Fundamentals of Risk Based Internal Auditing

Course overview

Course outline

1. 1Day 1: Introduction to Risk-Based Internal Auditing

   • Understanding the purpose and evolution of internal auditing
   • Exploring the principles of risk-based auditing and its organizational value
   • Understanding governance, risk management, and internal control frameworks
   • Reviewing international internal auditing standards and professional practices
   • Understanding organizational objectives and risk alignment
   • Identifying the role of internal audit in supporting risk management effectiveness
2. 2Day 2: Risk Assessment and Audit Planning

   • Understanding enterprise risk management concepts and methodologies
   • Identifying strategic, operational, financial, compliance, and emerging risks
   • Assessing risk likelihood, impact, and risk appetite considerations
   • Developing risk registers and risk assessment matrices
   • Prioritizing audit activities based on organizational risk exposure
   • Preparing risk-based audit plans and annual audit programs
3. 3Day 3: Conducting Risk-Based Audit Engagements

   • Defining audit objectives, scope, and audit criteria
   • Developing risk-focused audit programs and testing procedures
   • Identifying key controls and evaluating control effectiveness
   • Gathering audit evidence through interviews, observations, and documentation reviews
   • Applying analytical procedures and risk-focused testing techniques
   • Documenting audit work and maintaining quality audit records
4. 4Day 4: Evaluating Controls and Reporting Findings

   • Assessing the design and effectiveness of internal controls
   • Identifying control weaknesses, root causes, and risk implications
   • Evaluating residual risk and management responses
   • Developing practical and value-added recommendations
   • Writing clear, concise, and impactful audit reports
   • Communicating audit results to management and stakeholders effectively
5. 5Day 5: Advanced Applications and Continuous Improvement

   • Applying risk-based auditing to emerging and strategic risk areas
   • Understanding continuous auditing and continuous monitoring approaches
   • Auditing governance and risk management processes
   • Utilizing data analytics to support risk-based audit activities
   • Measuring internal audit performance and effectiveness
   • Developing a personal action plan for implementing risk-based auditing practices