Fundamentals of Risk-Based Auditing

The event titled 'Fundamentals of Risk-Based Auditing' is designed to equip new internal auditors and those newly adopting a risk-based approach with the essential knowledge and skills necessary for effective auditing practices. Hosted at the AMA Conference Center in Atlanta, this instructor-led course emphasizes the importance of risk management principles and the pivotal role of internal auditors in the auditing process. Participants will explore foundational concepts such as the nature of risk, sources and categories of risk, as well as risk appetite and tolerance. The course aims to empower attendees to understand and apply these concepts effectively in their organizations.Throughout the course, participants will engage in interactive activities that draw from real-life scenarios, allowing them to apply learned concepts directly to their audit engagements. Key topics will include risk analysis using measurement criteria, the distinction between inherent and residual risk, and the planning of risk-based audit engagements. The course will also cover the communication of audit observations and the development of solutions to common challenges in risk-based auditing. By the end of this program, attendees will be well-versed in the value-added benefits of risk-based internal auditing, the role of the internal auditor, and the integration of risk management frameworks into their auditing practices.