According to the Basel Committee on Banking Supervision, internal auditors and supervisors should use risk-based approaches to determine their respective work plans and actions.
Furthermore, the International Standards for the Professional Practice of Internal Auditing (Standards 2010 & 2201) indicate that the Internal Audit Activity Plan should be based on a documented risk assessment, which will be conducted at least annually. On site internal audits should also be properly designed and documented to ensure that all relevant risks in the area under audit are reviewed. The COSO – ERM Internal Control and Risk Management Framework is the most modern and dynamic framework for approaching and evaluating a company’s risks and its adoption is a major challenge as the risk profile is constantly evolving.
In addition, the audit approach has changed dramatically in the past decade so that, instead of auditing processes and systems, great emphasis is given to risk–based auditing approaches. To keep up with modern trends, internal auditors should adopt a risk-based engagement. All the more so, considering that companies rarely have excess audit capacity, thus available resources should be used effectively and efficiently.
Taking part in many case studies and group discussions, participants of the seminar will understand how to systematically assess all types of risks by using a globally accepted practices and will realize their role in the risk assessment process, explore control self-assessment techniques and learn how to organize and execute risk-based auditing.
By the end of the seminar participants will attain a good understanding of the audit process currently used by world class internal audit units and will understand how to effectively execute risk–based audits.
Who Should Attend
Industry Expert | Konstantinos Triantafyllidis
Former President of the Greek Institute of Internal Auditors (IIA Greece) for the period 2003-2008, and past member of the Audit Committee of the Greek Ministry of Economics and Finance. Mr. Triantafyllidis is a graduate of the Athens Economic University in Economic Science and holds an MBA in Banking. He is currently an Internal Audit consultant while he has over 30 years’ experience in external auditing, internal auditing in the banking sector and as Internal Audit Manager in various subsidiaries of Greek Banking Groups.
Additionally he has obtained significant further training and practice in Internal Control Systems, Internal Audit and Risk Management and global best practices in auditing. He is a Certified Internal Auditor (CIA), a Certified Financial Services Auditor (CFSA) and possesses the Certification in Control Self-Assessment (CCSA). Furthermore he is a Certified Fraud Examiner (CFE) and Accredited Valuator of the Audit Activity by the International Institute of Internal Auditors (The IIA) a field where he is very actively involved. He is member of the External Quality Evaluators of Internal Audit Units of Eurozone’s Central Banks.
The programme is designed to deliver knowledge and enhance participants’ skills via short lectures, case-studies, practical examples, real-life simulations. Participants will also benefit from feedback and take away the knowledge gained to be transferred to their workplace.
Most of the training’s time will be invested in analysing a real-life case study that will help participants understand how to run risk based audits at all audit faces, how to create the long term and annual planning based on prioritization of risks, how to prepare the audit reports based on risks’ size and how to implement follow up activities risk-based.
This programme may be approved for up to 7 CPD units in Accounting and Auditing. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.
€220.00The above fee is subject to 19% VAT
28 in stock
Day 1: October 14, 2021 | 09:00-17:15
Start time: 09:00 EEST
End time: 17:15 EEST
Coordinates: 7 | Duration: 7 hrs
Directions: Konstantinos Triantafyllidis (view the trainer's bio below)