Fundamentals of Risk Based Internal Auditing

This DIXONTECH course provides participants with the essential principles and practices of RiskBased Internal Auditing (RBIA). It focuses on linking internal audit activities with organizational risk management frameworks to improve efficiency, accountability, and control. Participants will learn how to plan, conduct, and report audits using a riskfocused approach that aligns with strategic and operational objectives.

TRAINING TOPICS

• Introduction to RiskBased Internal Auditing (RBIA)
• Internal Audit Standards and Frameworks (IIA, COSO, ISO 31000)
• Understanding Governance, Risk, and Control (GRC)
• Risk Identification and Evaluation Techniques
• Developing a RiskBased Audit Plan
• Executing and Documenting RiskBased Audits
• Communicating Findings and Recommendations
• Linking Risk Management and Audit Processes
• Continuous Improvement in RBIA Practices

BY THE END OF THIS TRAINING COURSE, DELEGATES WILL BE ABLE TO:

• Understand the RBIA framework and principles
• Identify and assess organizational risks effectively
• Develop riskbased audit plans and strategies
• Conduct and document riskbased audits
• Evaluate internal controls within risk contexts
• Communicate and report audit findings clearly
• Strengthen risk management through auditing
• Promote a proactive audit culture

TRAINING IS TAILORED TO

• Internal Auditors and Audit Officers
• Risk and Compliance Professionals
• Audit Managers and Team Leaders
• Finance and Operations Controllers
• Governance and Quality Assurance Managers
• Internal Control Specialists
• Business Process Auditors
• New entrants to the internal audit profession

TRAINING METHODOLOGY

The program uses interactive sessions, casebased discussions, and simulation exercises. Participants engage in realworld audit planning scenarios using templates and risk registers. Practical examples, teambased analysis, and group workshops help reinforce learning and build applied competence in riskbased internal auditing.

DAY 1

INTRODUCTION TO RISKBASED INTERNAL AUDITING

• Definition and evolution of RBIA concepts
• Objectives and benefits of riskbased auditing
• The role of internal audit in governance
• Relationship between risk management and auditing
• Global frameworks: COSO and ISO 31000 overview
• Aligning audit work with organizational strategy
• Understanding audit charters and policies
• Differentiating between compliance and risk audits

DAY 2

RISK MANAGEMENT AND CONTROL FRAMEWORKS

• Understanding organizational risk structures
• Risk identification tools and methodologies
• Qualitative vs. quantitative risk assessment
• Key risk indicators (KRIs) and their role
• Control activities and assurance linkage
• Internal control systems and their limitations
• Evaluating risk appetite and tolerance
• Risk maturity and audit prioritization

DAY 3

PLANNING AND CONDUCTING RISKBASED AUDITS

• Developing annual audit plans based on risk
• Prioritizing audits according to risk exposure
• Gathering preliminary information and data
• Riskbased sampling and evidence collection
• Designing audit programs and checklists
• Control testing and validation steps
• Working papers and documentation standards
• Assessing audit findings and root causes

DAY 4

AUDIT REPORTING AND COMMUNICATION

• Structuring clear and concise audit reports
• Writing executive summaries and findings
• Rating audit issues based on risk impact
• Communicating with management and the board
• Followup and monitoring of audit recommendations
• Measuring audit effectiveness and KPIs
• Audit dashboards and visualization tools
• Enhancing transparency and assurance quality

DAY 5

PRACTICAL IMPLEMENTATION AND CONTINUOUS IMPROVEMENT

• Integrating RBIA into the organization’s culture
• Linking internal audit with strategic objectives
• Continuous auditing and realtime risk monitoring
• Automation and digital tools in RBIA
• Common challenges and lessons learned
• Case study: implementing RBIA stepbystep
• Developing personal audit competency plans
• Course review, assessment, and certification