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Preliminary Risk Assessment in
Internal Audit Engagement Planning
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A
one-day course from 9 a.m. to 4:30 p.m. (8:30 registration)
Instructor: Colin Wiltshire
Cost:
$695 + GST
(includes training material and CD, certificate of participation, breakfast
and refreshments)
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OBJECTIVES
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The
overall objective is to learn how to manage/conduct engagement planning
risk assessments. In attaining this
objective participants of this course will be able to: describe the key
concepts of risk, risk management and Integrated Risk Management in the
context of IA; describe the options and processes of engagement risk
assessment within Engagement Planning; and, develop risk assessment
skills
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DATES
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- Ottawa,
Ontario – February 16, 2010
- Ottawa,
Ontario – May 18, 2010
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ABOUT
THE WORKSHOP
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International Professional Practices Framework (IPPF) issued by the
Institute of Internal Auditors (IIA) in 2009 has strengthened requirements
regarding attention to risk in engagement planning, notably: 2201 “in planning the engagement internal auditors must
consider significant risks” and 2210-A1 internal auditors “must conduct a preliminary
assessment of risks relevant to the activity under review”.
The IIA has issued a
Practice Advisory (PA2210-A1-1) on Risk Assessment in Engagement
Planning. The primary point made in
the PA is for the Internal Auditor to consider management’s assessment of
risks. Another suggestion from the
PA is to conduct a survey (without detailed verification) to help identify
risks and areas for engagement emphasis.
Given Wiltshire Consulting Inc’s (WC’s) extensive knowledge of both
risk and internal audit, we have developed a course to train internal
auditors for situations where management may not have their own assessment
of risks or where internal auditors may have little experience conducting
surveys about risk.
This 1-day course ensures
internal auditors have a common understanding of key risk concepts as well
as hands on practice using a simple and
effective procedure for preliminary risk assessment in engagement planning.
The
procedure uses an efficient and effective set of worksheets that help
identify and assess risks drawn out of engagement planning interviews and
document reviews (and knowing what is needed on the risk worksheets helps
guide the interviews and document reviews).
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WHO
SHOULD ATTEND
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- Auditors
and Audit Managers responsible for managing and conducting risk
assessment in engagement planning
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COURSE
OUTLINE
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Introductions,
Objectives & Agenda
- Participant
Expectations
- Quick
Exercise – Defining Risk
Key
Concepts of Risk and Risk Management
- 7 Key Concepts
(Risk has Two Parts, Uncertainty, etc)
- Objectives
of the Risk Management Process
- Risk
Management Components (RA, RM & RC)
- Key IRM
Concepts & Strategies
- Definition
– key parts
- Policy
& Framework
- Corporate
Risk Profile
- Links to
Annual Audit Planning & Engagement Planning
Overview
of Preliminary Risk Assessment in Engagement Planning
- Goals
of Risk Assessment (RA)
- Linking RA
and Annual Audit Planning
- Linking RA
to Other Engagement Planning Steps
- RA should
be “Preliminary” – Explaining Preliminary
- Preliminary RA Steps and Worksheets (WSs)
- Selecting a Control
Framework & Initial Assurance Coverage (WS1)
- Risk
Identification (WS2)
- Preliminary Risk Assessment (WS3)
- Identification
of Risk-based Audit Coverage Areas & Lines of Enquiry (WS4)
- Support Tools
- Preliminary
Risk Assessment Model
- Efficacy
Assessment Scale
- Preliminary
Risk Assessment Scale
Hands-on
Practice
- Selecting a Control Framework & Initial
Assurance Coverage (WS1)
- Risk
Identification (WS2)
- Preliminary
Risk Assessment (WS3)
- Identification of Risk-based Audit
Coverage Areas & Lines of Enquiry (WS4)
Review
of Challenges and Potential Solutions
- Sample completed Worksheets
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