Risk based internal auditing and assessment of risk requires internal audit to be strategically and operationally linked to the business risk and assurance frameworks. How does this relate to internal auditors going about their day today business? The approach can only be truly effective if everyone in the team understands what they are providing assurance on, the skills required to deliver a risk-based approach and how they fit into the wider assurance framework. The course highlights the modern approach to audit and considers the risk of losses to an organisation.
This course aims to give internal auditors an appreciation of the strategy and planning for a risk based approach and the ability to apply RBIA to audit assignments and assurance reporting. It also develops auditors’ expertise in modern internal audit practices and developments and covers the processes and techniques required to conduct professional reviews of risk management. It also investigates the reliability of control measures in a range of operational, strategic and financial systems.
Upon completion you will be able to:
- Explain the key concepts of Risk Based Internal Auditing
- Appreciate the links between risk management framework and each stage of risk based Internal auditing
- Recognise the elements that contribute towards the risk maturity of an organisation.
- Understand how internal audit fits into the wider assurance framework
- Appreciate how a risk based internal audit plan is developed
- Understand how to plan, deliver and report on internal audit assignments using a risk based methodology
- Consider the skills and competencies required to deliver risk based internal auditing.
- Apply a risk based methodology to internal audit assignments
- Provide meaningful assurance statements to your audit committee and board