighPoint Certificate, recognizing their demonstrated knowledge and competencies in the subject matter. This certificate serves as an official testament to their proficiency and commitment to professional development