DEEP RISK-BASED FINANCIAL AUDIT

TRAINING OVERVIEW

At DixonTech Training, while many Internal Audit functions claim to adopt a risk-based approach, few have fully integrated and added measurable value through this process. This training course offers the opportunity to elevate your audit approach by creating a strategic audit plan. This plan will distinctly identify audit targets and frequencies, enabling the delivery of fully integrated risk-based audit assignments. The goal is to significantly enhance the level of assurance provided by internal audits.

TRAINING TOPICS

• How to identify over-managed risks during the audit process
• Techniques to develop an integrated process whereby audit programmes can be linked directly with the risk registers.
• How to ensure that your audit plan is fully coordinated with the other assurance providers in your business
• A step-by-step guide to completing a risk-based audit.
• How to challenge management’s evaluation of the risks

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

• Deliver financially measurable value from the risk-based audit process.
• Audit major areas of risk in your business with confidence
• Challenge the risk process (by ensuring that inherent, residual and target risk is identified for each event)
• Evaluate business risk appetite and ensure this is effectively managed.
• Plan risk-based assignments efficiently and effectively

TRAINING IS TAILORED TO

• Heads of Audit
• Audit managers
• Senior auditors and team leaders
• Auditors responsible for developing or implementing a risk-based approach.
• Other assurance professionals, such as those in Compliance and QA functions who want to develop their Risk-based approach.
• Managers and Directors of business functions – to aid their knowledge of a risk-based audit approach.

TRAINING METHODOLOGY

This engaging training course at DixonTech employs a range of effective learning techniques to ensure participants achieve maximum understanding, comprehension, and retention of the presented information. The course integrates various exercises and case studies, facilitating practical application of the tools and techniques discussed. Participants will receive a collection of valuable tools and templates in electronic format, enabling them to take away and immediately apply the knowledge gained.

DAY ONE: 

RISK BASED AUDITING IN THE MODERN ERA

• The modern risk-based audit (RBA) approach
• How risk-based audit has changed the face of auditing.
• The importance of dealing with the audit risks, not just the business risks
• RBA and ERM (Enterprise risk management)
• The ISO 31000 international risk standard
• Auditing strategic risks

DAY TWO: 

EVALUATING THE ERM (ENTERPRISE RISK MANAGEMENT) PROCESS

• Risk Workshops
• Other methods of risk identification (including root cause analysis and Monte Carlo analysis)
• Assessment of Risk Mitigation
• Determining the preventative, detective, and corrective controls
• Auditing the ERM process
• Assessing the Key risk indicators

DAY THREE: 

RISK-BASED AUDIT PLANNING

• The Internal audit strategy
• The audit Universe
• Preparing a strategic audit plan
• RBA KPI’s
• Developing the annual plans
• The use of audit technology (CAAT’s)

DAY FOUR: 

RISK BASED AUDITING IN PRACTICE

• Planning a risk-based audit (Initial brainstorming)
• The risk-based audit step by step
• The RBA programme – worked example.
• The RBA deliverables
• Monitoring of action plans
• Determining an audit risk and control assessment

DAY FIVE: 

RISK-BASED AUDITS OF COMPLEX ACTIVITIES

• Auditing brand and reputation
• Risk-based audit of projects.
• Reviewing joint ventures
• Environmental auditing
• Auditing the marketing function
• Auditing performance management