Risk-Based Internal Auditing Training Program

Introduction:

The risk-based internal audit is a methodological approach crucial to ensuring organizations' financial success, stability, and growth. It focuses on developing, monitoring, and improving an internal audit function integrated within a company framework.

This risk-based internal audit training course strategy emphasizes verification and support for accounting and financial processes, ensuring they are adequate and efficient while highlighting critical areas needing attention.

Understanding the Risk-Based Internal Audit Approach:

Understanding what risk-based internal audits are in today's complex business environment is imperative. This course will unravel the principles and practices underpinning a risk-based internal audit process, ensuring that audits are not just compliance exercises that align with strategic business risks.

By integrating a risk-based logic throughout the audit cycle, from planning to reporting, auditors can prioritize their efforts on areas that matter most, thereby providing value-added insights to stakeholders and enhancing their organizations' overall resilience and risk management capabilities.

Course Objectives:

At the end of this risk-based internal audit course, participants will:

• Discuss who should be consulted in the risk-based internal audit plan, determining the necessary breadth of consultation to mitigate excessive input that may hinder the process.
• Explore methods to link the internal audit risk-based approach to crucial risk areas while delivering core assurance areas.
• Understand how to incorporate value into the planning process for developing a risk-based internal audit plan.
• Approach ways to reconcile differing expectations between Senior Management and the Audit Committee regarding the internal audit agenda.
• How to handle the challenging question: Do you have sufficient resources?
• Foster constructive conversation without appearing overtly resource-hungry.
• Navigate through long-term planning horizons, annual plans, and ad hoc audit work within the risk-based internal audit program.
• Use the planning process to deepen the relationship between the head of the audit and senior stakeholders.
• Discover strategies for adopting a risk-based approach to internal audit.
• Review corporate risk management and effectively implement a framework suitable for your organization.
• Assess internal audit readiness to transition to a risk-based internal audit framework.
• Develop a comprehensive plan for performing risk-based audits.

Targeted Competencies:

By the end of this risk-based internal audit training, participants competencies will:

• Risk Identification and Assessment.
• Audit Planning and Strategy.
• Control Evaluation.
• Risk Mitigation Techniques.
• Compliance Monitoring.
• Data Analysis and Interpretation.
• Reporting and Communication.
• Continuous Improvement in Audit Processes.

Course Content:

Unit 1: Business & Process Understanding:

• Enhance comprehension of the Auditee's business and processes under review.

Unit 2: Risk Assessment:

• Execute a thorough risk assessment as part of defining a risk-based internal audit.

Unit 3: Audit Performance:

• Set up the Engagement File with a risk-aware lens.
• Develop and Prepare the information request list strategically, adhering to a risk-based internal audit training mindset.
• Conduct Business Process Analysis (BPA) with risk considerations.
• Implement risk-based Audit Testing.
• Ensure compliance with laws and regulations from a risk-based perspective.
• Execute Internal Audit And/Or Benchmarking focusing on identified risks.
• Document Working Papers meticulously, reflecting a risk-based approach to internal audit.

Unit 4: Preparing Internal Audit Report:

• Determine the essential Content of the Internal Audit Report with risk findings.
• Issue Draft Report considering assessed risks.
• Finalize the Internal Audit Report with thorough risk analysis.

Unit 5: Follow-up Audit:

• Conduct follow-up audits with a focus on previously identified and assessed risks.