Risk Based Internal Auditing (RBIA) is a methodology that enables internal audit to assess the adequacy of the assurance framework and the reliability of assurance sources. It requires an internal audit to be strategically and operationally linked to the business risk and assurance frameworks. New skills are required to implement RBIA effectively and this course will provide comprehensive training on applying the methodology.
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What Do Participants Learn Risk Based Internal Auditing course?
- Apply the key concepts of RBIA to your organization
- Link the organization’s risk management framework to each stage of RBIA
- Determine risk maturity and apply the relevant approach
- Understand how internal audit fits into your organization’s assurance framework and undertake an assurance mapping exercise
- Produce an RBIA plan
- Apply a risk-based methodology to internal audit assignments
- Provide meaningful assurance statements to your audit committee and board.
Who Should Attend Risk Based Internal Auditing?
- Heads of internal audit
- Internal audit managers
- Senior internal auditors
- Who is involved in planning and providing assurance on control and management of business risk
Risk Based Internal Auditing Course Outline
- Driving forces for a risk-based approach
- Overview of current guidance – RBIA stages
- Meeting board/audit committee requirements.
- Sources of assurance to the board
- Mapping assurance sources
- Reviewing the adequacy of assurance
- Linking the internal audit plan into the assurance framework.
- What does good risk management look and feel like?
- Forming risk maturity opinions – where does your organization sit on the risk maturity continuum?
- Internal audit planning case study
- Mapping risks, processes, business units and assurance
- Prioritising the focus of assurance (or what to audit with limited resources)
- Understanding the concept of risk appetite
- The involvement of management in the internal audit plan.
- Determining the assignment scope
- Monitoring controls – the management role
- Reporting conclusions and agreeing on the action – a new approach.
- Assurance statements from internal audit
- Making assurance statements meaningful and useful.
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