Risk Based Audit Methodology and Audit Reporting
Duration : 90 Minutes
Lynn Fountain, Enterprise Risk Management
Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She has held CAE roles in two international companies where she has developed strategic risk based audit processes facilitated strong relation Read more
The Institute of Internal Auditors defines risk based internal auditing (RBIA) as a methodology that links internal auditing to an organization's overall risk management framework. RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively, in relation to the risk appetite.
Course Objectives:
RBIA is at the cutting edge of internal audit practice. It is an area that is evolving rapidly and where there is still little consensus about the best way to implement it. Executing on true risk based internal auditing requires more than an annual risk assessment for the internal audit plan. It requires a pre-established methodology that includes defining the organization's risk appetite and risk tolerance utilizing measurements that include aspects of financial, compliance and operational metrics. In addition, internal audit must be ready to put aside their typical checklists and standard work programs. True risk based internal auditing goes far beyond setting the annual audit plan. It incorporates cascading the process through to each individual audit as well as the audit reporting process. This course focuses on the establishment of a framework or methodology for risk based auditing and examining how to utilize risk based questions within the process steps.
Course Outline:
• Identify some of the various challenges internal audit may face when attempting to execute upon risk based auditing.
• Explore alternatives to identifying risk appetite and risk tolerance to utilize within risk based auditing.
• Evaluate the development and usage of a variety of risk management characteristics when identifying risk tolerance.
• Explore sample scoring techniques to apply to risk based auditing.
• Learn how to conclude your assessment for risk based auditing.
What You Get:
• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points
Who Will Benefit:
• Internal audit personnel involved in performing the annual risk assessment
• Internal audit management interested in performing a risk assessment
• Professionals responsible for performing risk assessment duties
• Risk/compliance officers from any industry
Please reach us at 1-888-844-8963 for any further assistance or if you wish to register
100% MONEY BACK GUARANTEED
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