Advanced Risk-Based Auditing

The Advanced Risk-Based Auditing course is tailored for chief audit executives (CAEs), audit directors, audit managers, and senior internal audit practitioners, aiming to bolster their competencies in developing strategic, risk-based audit plans that align with organizational objectives. This course delves into critical advanced risk topics including governance, strategic risks, fraud risks, and IT risks, while also focusing on auditing the risk management process.

Participants will engage in interactive group discussions and personal reflections on their current practices, which will facilitate the integration of their professional experiences with the new learning objectives provided by the course. By the conclusion of this course, attendees will possess the knowledge and tools necessary to create an audit universe and develop a complementary risk-based internal audit plan that prioritizes essential risk areas, supporting the organization’s success through effective risk management.

The curriculum encompasses a comprehensive range of subjects designed to enhance the expertise of senior internal audit practitioners and management. Participants will explore foundational principles and concepts of risk management, which are vital for formulating effective risk-based internal audit plans. The course covers the identification of applicable governance principles and their relationship with the COSO frameworks, alongside the exploration of the interplay between governance, risk, and control processes.

Additionally, the course will address the benefits of conducting strategy risk audits and strategy process audits, as well as the role of risk assessment in counteracting fraud. IT risk frameworks, cybersecurity, information security, and IT governance risks will be thoroughly examined, along with assessments of Enterprise Risk Management (ERM) process risks.

To ensure participants acquire practical skills, the course includes developing an auditable universe risk assessment and applying techniques for risk identification, measurement, and prioritization. The interactive nature of the course demands active participation through various activities and discussions, equipping participants with a thorough understanding of advanced risk-based auditing, enabling them to effectively tackle emerging risks and advanced risk topics.