Objective
In this course, you will learn the principles and methodology of Business Risk Management and Risk Based Audit based on Best Practices. As several organisations have developed different Risk Based Audit methodologies, we will distinguish the several approaches and propose the more relevant ones. Specifically, our approach will cover how we identify the audit universe, the related business objectives and risks that depict the audit areas of the audit universe and the determination of related risk factors. During the workshop, the Risk Based Audit methodology will be analysed and presented in detail using practical examples and case studies. Examples of Risk Based Audit Practices for several industries and various business cycles will also be presented. Also, we will describe the relevant steps to develop a comprehensive audit plan of different business & growth strategies
CONTENTS
1) Introduction and Overview
a) General Principles of an Audit
b) Approaches of Auditing
c) Audit Risk
d) Internal Audit
e) Assurance & Consulting Activity
f) International Professional Practices Framework - IPPF
g) IIA Code of Ethics
h) Internal Audit Charter and Standards
2) Introduction to RBIA
3) Sources and Identification of Risks
4) Internal Control - Control Environment
5) Risk Management Framework
6) The Risk Register
7) Finding the Significant Risks
8) Grouping of Risks
9) Case Studies and Exercises
10) Breaking down the risks
11) Hierarchy of objectives, risks and controls
12) Measuring Risks and Updating the Risk Register
13) Risk Maturity
14) RBIA - Stage 1 and Exercises
15) RBIA - Stage 2 and 3
16) Planning and Execution
17) Conclusion and Reporting
18) Case Studies and Exercises
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