Risk-Based Auditing (RBA) is a structured approach to the development of both an organization’s internal processes and the validation of all external transactions relative to compliance with accepted accounting principles (GAAP) or generally accepted auditing standards (GAAS) as a measure of internal control over all resource decisions made within organizations. With the need to address increasing complexity and accountability in the business environment today, auditors can no longer limit themselves to checklists but must employ a risk based approach to their audits so that the audit process is consistent with the overall organization’s objectives and top risk exposures, in real time.
Delivered by Imperial Corporate Training Institute. By applying this structure of risk-based auditing, the auditor will have greater flexibility and provide more accurate reporting against an organization. With a better understanding of an RBA structuring approach, auditors will be able to correlate their audit objectives against the organization’s overall Strategy, Operational, Financial and Compliance risk. Using the RBA structure, auditors will provide organizations with increased audit quality and efficient allocation of audit resources when functioning as a Valued Resource to the organization! Through this approach, auditors will provide more value to their organizations and, therefore, enhance the value of the auditing profession.
Objectives
By the end of the Risk-Based Auditing Training Course, participants will be able to:
- Get a firm understanding of the basic concepts, history and growth of risk-based auditing
- Recognize the distinctions between traditional auditing and a risk-based audit approach
- Recognize and classify the types of organisational risks that may affect your results as both a financial and operational entity.
- Recognize how to apply risk assessment techniques to create a priority list for your audits.
- Implement risk based objectives for your audits in alignment with an enterprise risk management framework.
- Evaluate the control design and effectiveness of the organisation by performing internal audit testing.
- Create a risk based audit plan and programs to be implemented.
- Allocate the audit resources dependent upon the severity and impact of a risk.
- Utilize the results of a risk assessment in your audit testing strategy.
- Conduct risk-based audit fieldwork in an efficient manner.
- Evaluate the extent of residual risk after the evaluation of controls.
- Create a risk-based audit report to provide clear direction and guidance to management and all interested parties.
- Continue to develop professional judgement in the audit decision-making process.
- Use risk-focused audit recommendations as a way of adding strategic value to the organisation by increasing its ability to comply with international auditing and internal auditing standards.
Target Audience
This Risk-Based Auditing Training Course is suitable for:
- Internal auditors seeking to enhance risk-focused audit skills
- External auditors aiming to adopt risk-based audit methodologies
- Financial auditors and assurance professionals
- Risk managers and compliance officers
- Internal control and governance professionals
- Finance managers and financial controllers
- Audit committee members and governance advisors
- Professionals involved in enterprise risk management
- Public sector auditors and regulators
- Banking, insurance, and financial services audit staff
- Corporate governance and quality assurance professionals
- Accountants transitioning into audit and risk roles
- Senior executives responsible for oversight and assurance