Risk Audit School
Risk Audit School
In this course, learners will be introduced to the basic concepts of risk, including different risks and risk management (ERM) frameworks, such as ISO 3000 and COSO ERM, and the IIA's professional guidance on risk management. There will also be a thorough discussion of how to conduct risk assessments, including reviewing several common types of functional risk assessments, such as a fraud risk assessment, an IT risk assessment, and a financial risk assessment. Learners will also learn about Enterprise Risk Management (ERM) fundamentals, including best practices. They will walk through examples of practical tools, templates, and reports commonly used in the risk management process. This discussion will explain the concept of Risk Appetite, measuring the Impact/Likelihood or risks, and Black Swans.
Once the learner understands risk assessment and enterprise risk management, we will switch gears and discuss the concept of Risk-Based Auditing, including how to apply the risk-based auditing approach toward developing the annual audit plan and planning at the engagement and audit program levels. In addition, this section will include a discussion about root cause analysis, risk mitigation strategies, and data analysis; it will also cover continuous monitoring tools to ensure there is an effective method for addressing risk.
Upcoming start dates
Suitability - Who should attend?
Internal and External Auditors; Risk Management Specialists; and those charged with corporate governance responsibilities.
Prerequisites
- None
Outcome / Qualification etc.
NASBA Certified CPE: 32 Credits Auditing
Internal Audit Certificate, Risk and Compliance Certificate
What You'll learn
You will learn the key concepts of risk-based internal auditing, risk assessment and management. Also, how to apply the concepts learned to help your key stakeholders on essential risk concepts and techniques.
Course Objectives
- Know the fundamentals of the concept of risk, different types of risk, some key regulatory frameworks, professional guidance available on the topic of risk, and assessing and managing risks.
- Understand the steps of a risk assessment process through risk identification and risk measurement at both the enterprise level and the functional level, including the concept of risk appetite and examples of several different functional risk assessments (Fraud, IT, Financial).
- Understand the risk management process (ERM) through recurring risk identification, measurement, and mitigation, including the standard tools, templates, and reporting used in the ERM process through real examples and case studies.
- Understand the methodology and process for conducting Risk-Based Auditing at the annual audit planning level, the engagement planning level, and the audit program level.
- Know how to prepare the IA function for a Risk-Based Auditing approach, including adopting an agile mindset, hiring/developing audit talent, and communicating with key stakeholders about the benefits/value of Risk-Based Auditing and how to address certain challenges.
Training Course Content
- Risk Basics
- Enterprise Risk
- Enterprise Risk Management (ERM)
- Risk-Based Auditing
- Risk-Based Tools
- Key Business Risks
- Executive Perspectives on Top Risks
- Preparing IA Departments for Risk-based Auditing
- Marketing Risk-Based Auditing
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