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Risk Based Internal Auditing Training Week

ACI Learning
Course summary
5 days
English
London
Professional Training

Course description

Risk Based Internal Auditing Training Week

Why attend this course?

  • Adopt a risk based approach to internal auditing
  • Review enterprise risk management and how to effectively establish a framework in your organisation
  • Evaluate internal audit’s readiness to adopt a risk based approach
  • Develop a plan for how to implement risk based auditing
  • Decide who should be consulted – including whether there is a risk you are consulting too widely?
  • Use killer questions and follow up questions to help ensure that you don’t get too many ‘turkeys’on the plan
  • Implement best practice ways of linking the IA plan to key risk areas, whilst delivering core assurance areas
  • Factor in value and value add into the planning process
  • Address differences between Senior Management and the Audit Committee in relation to what they would like IA to do
  • Effectively address the question “Do you have enough resource”? in a way that gets a constructive debate going, without being a too overt plea for resource
  • Implement best practices around longer term planning horizons, the annual plan and ad hoc audit work
  • Use the planning process as a way of deepening the relationship between the head of audit and senior stakeholder

Part 1: Risk Based Internal Auditing

Organisations are more and more requiring their internal auditors to increase the level of assurance they provide particularly with regard to the risks the organisation faces and how those risks are being managed. Internal audit adds value by providing assurances that the risk management framework, processes, controls and outcomes are effective. Internal audit provides a prime source of assurance for the organisation to consider when reviewing and reporting on the effectiveness of the system of internal control. In particular organisations are seeking assurances in relation to:

  • The company’s risk profile, how it is affected by major events, and how the company’s risk management arrangements are keeping up with changes to the profile

  • The adequacy of the company’s risk management processes

  • Emerging risks of significant concern, particularly those outside the arena of financial risk (strategic, operational, and business risks in particular)

  • Risks associated with both corporate and business unit strategies

  • Insights about systemic risk-related and control-related issues highlighted in internal audits

  • Risks that fall outside of internal audit’s scope

  • Internal audit’s assessment of what the company is or is not doing to address risks outside the scope of the internal audit plan

Part 2: Developing the Annual Audit Plan

In this intensive, highly interactive two-day seminar we will review best practices in Internal Audit planning so that the work of the Internal Audit function is focused on the right areas. You will cover, in detail, how to develop a business focused, objective-based audit plan that will zero in on business issues of key importance and maximise the value of expended audit resources. Throughout the course, best practice will be shared alongside useful tools and techniques to help ensure that the IA plan is demonstrably focusing on the right areas. You will learn how to incorporate the organisation’s key data into the plan and, as a result, establish the audit strategy of the future. You will focus on designing a planning methodology that emphasises outcome rather than output. This course will enable you to focus on adding real value to the organization by creating a concrete annual audit plan which is totally business-focused.

Suitability - Who should attend?

Part 1: Risk Based Internal Auditing

Prerequisite: A basic knowledge of internal auditing

Part 2: Developing the Annual Audit Plan

Prerequisite: Experience of IA planning in practice strongly preferred

Outcome / Qualification etc.

MISTI Certificate and 40 CPE points.

Training Course Content

Part 1: Risk Based Internal Auditing

Day One:

  • Session 1: Course Objectives
  • Session 2: Course Contract
  • Session 3: Risk management within the business
  • Session 4: Corporate Governance
  • Session 5: Summary of the day

Day Two:

  • Session 6: A risk based audit plan
  • Session 7: Risk based internal auditing – how to guide
  • Session 8: Summary of the day

Day Three:

  • Session 9: Reporting
  • Session 10: How to deliver a risk based audit report
  • Session 11: Is your organisation ready for risk based internal auditing?
  • Session 12: Closure of the course

Part 2: Developing the Annual Audit Plan

Day Four:

  • Session 13: Are you using questions of value and value add into the planning process
  • Session 14: Who should be engaged and what are the best practice questions that should be asked?
  • Session 15: Leveraging other sources of intelligence
  • Session 16: Best practice ways of linking the IA plan to key risk areas, whilst delivering core assurance areas
  • Session 17: Killer questions and follow up questions to help ensure that you don’t get too many ‘turkeys’ on the plan

Day Five:

  • Session 18: How to address differences between Senior Management and the Audit Committee in relation to what they would like IA to do
  • Session 19: How to effectively address the question “Do you have enough resource?” in a way that gets a constructive debate going, without being a too overt plea for resource.
  • Session 20: Best practices around longer term planning horizons, the annual plan and ad hoc audit work
  • Session 21: Ways to use the planning process as a way of deepening the relationship between the head of audit and senior stakeholders

Expenses

The Price for Part 1 (3 Days) is £2,350+VAT

The Price for Part 2 (2 Days) is £1,700+VAT

The Price for Combined Training (Save 10%): Part 1 + Part 2 (5 Days) is £3,645+VAT

Provider: ACI Learning

ACI Learning

ACI Learning

At ACI Learning, we train leaders in Cybersecurity, Audit, and Information Technology. Whether you're starting your IT career, mastering your profession, or developing your team, we're with you every step of the way. We believe that training is not a...


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Contact information for ACI Learning

ACI Learning

MIS Training Institute
30 Crown Place
EC2A 4EB London

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www.misti.co.uk

Reviews by course attendees

Average rating 5

Based on 2 reviews.

Kristín Baldursdóttir
(5)
Liz is an extremely competent facilitator. The course deepened my knowledge and insights on internal auditing.
Randall P.
(5)
Liz is an extremely competent facilitator. The course deepend my knowledge and and insights on inernal auditing.
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Course rating
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