- Understand how to identify, mitigate and control risks effectively
- Challenge management and sell the benefits of proactive risk management
- Audit major areas of risk for your business with confidence
- Add value to your organisation by the application of risk-based audit services
- Gain confidence in your audit plans through understanding the role of risk
- Plan risk based assignments efficiently and effectively
- Understand the role of IA in fraud prevention and detection
- Measure success effectively
Why you should attend:
The Institute of Internal Auditors in a recent professional guidance statement stated the following :-
'Internal Audit are being asked to provide much greater assurance to Senior Management than ever before. The Institute believes that the only way to provide such objective assurance is by means of risk based auditing'.
Audit functions that are able to focus their efforts towards the significant risk in their organisations are able to concentrate their limited resources on the issues which drive business goals and aspirations. In consequence audit plans are directed at the issues, which really matter. This course provides all the latest developments. The course features interactive voting and includes many new topics.
Furthermore, a participative approach whereby auditors and managers work together to identify, assess and control business risks significantly enhances the level of assurance and reduces the chances of nasty surprises – a huge benefit in these more difficult times
Masters Consultant certificate will be issued to all attendees completing minimum of 75% of the total tuition hours of the course.
Who Should attend?
- Heads of Audit, Audit managers and senior auditors
- Auditors responsible for developing or implementing a risk based approach
- Other assurance professionals such as those in Compliance and QA functions who are wanting to develop their Risk based approach
- Managers and Directors of business functions – to aid their knowledge of a risk based audit approach.
- This course will be highly beneficial for delegates that have previously attended the Certificate in Internal Audit 2 – Internal Audit Practitioner or Certificate in IA 3 – Advanced Audit skills
Risk and the Internal Audit role
What is Risk Based Audit?
- Worldwide trends
- Trends (from the BRM Internal audit best practice database)
- The transition from systems based to risk based assurance
- The different approaches to audit
- Audit’s primary roles, objectives and concerns
- What is best practice?
- Perceptions of internal audit – 2008 survey results
- The role of the function – policeman, risk assessor or consultant
- How to ensure you adopt best practice
- Interactive voting – the challenges of RBA (20 questions)
- The key challenges resulting
Exercise 1 Challenges for Internal Audit
- The need to widen the coverage - to become less financially based
- RBA in the different sectors
- The need to introduce a broad business based approach and the actions required
- The steps needed to embrace a risk based approach
The Nature of Risk
- The concept of risk
- The relationship between risk and objectives
- Why senior management may lack a full understanding of the risks
- Risk culture
- Interactive voting – the role of IA in risk management (25 questions)
- Surprises and risk
- Measurement of risk: probability and impact (or likelihood and consequences)
- Categories of risk
- Inherent and residual risk
Exercise 2: Analysing a disaster Business Risk
- The wider business agenda – understanding strategic risks
- How risk management has grown from being a useful tool to being the very pulse of the organisation
- Corporate governance and the challenges posed
* Building an appreciation of your organisation’s risk appetite
- The new International Risk standard ISO 31000
- The AUS/NZ Risk Management Standard
- The COSO standard
- Steps to take in establishing a business risk management programme
- Leading the programme – skills required
- Outline of a best practice process
* Risk Identification and Evaluation
- Approaches and techniques
- Explanation of a risk workshop approach
- The need for facilitation skills and the characteristics required
- How to identify, sift and group the risks
- The use of diagnostic questions and thought- provokers
- Measuring the consequences and the likelihood of occurrence of each key risk
- Risk scoring
- The use of risk matrices to prioritise the risks
Exercise 3: Interactive Risk Workshop Assessment of Risk Mitigation
- The need for separate mitigation workshops
- How to assess risk mitigation
- Identification and evaluation of risk exposures
- Dealing with the exposures (The 4 Ts – terminate, tolerate, treat or transfer)
- Exploiting opportunities
- Establishment of action plans
Exercise 4: Risk Exposures
The RBA Role The Role of Internal Audit in Risk Facilitation
- IIA Advice
- The benefits of close involvement
- The drawbacks
Risk and Internal Audit
- The changing scope of modern internal audit
- Identifying, appraising and evaluation risk during the audit process
- Translating key risks from the business risk process into the basis of the audit programme
Masters Training Company was established in response to the growing need for quality training to support the business community within your Company, Department or Organization by providing a high standard of Training Programs, Courses, Seminars, Workshops and Consultancy Services to employees in a very competitive business environment.
Following the latest trends and ideas in Technology and Management techniques, and with its in-depth knowledge of the business environment, Masters Training Company is able to meet the special requirements of both local and international business throughout the Middle East. Masters Training & Consulting is an independent multinational firm with more than 25 years of experience in helping regional organizations develop their human capital in all fields of management.
Since 1990, we have been entrusted by our clients to provide the most reliable training and consulting products and services in the region. Our innovative and diversified range of training programs and consulting services are designed and delivered by an ever-growing team of full time multilingual consultants experienced in providing solutions relevant to this part of the world and applicable to today’s business challenges.
We pride ourselves on our track record in this regard and on our long-standing relationships with our clients, many of whom have been with us since we started business.
Our public training programs have attracted more than 300,000 participants from almost 3,000 organizations many of whom also entrust us with their needs for bespoke in-company programs. Our client base is steadily growing and so is our commitment to remain the regional leaders in the fields of training and consulting.
Masters is also an approved vendor from KHDA & ILM
This is a certified course that comes with two certificates at completion from KHDA & UK. This is an ideal program for Internal auditors, Accountants, Analyst etc to learn about the required skills of being an internal auditor and financial control manager.
In this course, you will acquire basic knowledge of the theoretical and practical field of internal auditing, control and risk, improve your skills of risk and control reporting, evaluation and identification and much more.
This program will teach you about certain tools and techniques for performing and planning risk-based and valued added audits. You will learn to conduct risk-based audits at both substantive and compliance level. This program will cover Audit planning, execution and reporting levels.