Course Description

The first necessity in performing risk-based auditing is developing a comprehensive audit plan.  This session will include the process for developing and implementing a risk-based assessment/ audit planning process.  Attendees will be provided with key information and examples to assist them in developing/improving their current risk assessment/audit planning process.  Also, with the role of auditors continuing to become more complex and demanding the efficient/effective use of audit resources continues to be more important.  Participate in this seminar to better understand tools, techniques and approaches that will provide a framework to address the following.

• Identify primary risks
• Develop a comprehensive audit plan
• Better manage audit projects.

Audit teams must conduct their work efficiently and effectively to facilitate optimum audit coverage and quality.  The importance of audit project/engagement is essential to effectively implement risk-based audit.  Finally, the course will be interactive and provide opportunities for you to practice what you learn.

In this training, we will discuss the following important issues:

• Why & how to perform risk-based auditing
• Definitions of risk related areas
• Applicable professional standards
• High-level overview - COSO Framework
• Developing a risk assessment process
• Risk assessment/audit planning process
• Why projects get out of control
• Characteristics of a well-managed project
• What is scope creep and how to minimize the impact
• Annual risk assessment
• Realistic audit objectives
• Audit engagement risk assessment (risk matrix)
• Communication & coordination with other audit, compliance, risk management, security, etc. areas (Combined Assurance)

Learning Objectives

• Learn important aspects of a strong risk assessment/audit planning process
• Identify applicable standards related to risk assessment and audit planning
• Review the COSO risk management framework
• Highlight & understand challenges & opportunities in the information gathering process
• Steps/process for risk assessment/audit planning that include the total audit universe
• Share methods/approaches to communicate audit planning process results for review/approval
• Use of the results of the annual risk assessment to facilitate performance of risk-based audits
• Learn how to conduct risk-based audits
• Learn the phases of an audit project and the important steps in each phase
• Understand how to plan an audit project for success
• Highlight and review the primary reasons for scope creep and what can be done to minimize the impact
• Identify key audit project controls and learn how to use them for project success
• Provide and review tools, techniques and approaches that can be used throughout the audit process by the team leader, management and staff
• Understand the why, when, where, how and how much of audit project monitoring & oversight
• Share/receive tips, lessons learned & leading practices for consideration/use by participants
• Provide a list of resources/reference materials for future use

You will leave this seminar able to:

• Perform risk-based audits
• Develop/improve your risk assessment/audit planning process
• Understand key risk related definitions
• Report/communicate your audit plan
• Perform more efficient & effective audits
• Manage audit projects/engagements efficiently/effectively
• Minimize scope creep
• Manage leadership engagement expectations
• Understand your strengths & opportunities for further development

Who Should Attend

Internal audit staff and management.

Prerequisites

Auditors with at least 2 years’ experience in order to draw upon their professional audit experience.

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