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Internal Audit Based on Risk

Home.Audit, Governance, and Risk Management.Internal Audit Based on Risk
25May

Internal Audit Based on Risk

Methodology

This course utilizes interactive training techniques such as presentations, case studies, and clarification of typical methodologies. In addition to group exercises to apply the knowledge gained during the course.

Course Objectives

By the end of the course, participants will be able to:

  • Define the scope and functions of internal auditing in the company.
  • Differentiate types of internal audit tasks related to operations, compliance, quality, safety, or finance.
  • Describe the guidelines for planning internal audit operations and develop a risk-based audit plan.
  • Apply risk assessment techniques, controls identification, and testing.
  • Determine the best sampling methods in internal audit tasks, considering sample size or sample selection.
  • Select appropriate testing tools used in internal auditing and state the advantages and disadvantages of each.

Target Audience

Employees with some auditing experience, as well as financial auditors or other department auditors seeking to develop an approach based on best practices and techniques of internal auditing function. Also, supervisors and managers looking to update, develop, and renew their knowledge in internal auditing.

Training Program Content

  • Overview of risks and internal auditing.
  • Defining risks.
  • Types of institutional risks.
  • Strategic risks related to reporting, compliance, operational, financial, and physical aspects.
  • Corporate governance scope.
  • Components of corporate governance.
  • Internal auditing as a function of corporate governance.
  • Scope of internal auditing.
  • Reasons for conducting internal audits.
  • Differentiating internal audit from external audit.
  • Internal audit charter.
  • Audit committee’s role.
  • Risk management process.
  • The five steps to establish an effective framework in enterprise risk management (ERM).
  • ERM framework: COSO model.
  • Assessing risk tolerance.
  • Role of internal audit activity in risk management.
  • Types of internal audits.
  • Assurance services: the third line of defense.
  • Performance auditing.
  • Operational auditing.
  • Contract auditing.
  • Financial auditing: audited financial cycles by internal auditors.
  • Security and privacy auditing.
  • Quality auditing.
  • Compliance auditing.
  • Risk-based internal audit: planning fieldwork.
  • Reasons for planning risk-based auditing.
  • Three stages of conducting risk-based internal audit.
  • Step 1: Assessing risk maturity.
  • Internal audit procedures in assessing risk maturity.
  • Comprehensive strategy for auditing based on risk maturity.
  • Conclusion of the risk management framework.
  • Step 2: Developing the audit plan.
  • Board requirements.
  • Audit plan development procedures.
  • Identifying processes and responses to provide required assurances.
  • Ranking and prioritizing risks.
  • Calculating risk scores and weights.
  • Linking risks to audit tasks.
  • Using maps to identify confirmation requirements.
  • Step 3: Performing audit tasks.
  • Risk-based internal audit: conducting audit tasks.
  • Role of internal audit in conducting the audit.
  • Risk assessment: inherent, control, detection, and audit risk.
  • How risk management and internal audit mitigate risks.
  • Planning audit tasks.
  • Objectives, scope, and task standards.
  • Audit task work program.
  • Role of internal audit team.
  • Definition of management assertions.
  • Detecting risks during audit tasks.
  • Examples of internal audit risk assessment scales.
  • Testing management controls.
  • Insights into a flowchart for understanding processes and controls.
  • Assessing the design of internal controls.
  • Testing the effectiveness of operational processes for internal controls.
  • Ten steps for conducting an audit phase.
  • Summarizing audit results for the audit committee.
  • Technical tools for internal auditors.
  • Tips and tools for audit sampling.
  • Information collected by internal auditors.
  • Four types of information.
  • Sources and nature of information.
  • Assessing persuasiveness.
  • Types of procedural tasks.
  • 15 testing tools for internal auditing.
  • Observations.
  • Conducting interviews: undesirable methods.

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