Risk Based Internal Auditing
Practitioner2 daysGovernance, Assurance & Integrity
Programme overview
Repositions the internal audit function from cyclical coverage to genuinely risk driven assurance. Covers audit universe construction, risk based annual planning, engagement level risk assessment, and reporting that changes behaviour. Aligned to the IIA International Professional Practices Framework.
Who should attend
Chief audit executives, internal audit managers and seniors, audit trainees, audit committee members wanting to challenge the plan, and risk officers coordinating combined assurance.
Sectors
Banks and financial institutions, insurers and retirement funds, public enterprises, large corporates, statutory bodies.
Modules
- Internal audit's mandate, independence and positioning under the IPPF
- Building the audit universe and linking it to the enterprise risk register
- Risk based annual planning: scoring, prioritisation, resourcing and defending the plan to the committee
- Engagement planning: objectives, scope, engagement level risk assessment
- Process understanding, control identification and control design evaluation
- Testing controls: sampling, testing operating effectiveness, data analytics
- Evidence and working paper standards
- Root cause analysis rather than symptom reporting
- Report writing: rating findings, writing for an executive reader, agreeing actions
- Follow up and validation
- Auditing the risk management function and the compliance function themselves
- Auditing AML/CFT: what an AML audit must cover
- Combined assurance and reliance on other assurance providers
- Quality assurance and improvement programme
Learning outcomes
On completion delegates will be able to:
- Build an audit universe linked to enterprise risk
- Prepare and defend a risk based annual audit plan
- Plan and execute a risk based engagement
- Perform root cause analysis
- Write reports that drive management action
- Audit the risk, compliance and AML functions
Tools and templates provided
- Audit universe and planning tool
- Engagement planning memorandum template
- Working paper templates
- Audit programmes for risk, compliance and AML functions
- Findings rating matrix
Assessment and certification
Planning exercise, a simulated engagement, and an assessed audit report.
Certificate of Completion.