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Risk Based Audit Planning

Risk Based Audit Planning
Risk based on Audit Planning
Risk based on Audit Planning

The Risk based audit planning workshop will enhance the value and credibility of Internal Audit professionals by applying risk concepts and practical approach to establish a true risk based internal audit plan, covering the risk theories and framework. It will also educate the management on the benefits of risk management and how they can align their work with the risk appetite of the Board.

Risk Based Audit Planning
  • Gain an understanding of risk theories and frameworks
  • Educate management on the benefits of risk management
  • Align Internal Audit's work with the risk appetite of the Board
  • Apply the risk concepts and practical approach to establish a true risk based internal audit plan
     
Risk Based Audit Planning

Using practical examples, exercises, case studies and role play.

Risk Based Audit Planning

Internal Audit Leaders, Senior Auditors, Supervisors, Managers and Heads of Departments should find this seminar relevant and interesting.

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Course structure

Risk Concepts

  • What is Risk?
  • The three lines of defense
  • COSO ERM
  • Overview of
    • COSO Internal Control
    • COSO Fraud Risk Management
  • Risk categories and types
  • Risk Appetite
  • Risk Response and Treatment
  • Importance of assuming risks

Risk in the Internal Audit Space

  • Open discussion – risk and audit practices at your company
  • Internal Audit- history, background and evolution of stakeholders expectations and the IA profession
  • Delivering on the internal audit promise
  • Risk Based Audit Plan- what does it mean to Internal Audit and the Company
  • Residual Risk VS Inherent risk based audit planning
  • Role of Internal Audit in Risk Management

Planning the Risk Assessment

  • Preparation – desktop review and background check
  • Stakeholders and key enablers
  • What is my Audit Universe?
  • The risk dimensions
    • Likelihood of occurrence
    • Impact on operations
  • The checklist - are we ready to begin the risk assessment exercise?
  • Dos and don’ts

Conducting the Risk Assessment

  • Workshops VS Meetings
  • Planning for the meeting
  • The right participants for the right meeting
  • Conducting the meeting- dealing with a tough conversation
  • Tools and techniques- Fishbone, 5 Ys, SIPOC, etc.
  • After the meeting- documentation and analysis
  • Follow up meetings
  • Dos and don’ts

Bringing it all together- developing the audit plan

  • Taking a step back- Results VS Expectations
  • Different methodologies for developing the audit plan
  • Stakeholder’s feedback
  • The Heat Map
  • Factors affecting the risk based internal audit plan
  • The Plan- an update or a fresh start?
  • Impact on Financial and Human Capital resources on the Plan
    • Needs VS Available resource
    • Amending your plan accordingly
    • Different sourcing modules to maximize benefit and coverage
  • The draft risk based internal audit plan
  • Dos and don’ts

Reporting to Audit Committee

  • Timeline
  • What to report- content
  • How to secure feedback and approvals needed
  • Preparing for the unexpected
  • Practical examples
  • Dos and don’ts

Keeping the Plan alive

  • Throughout the year
  • Year-end reviews and updates
  • When to start for Zero!

Schedule
Schedule

There are no scheduled dates for this course. Fill out the form to check future dates or deliver the course in-house

Trainers
Frequently asked questions

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