Training Objectives

• To understand how to systematically assess all types of risks by using a globally accepted practices
• To realize the internal auditor’s role in the risk assessment process
• To explore control self-assessment techniques
• To learn how to organize and execute risk-based auditing
• To attain a good understanding of the audit process currently used by world class internal audit units

Training Outline

• Definition of Risk
• The internal Control Framework of COSO – ERM
• Comparison of COSO to COSO – ERM
• Risk components (Internal Environment, Objective Setting, Identification of Risks, Risk Assessment, Risk Response, Control Activities, Information and Communication, Monitoring)
• Types of Risks
• Methods of Risks’ identification
• Risk Assessment Factors
• Gross and net Risks
• Risk Appetite
• Applying COSO – ERM model
• Factors of success
• The internal auditor’s role during the implementation of COSO – ERM
• The International Standards for the Risk Based Audit
• Procedures for the formulation of risks catalogue
• Basic categories of risks
• Basic principles for the Internal Control Systems
• Control Self-Assessment techniques – organization of a live workshop
• Risk Register and Risk Mapping
• Formulation of the annual audit plan
• Implementing risk-based engagement planning
• Execution of risk-based audits
• The internal audit report based on risks
• Knowledge, capabilities and skills of the auditor to implement risk-based audit 

Who Should Attend

• Officers and staff working in Internal Audit Units at all levels (inspectors, internal auditors)
• Officers working in Compliance Units at all levels
• External auditors
• Audit Committee members
• Security professionals
• Risk Management analysts

Training Style

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.

CPD Recognition

This programme may be approved for up to 7 CPD units in Internal Audit. Eligibility criteria and CPD Units are verified directly by your association, regulator or other bodies which you hold membership.

In-house Training

For groups within the same organisation, this course may be customized to meet any specific needs and delivered in-house.