Risk-based auditing ensures that the internal audit activity is focusing its efforts on providing assurance and advisory services related to the organization’s top risks. Through risk-based auditing, the internal audit activity helps executive management, and the board understand whether the organization’s risk management processes are sufficient and how to better achieve organizational objectives through good governance, risk management, and control. This requires internal auditors to have a working knowledge of basic concepts, frameworks, tools, and techniques related to risk and risk management.

This course prepares new internal auditors to become effective participants in performing risk-based internal audits. It includes interactive activities based on real-life scenarios that participants can apply to their organization.

For Whom

This course establishes the essential foundation to conduct risk-based audit engagements, including theory and common framework, plus practical application techniques and strategies. This course is designed for new internal auditors and external auditors who are new to a risk-based approach to internal auditing.

Learning Objectives

At the end of the program, participants will be able to:

• Describe the role of the internal auditor in risk-based auditing
• Discuss key risk and risk management concepts and principles
• Identify internal and external risks
• Categorize different types of risk
• Identify well-known risk frameworks
• Contrast risk appetite and risk tolerance
• Perform risk analysis using risk measurement criteria
• Describe the nature of inherent and residual risk
• Plan a risk-based audit engagement using risk management concepts
• Conduct a control evaluation in a risk-based audit engagement
• Communicate observations in a risk-based audit engagement
• Develop solutions to common implementation challenges in risk-based auditing.