Risk-Based Internal Audit
Overview
Risk-based internal audit focuses audit effort where it matters most. This course covers international internal audit standards, risk-based audit planning, engagement planning, fieldwork and testing, reporting and follow-up, helping auditors add real value to their organisations.
Who should attend
Internal auditors, audit managers, risk and compliance staff, and audit committee support staff.
Training methodology
Interactive presentations, practical exercises, case studies, group discussions, role-plays where relevant, and a personal action plan that participants apply in their own work.
Objectives
By the end of this course, participants will be able to:
- Explain the role of internal audit and its standards
- Build a risk-based annual audit plan
- Plan individual audit engagements
- Perform fieldwork and test controls
- Report findings and follow up on actions
Course outline
Day 1Internal Audit Today
- Purpose and mandate
- Global standards
- Independence and objectivity
- Audit charter
- Discussion
Day 2Risk-Based Planning
- Audit universe
- Risk assessment for audit
- Annual audit plan
- Resourcing
- Planning exercise
Day 3Engagement Planning
- Objectives and scope
- Process understanding
- Risk and control matrix
- Audit programme
- Exercise
Day 4Fieldwork
- Testing techniques
- Sampling
- Data analytics in audit
- Working papers
- Testing exercise
Day 5Reporting and Follow-up
- Writing findings
- Audit opinions
- Management responses
- Follow-up process
- Action plan
