Risk-Based Internal Audit Planning and Execution Essentials
Gain the skills and knowledge to design and execute a risk-based internal audit plan that drives business value. Upon completion, participants will receive a Certificate of Completion issued by The Art of Service.Course Overview This comprehensive course is designed to equip internal auditors with the knowledge and skills necessary to plan and execute risk-based internal audits. The course is interactive, engaging, and practical, with a focus on real-world applications.
Course Outline Module 1: Introduction to Risk-Based Internal Auditing
- Definition and evolution of internal auditing
- Role of internal auditing in risk management
- Principles of risk-based internal auditing
- Benefits and challenges of risk-based internal auditing
Module 2: Understanding Risk Management Frameworks
- Overview of risk management frameworks (COSO, ISO 31000, etc.)
- Risk management process and components
- Risk identification, assessment, and prioritization
- Risk mitigation and control strategies
Module 3: Risk-Based Audit Planning
- Audit planning process and considerations
- Risk assessment and risk-based audit planning
- Developing a risk-based audit plan
- Audit resource allocation and budgeting
Module 4: Risk Assessment and Analysis
- Risk assessment methodologies (qualitative, quantitative, etc.)
- Risk analysis techniques (SWOT, PESTEL, etc.)
- Identifying and assessing risk factors
- Prioritizing risks and developing a risk-based audit plan
Module 5: Internal Control and Risk Mitigation
- Understanding internal controls and risk mitigation strategies
- Types of internal controls (preventive, detective, etc.)
- Evaluating internal control design and operating effectiveness
- Identifying control gaps and weaknesses
Module 6: Audit Execution and Fieldwork
- Audit execution and fieldwork best practices
- Conducting risk-based audit testing and sampling
- Evaluating audit evidence and documenting findings
- Communicating audit results and recommendations
Module 7: Audit Reporting and Follow-up
- Audit reporting principles and best practices
- Developing clear and concise audit reports
- Communicating audit findings and recommendations to stakeholders
- Tracking and verifying audit recommendations
Module 8: Quality Assurance and Improvement
- Quality assurance and improvement principles
- Evaluating audit quality and performance
- Identifying areas for improvement and implementing changes
- Maintaining a quality-focused audit function
Module 9: Emerging Trends and Best Practices
- Emerging trends in internal auditing (digital transformation, etc.)
- Best practices in risk-based internal auditing
- Leveraging technology to enhance audit efficiency and effectiveness
- Staying current with regulatory requirements and industry developments
Course Features - Interactive and engaging learning experience with multimedia content
- Comprehensive and up-to-date coverage of risk-based internal auditing
- Practical and real-world applications and case studies
- Expert instructors with extensive experience in internal auditing
- Certificate of Completion issued by The Art of Service
- Flexible and self-paced learning with lifetime access to course materials
- User-friendly and mobile-accessible course platform
- Community-driven discussion forums and support
- Actionable insights and hands-on projects to apply learning
- Bite-sized lessons and gamification to enhance learning experience
- Progress tracking and assessment to measure learning outcomes
Join this comprehensive course to gain the knowledge and skills necessary to design and execute a risk-based internal audit plan that drives business value.,
Module 1: Introduction to Risk-Based Internal Auditing
- Definition and evolution of internal auditing
- Role of internal auditing in risk management
- Principles of risk-based internal auditing
- Benefits and challenges of risk-based internal auditing
Module 2: Understanding Risk Management Frameworks
- Overview of risk management frameworks (COSO, ISO 31000, etc.)
- Risk management process and components
- Risk identification, assessment, and prioritization
- Risk mitigation and control strategies
Module 3: Risk-Based Audit Planning
- Audit planning process and considerations
- Risk assessment and risk-based audit planning
- Developing a risk-based audit plan
- Audit resource allocation and budgeting
Module 4: Risk Assessment and Analysis
- Risk assessment methodologies (qualitative, quantitative, etc.)
- Risk analysis techniques (SWOT, PESTEL, etc.)
- Identifying and assessing risk factors
- Prioritizing risks and developing a risk-based audit plan
Module 5: Internal Control and Risk Mitigation
- Understanding internal controls and risk mitigation strategies
- Types of internal controls (preventive, detective, etc.)
- Evaluating internal control design and operating effectiveness
- Identifying control gaps and weaknesses
Module 6: Audit Execution and Fieldwork
- Audit execution and fieldwork best practices
- Conducting risk-based audit testing and sampling
- Evaluating audit evidence and documenting findings
- Communicating audit results and recommendations
Module 7: Audit Reporting and Follow-up
- Audit reporting principles and best practices
- Developing clear and concise audit reports
- Communicating audit findings and recommendations to stakeholders
- Tracking and verifying audit recommendations
Module 8: Quality Assurance and Improvement
- Quality assurance and improvement principles
- Evaluating audit quality and performance
- Identifying areas for improvement and implementing changes
- Maintaining a quality-focused audit function
Module 9: Emerging Trends and Best Practices
- Emerging trends in internal auditing (digital transformation, etc.)
- Best practices in risk-based internal auditing
- Leveraging technology to enhance audit efficiency and effectiveness
- Staying current with regulatory requirements and industry developments