Risk Management & Internal Audit: Strategic Approach Training Course

Complete Risk Management and Internal Audit Training Course

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Risk Management & Internal Audit: Strategic Approach Training Course

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Course Overview:

The course is meticulously designed to elevate the capabilities of internal auditors in aligning their practices with the organization's strategic goals through a risk-based approach. This complete training delves into essential topics such as internal audit methodology, governance and risk management training, and effective internal audit techniques. Participants will gain insights into internal audit best practices, corporate governance audits, and advanced risk assessment techniques in auditing. The course emphasizes strategic risk management in auditing, internal audit planning and execution, and the COSO framework for risk management. By mastering risk tolerance in auditing and understanding internal audit roles and responsibilities, attendees will be well-equipped to differentiate between internal and external audits, understand audit committee functions, and conduct enterprise risk management (ERM) audits.

Target Audience:

Internal auditors
Financial auditors and compliance officers
Corporate governance professionals
Risk management officers and strategic planners
Members of audit committees
Professionals involved in enterprise risk management (ERM) audits and contract auditing strategies.

Targeted Organizational Departments:

Internal Audit Departments
Risk Management Departments
Compliance and Regulatory Affairs
Financial Audit and Control Departments
Corporate Governance Teams
Strategic Planning and Performance Management

Targeted Industries:

Financial Services and Banking
Healthcare and Pharmaceuticals
Manufacturing and Industrial Sectors
Technology and Telecommunications
Energy and Utilities
Government and Public Sector

Course Offerings:

By the end of this course, participants will be able to:

Define the scope and functions of internal audit in the company.
Distinguish between various types of internal audit tasks related to operations, compliance, quality, safety, and finance.
Describe guidelines for planning internal audits and develop a risk-based audit plan.
Apply risk identification and control testing techniques.
Determine the best sampling methods for internal audit tasks.
Select appropriate testing tools for internal audits and evaluate their advantages and disadvantages.

Training Methodology:

This course employs interactive training methodologies, including presentations, case studies, and illustrative model methodologies. Participants will engage in group exercises to apply the knowledge gained, fostering an immersive learning experience. Techniques such as role-playing, scenario analysis, and feedback sessions will be utilized to reinforce learning.

Course Toolbox:

complete workbooks and manuals
Online resources for learning and development
Checklists and templates for audit planning and execution

Course Agenda:

Day 1: Introduction to Risk-Based Internal Audit

Topic 1: Overview of Risk-Based Internal Audit
Topic 2: Understanding Internal Audit Methodology
Topic 3: Introduction to Governance and Risk Management
Topic 4: Effective Internal Audit Techniques
Topic 5: Internal Audit Best Practices
Topic 6: Corporate Governance Audit
Reflection & Review: Discussing Key Learnings and Insights

Day 2: Risk Assessment and Management

Topic 1: Risk Assessment Techniques in Auditing
Topic 2: Strategic Risk Management in Auditing
Topic 3: Internal Audit Planning and Execution
Topic 4: COSO Framework for Risk Management
Topic 5: Understanding Risk Tolerance in Auditing
Topic 6: Internal Audit Roles and Responsibilities
Reflection & Review: Analyzing Risk Assessment Strategies

Day 3: Differentiating Audits and Committee Functions

Topic 1: Differences Between Internal vs. External Audit
Topic 2: Roles and Responsibilities of the Audit Committee
Topic 3: Enterprise Risk Management (ERM) Audit
Topic 4: Performance Audit Techniques
Topic 5: Operational Audit Practices
Topic 6: Contract Auditing Strategies
Reflection & Review: Comparing Internal and External Audit Practices

Day 4: Financial and Security Audits

Topic 1: Financial Audit Procedures
Topic 2: Security and Privacy Audits
Topic 3: Quality Audit Techniques
Topic 4: Compliance Audits
Topic 5: Fieldwork in Risk-Based Auditing
Topic 6: Evaluating Audit Risks
Reflection & Review: Best Practices in Financial and Security Audits

Day 5: Internal Control and Testing

Topic 1: Internal Control Testing Techniques
Topic 2: Risk Maturity Assessment
Topic 3: Developing Effective Audit Plans
Topic 4: Prioritizing Audit Risks
Topic 5: Detailed Audit Task Planning
Topic 6: Internal Audit Sampling Methods
Reflection & Review: Practical Applications of Internal Control Testing

Day 6: Information Gathering and Administrative Controls

Topic 1: Information Gathering for Internal Audits
Topic 2: Techniques for Administrative Controls Testing
Topic 3: Effective Audit Findings Reporting
Topic 4: Internal Audit Interview Techniques
Topic 5: Best Practices in Internal Audit Documentation
Topic 6: Case Studies in Information Gathering
Reflection & Review: Improving Information Gathering and Reporting

Day 7: Advanced Auditing Techniques

Topic 1: Advanced Internal Audit Techniques
Topic 2: Implementing Corporate Governance Audits
Topic 3: Advanced Risk Assessment Techniques
Topic 4: Strategic Risk Management Approaches
Topic 5: Detailed Planning for Risk-Based Audits
Topic 6: Integrating COSO Framework in Audits
Reflection & Review: Advanced Techniques and Strategic Approaches

Day 8: Performance and Operational Audits

Topic 1: Detailed Performance Audit Techniques
Topic 2: Operational Audit Practices
Topic 3: Strategies for Effective Contract Auditing
Topic 4: Evaluating Financial Audit Procedures
Topic 5: Conducting Security and Privacy Audits
Topic 6: Quality Audit Techniques Implementation
Reflection & Review: Operational and Performance Audit Insights

Day 9: Compliance and Fieldwork

Topic 1: Conducting Comprehensive Compliance Audits
Topic 2: Effective Fieldwork in Risk-Based Auditing
Topic 3: Detailed Audit Risk Evaluation Methods
Topic 4: Testing Internal Controls in Depth
Topic 5: Assessing Risk Maturity in Audits
Topic 6: Developing and Implementing Audit Plans
Reflection & Review: Practical Applications in Compliance and Fieldwork

Day 10: Reporting and Documentation

Topic 1: Effective Reporting of Audit Findings
Topic 2: Best Practices in Audit Interview Techniques
Topic 3: Documenting Internal Audit Processes
Topic 4: Utilizing Administrative Controls in Audits
Topic 5: Advanced Sampling Methods for Audits
Topic 6: Final Review of Audit Techniques and Strategies
Reflection & Review: Comprehensive Course Review and Feedback

How This Course is Different from Other Training Courses:

This course in Risk-Based Internal Audit distinguishes itself by offering a complete and practical approach to internal auditing. It covers the entire spectrum of internal audit processes, from planning to execution, with a strong emphasis on risk management. Unlike other courses, this program integrates the latest methodologies and tools, such as the COSO framework for risk management, and provides hands-on experience through interactive sessions and real-world case studies. Participants will benefit from a robust curriculum that not only addresses traditional audit practices but also delves into advanced topics like strategic risk management, internal control testing, and specialized audits.

credits: 5 credit per day

Course Mode: full-time

Provider: Agile Leaders Training Center

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