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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.
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.
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
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.
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.