INTRODUCTION
Internal auditing is a profession that is always evolving, especially in the area of risk-based audit approaches. Successful audit leaders know that it is imperative to guide their organizations risk-based auditing while improving their current internal audit processes.
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. By attending this course be prepared to walk away with best practices and key takeaways you can apply to your organization and its internal audit function. In addition, you will learn the value this approach brings to your organization.
OBJECTIVES
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.
WHO SHOULD ATTEND ?
This Fundamentals of Risk Based Internal Auditing course is designed for: Internal auditor practitioners who want to learn the principles and concepts of risk and risk management, as well as the tools and techniques used to perform a risk-based audit.
COURSE OUTLINE
Day 1
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
Day 2
Risk Frameworks: An Overview
The purpose of risk management frameworks
Major risk and control frameworks
COSO Internal Control Framework
COSO ERM Framework
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
Day 3
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
Day 4
Risk-based Audit Engagement: Control Evaluation
Managing risks
Definition of control
Types of controls
Evaluating controls
Tools for evaluating controls
Day 5
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
IN-HOUSE TRAINING
LPC Training is capable of conducting this training programme exclusively for your delegates. Please e-mail us on admin@lpcentre.com for further information and/or to receive a comprehensive proposal.
www.lpcentre.com
DOCUMENTATION
High-Quality material has been prepared by the LPC team for distribution to delegates. In addition, a special note pad to facilitate note-taking will be provided.
CERTIFICATES
Accredited Certificate of completion will be issued to those who attend & successfully complete the programme.
SCHEDULE
Our Course timings commence at 09:00AM12:45PM Or 01:00PM - 05:00PM.
REGISTRATION & PAYMENT
Please complete the registration form on the course page & return it to us indicating your preferred mode of payment. For Further Information, please get in touch with us.
CANCELLATION AND REFUND POLICY
Delegates have 14 days from the date of booking to cancel and receive a full refund or transfer to another date free of charge. If less than 14 days notice is given then we will be unable to refund or cancel the booking unless on medical grounds. For more details about the Cancellation and Refund policy, please visit www.lpcentre.com/terms-and-conditions/
TRAVEL AND TRANSPORT
We are committed to picking up and dropping off the participants from the airport to the hotel and back.
CONTACT INFO
LONDON
Oxford Street, 25 N Row, London W1K 6DJ
+44 20 36 916 970 | +44 20 80 900 464 info@lpcentre.com
DUBAI
Business Bay, ParkLane Tower, Offices 718 - 719
+971 43 88 00 94
dubai.training@lpcentre.com
KUALA LUMPUR
No. 3273 Level 32, Menara Prestige, 1, Jalan Pinang, 50450 Kuala Lumpur +60 19 305 5694
www.lpcentre.com
www.lpcentre.com
