The Risk-Based Financial Audit Training Course by Imperial Corporate Training Institute is designed for professionals looking for a full suite of audit knowledge, utilizing the latest risk analytics methods. The NRMCA offers a complete curriculum for those making the transition from traditional audits based on checklists to risk-focused audits and enables participants to align their resources to the areas of financial and operational risk. In addition to providing a thorough understanding of risk assessment methodologies and how to use these methodologies in the planning, execution, and reporting phases of conducting an audit in a complex organisational structure, this course also allows participants to gain deeper insights into their decisions relative to the impact of financial risks, operational uncertainties, regulatory pressures, and business complexities.
Participants will learn to interpret their audit decisions and effectively assess the quality of the internal controls in place at their organisation, thereby creating a better understanding of the relationship between internal control weaknesses, audit risk, and audit methodology. At the conclusion of the training, the participant will have the skills to perform an efficient audit that is risk-focused and aligned with the International Standards on Auditing (ISA) while providing enhanced value to both management and stakeholders.
Objectives
By completing the Risk-Based Financial Audit Training Course at Imperial Corporate Training Institute, participants will be able to:
- Know the elements and framework of the risk-based audit methodology
- Utilize the technique of professional risk assessment for developing audit plans
- Identify the risk of inherent, controlled and detected risks in the financial audits
- Assess the effectiveness of internal controls on the design as well as the operation
- Ensure alignment of audit objectives to the organisation’s risk profile
- Create audit plans and programs that focus on risk
- Use the principles of financial materiality and risk to determine the areas of priority for audits
- Incorporate results from risk assessments into the strategies for audit testing
- Develop better judgement and higher degree of professional scepticism when performing audit work
- Enhance the effectiveness of the audit process while maintaining the highest level of assurance
- Connect all findings of audits with both business risks and issues of governance
- Conduct, document and communicate risk-based audit reports to management and other stakeholders in a clear manner.
Target Audience
This Risk-Based Financial Audit Training Course is suitable for professionals involved in auditing, finance, risk, and governance functions, including:
- Internal auditors seeking to enhance risk-focused audit skills
- External auditors aiming to strengthen audit planning methodologies
- Finance managers and financial controllers
- Risk management professionals
- Compliance officers and governance specialists
- Accounting professionals involved in audit support roles
- Audit committee members and oversight professionals
- Public sector auditors and regulatory auditors
- Professionals transitioning from traditional auditing to risk-based auditing
- Consultants involved in financial audit and assurance services