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Risk Based Internal Audit

Risk Based Internal Audit
March 23, 2020
Sandton, 138 Rivonia Rd, Sandown, Sandton, 2196 Get directions

1. The latest Risk Focused Initiatives

  • IIA’s GTAG on continuous auditing and continuous risk assessment
  • COSO ERM Model

2. Risk Based Auditing

  • Risk-based auditing defined
  • Paradigm shift in internal auditing
  •  How risk based auditing differs from current approaches
  • How does risk based auditing benefit the auditor and his organization

3. Key Attributes of a Risk-Based Internal Audit Function

  • Understanding the meaning of true business risk
  •  Effectively utilizing the 3 key component of real business risk
  • Ability to identify key types of risks
  • Understanding of how business risks should drive the internal audit function
  • Acknowledging the interrelationship between business risk and control failure

4. Evaluating Internal Audit Function’s Readiness to adopt a Risk- Based Internal Audit

  • Defining the skill sets and competences required under risk-based internal audit services
  • Strategies in educating your auditors in risk-based approach
  • Focusing on deliverables as the audit product

5. Redefining the Audit Process for a Risk Based Function

  • Creating a plan for implementing risk based auditing in the organization.
  •  Creating a dynamic audit plan
  • Targeting the engagement of key risk areas for focused, high impact resource maximization
  • Employing risk- centric fieldwork tools and techniques
  • Utilizing a business risk-oriented reporting format.
  • Minimal words, big message
  • Fact –based management format
  • Solution-oriented, audit closure
  • Measuring real value of audit function in business terms.