Risk Based Audit
Internal Auditing has undergone a revolution as this profession has evolved from being a tool focusing on the confirmation of financial statements to a body of highly skilled and highly paid individuals who advise management in respect of high-level risk control.
This course seeks to provide an insight into the nature of this change, an explanation as to the meaning of risk-based audit and practical guide as to how to conduct such a review.
Auditors who are planning to enter or have just embarked on careers in a risk-based internal audit function.
• Understand the fundamental objective of risk based internal auditing;
• Be fully informed of the steps required to undertake a risk based audit review.
• The definition of risk-based internal audit
• The evolution of the financial services sector’s internal audit functions
• The Internal Control Framework
• A step-by step guide to the practical conduct of a risk-based review including audit planning, benchmarking the control framework and testing the key controls
• The Audit Report
• The Psychology of Internal Audit