Advanced Risk-based Auditing

Who will benefit from this course?

This course will enhance the skills of experienced internal audit leaders who want to build on their knowledge and increase their value to the organization by developing effective risk-based department audit plans that address emerging risks based on organizational and internal audit risk assessments, interviews, and research. This course is designed for chief audit executives (CAE), audit directors, audit managers, and senior internal audit practitioners.

Course Objectives

• Summarize risk management principles and concepts.
• Identify corporate governance principles.
• Explain the relationship between governance principles and COSO frameworks.
• Explain the relationship between governance, risk and control.
• Identify strategy risk audits.
• Identify strategy process audits.
• Identify types of fraud.
• Examine an anti-fraud program and the role of risk assessment.
• Identify IT risk assessment frameworks.
• Discuss cybersecurity, information security, and information technology (IT) governance risks.
• Assess enterprise risk management process risks.
• Apply enterprise risk management maturity and comprehensive assessment approaches.
• Develop an auditable universe risk assessment.
• Apply risk identification, measurement, and prioritization techniques.

Course Topics

Risk Management Principles and Concepts: A Review

• Risk definitions
• Risk management definitions
• Major control and risk frameworks
• Risk management assessment criteria

Corporate Governance Risk

• Overview, definition, and standards
• Relationship between governance, risk and control
• Governance breakdowns
• Corporate governance principles
• Governance principles and COSO frameworks
• Audit activities and approach

Strategic Risk

• Strategy overview
• Definition of strategic risk
• Internal audit’s consideration of strategic risk
• Strategy related audit
• Strategy risk audits
• Strategy process audits

Fraud Risk Assessment

• Definition and principles
• Standards and guidelines
• Anti-fraud program
• Role of internal audit
• Internal audit approach
• Types of fraud
• The fraud triangle

Information Technology Risk

• The IT risk landscape
• IT risk assessment frameworks
• Internal audit considerations
• Internal audit focus
  • Cybersecurity
  • Information security
  • Governance

Auditing the ERM Process

• Enterprise risk management audits: Internal audit considerations
• Assessing enterprise risk management
• Maturity assessment approach
• Comprehensive assessment approach

Developing the Risk-based Audit Plan

• Auditable universe: General attributes
• Audit universe risk assessment: Examples
• Assessment criteria: Sophistication factors
• Risk identification
• Risk measurement
• Risk prioritization