Risk-Based Auditing

Course overview

Course outline

1. 1Day 1: Risk Based Auditing in the Modern Era

   • The modern risk-based audit (RBA) approach
   • How risk-based audit has changed the face of auditing
   • Importance of dealing with audit risks, not only business risks
   • RBA and ERM (Enterprise Risk Management)
   • ISO 31000 international risk standard
   • Auditing strategic risks
2. 2Day 2: Evaluating the ERM Process

   • Risk workshops
   • Other methods of risk identification
   • Root cause analysis and Monte Carlo analysis
   • Assessment of risk mitigation
   • Determining preventative, detective, and corrective controls
   • Auditing the ERM process
   • Assessing key risk indicators
3. 3Day 3: Risk Based Audit Planning

   • The internal audit strategy
   • The audit universe
   • Preparing a strategic audit plan
   • Risk-based audit KPIs
   • Developing annual audit plans
   • Use of audit technology (CAATs)
4. 4Day 4: Risk Based Auditing in Practice

   • Planning a risk-based audit and initial brainstorming
   • The risk-based audit step by step
   • The RBA programme worked example
   • RBA deliverables
   • Monitoring action plans
   • Determining audit risk and control assessment
5. 5Day 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