MODERN RISK-BASED INTERNAL AUDITING

Two-day course from 8:30 a.m. to 4:30 p.m.
Instructor: Colin E. Wiltshire

Cost:  $1,295 + GST
(includes training material and CD, certificate of participation, lunch, breakfast and refreshments)

LEVEL: Intermediate

HIGHLIGHTS

Modern Risk-Based Internal Auditing is a course designed to develop understanding and skills, and to learn how to use tools and techniques that integrate management of risk much more explicitly and formally into:

• Internal Audit (IA) Planning;
• An Expanded Suite of IA Engagement Types;
• Strengthening the Management Control/Accountability Framework;
• Conduct of Engagements;
• Audit Reporting and Follow-up; and
• Helping Audit Committees Fulfill Their Expanding Roles

OBJECTIVES

The objectives of this course are to:

• Enable Internal Auditors to help strengthen management practices and fundamental controls based on their understanding of “Modern” risk management concepts – concepts that do not change over time and concepts that have changed to modernize risk management. Internal Auditors will be able to:
• Develop better criteria for the examination of risk management practices;
• Provide better advice to managers and the organization on the Vision for Integrated Risk management and strategies for establishing reasonable Maturity Targets and Action Plans

• Ensure Internal Auditors have skills to apply systematic risk assessment as a technique to evaluate the level of risk associated with audit observations and recommendations.  Internal Auditors will be able to:
• Better Determine the priority of audit observations based on an explicit understanding of the level of risk;
• Better Demonstrate the level of risk in audit observations in a manner that management and stakeholders can trust;
• Establish better approaches to follow-up audit recommendations based on priorities related to levels of risk

• Ensure Internal Auditors have understanding and skills, and to learn how to use tools and techniques that integrate management of risk much more explicitly and formally into:
• Internal Audit (IA) Planning;
• An Expanded Suite of IA Engagement Types;
• Strengthening the Management Control/Accountability Framework, and
• Helping Audit Committees Fulfill Their Expanding Roles

DATES

• to be determined.

ABOUT THE WORKSHOP

The Federal government introduced an Internal Audit Policy (April, 2001) which reflects the Institute of Internal Auditors' definition and emphasis   on risk management and assurance services as key components of internal audit.

This workshop will explain fundamental risk concepts in the context of modern management and governance as well as the application of systematic risk assessment to support audit planning and reporting audit results. Workshop participants will review the requirements of the Internal Audit Policy and linkages between risk management, management control frameworks and assurance reporting.

This workshop will provide hands-on exercises, tools and techniques that develop skills in risk identification, assessment and response. Your training experience will provide a solid foundation for meeting the escalating challenges of integrating risk, audit and assurance.

Through this course, Internal Auditors will be able to:

• Better Integrate Corporate Risk Profiling information with the Audit Universe as key element of risk-based audit Planning;
• Better Maintain, Adjust, and Update Multi-year Audit Plans with an automated tool;
• Establish a better Audit Universe Based on Categories of Fundamental Processes and other key Universe requirements;
• Incorporate Control & Risk Self-Assessment as an engagement type to better enable the provision of overall Audit Opinions through broadened annual audit coverage;
• Better Educate program and support managers on a common Management Control/Accountability Framework and better Monitor and Report on its implementation maturity level;
• Help Audit Committees to fulfill their expanding roles, including their reporting responsibilities, by providing them with a better understanding of how IA systematically translates a department’s management and operations into a Universe of auditable units.   The Value Added of IA in helping an organization achieve its objectives can then be better understood through an appreciation of the assurance and advisory opinions IA can provide on the priority risks within the universe and for the Universe overall.

WHO SHOULD ATTEND

This course is designed for Internal Auditors with 2 – 3 years experience, and for IA Managers and Chief Audit Executives.

COURSE OUTLINE

Introductions, Objectives, Agenda 

Modern Risk Management Concepts 

Risk Management in the Modern Risk-Based Internal Audit Context

• IA Policies, Definition & Practice Advisories

Skills in Systematic Risk Assessment

• Manual and Electronic Tools

Systematic Risk Assessment Integrated into:

• Audit Observations
• Recommendations
• Follow-up

Integrating Risk Into Audit Planning

• Manual and Electronic Tools

Building The Audit Universe

Strengthening the Management Control.

Accountability Framework

Resourcing IA

Control & Risk Self-Assessment

Providing Assurance on Risk Management

Helping Audit Committees