Risk-Based Internal Audit Workshop|Online

Risk-Based Internal Audit Workshop - Virtual Learning

Why Attend

Internal auditing is defined by the Institute of Internal Auditors as "an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes."

Changes in the regulatory and corporate governance environment have significantly increased the expectations that many stakeholders place on the internal audit function. This course guides internal auditors through the required standards for performing the internal audit. It covers up-to-date tips and tools to accomplish the audit in an efficient, flexible, and results-based manner in order to support the organization's strategic objectives, improve its sustainability and leverage its ability to face future challenges.

Course Methodology

The course uses a mix of interactive techniques, such as brief presentations by the consultant, case studies, live demonstrations of sampling methodologies and group exercises to apply the knowledge acquired throughout the course.

Course Objectives

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

Describe how the GRC system functions
Assist in developing a risk-based audit plan
Conduct risk based internal audit
Increase efficiency and decrease risk
Execute different types of internal audits

Target Audience

Delegates with some experience in auditing as well as junior auditors or professionals from finance or other departments looking to develop a focused and best practices approach to the internal audit function. This course is also suitable for supervisors and managers who are interested in updating, upgrading, and refreshing their knowledge of the internal audit function.

Target Competencies

Risk based audit planning
Evaluating risk management frameworks
Evaluating internal audit functions
Identifying risk
Identifying and designing controls
Sampling
Completing fieldwork audit

Governance, Risk and internal audit overview
- Corporate governance
- Risk management
- Types of risks in an organization
- Scope of internal auditing
- The role of an audit committee
- Risk management process
Planning the fieldwork
- Reasons for risk-based audit planning
- Three stages for implementing risk-based internal audit
  - Stage 1: risk maturity assessment
  - Stage 2: production of the audit plan
    - Assurance requirements from board and management
    - Actions to achieve production of an audit plan
    - Using assurance maps to determine assurance requirements
Conducting audit engagements (Stage 3)
- Assessing risks: inherent, control, detection, and audit risks
- Engagement planning
  - Engagement objectives, scope, and criteria
  - Engagement work program
  - Role of internal audit staff
- Uncover risks during audit engagement
- Testing management controls
  - Assess design of internal controls
  - Test operating effectiveness of internal controls
- Summarizing audit conclusions for the audit committee
Types of internal auditing
- Assurance services: the third line of defense
- Performance auditing
- Operational auditing
- Financial auditing
- Security and privacy auditing
- Quality auditing
- Compliance auditing

2025 Schedule & Fees

Fees

Fees + VAT as applicable

Discount Plans & Cancellations Policy

Location & Date

There are no public sessions remaining for the course this year. Please contact us if you wish to have a customized in-house session, or to find out how an additional public session can be scheduled.

Meirc reserves the right to alter dates, content, venue, trainer, and to offer courses in an integrated virtual learning (IVL) format whereby face to face classroom participants and virtual learners participate simultaneously in the same course in an interactive learning experience.

Tax Registration Number: 100239834300003

Overview

Course Methodology

Course Objectives

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

Describe how the GRC system functions
Assist in developing a risk-based audit plan
Conduct risk based internal audit
Increase efficiency and decrease risk
Execute different types of internal audits

Target Audience

Target Competencies

Risk based audit planning
Evaluating risk management frameworks
Evaluating internal audit functions
Identifying risk
Identifying and designing controls
Sampling
Completing fieldwork audit

Course Outline

Governance, Risk and internal audit overview
- Corporate governance
- Risk management
- Types of risks in an organization
- Scope of internal auditing
- The role of an audit committee
- Risk management process
Planning the fieldwork
- Reasons for risk-based audit planning
- Three stages for implementing risk-based internal audit
  - Stage 1: risk maturity assessment
  - Stage 2: production of the audit plan
    - Assurance requirements from board and management
    - Actions to achieve production of an audit plan
    - Using assurance maps to determine assurance requirements
Conducting audit engagements (Stage 3)
- Assessing risks: inherent, control, detection, and audit risks
- Engagement planning
  - Engagement objectives, scope, and criteria
  - Engagement work program
  - Role of internal audit staff
- Uncover risks during audit engagement
- Testing management controls
  - Assess design of internal controls
  - Test operating effectiveness of internal controls
- Summarizing audit conclusions for the audit committee
Types of internal auditing
- Assurance services: the third line of defense
- Performance auditing
- Operational auditing
- Financial auditing
- Security and privacy auditing
- Quality auditing
- Compliance auditing