Risk Audit School
In this course, learners will be introduced to the basic concepts of risk, including different risks and risk management (ERM) frameworks, such as ISO 3000 and COSO ERM, and the IIA's professional guidance on risk management. There will also be a thorough discussion of how to conduct risk assessments, including reviewing several common types of functional risk assessments, such as a fraud risk assessment, an IT risk assessment, and a financial risk assessment. Learners will also learn about Enterprise Risk Management (ERM) fundamentals, including best practices. They will walk through examples of practical tools, templates, and reports commonly used in the risk management process. This discussion will explain the concept of Risk Appetite, measuring the Impact/Likelihood or risks, and Black Swans.
Once the learner understands risk assessment and enterprise risk management, we will switch gears and discuss the concept of Risk-Based Auditing, including how to apply the risk-based auditing approach toward developing the annual audit plan and planning at the engagement and audit program levels. In addition, this section will include a discussion about root cause analysis, risk mitigation strategies, and data analysis; it will also cover continuous monitoring tools to ensure there is an effective method for addressing risk.
Upcoming start dates
Inquire for dates and prices
- Self-paced Online
Who should attend?
Internal and External Auditors; Risk Management Specialists; and those charged with corporate governance responsibilities.
- Risk Basics
- Enterprise Risk
- Enterprise Risk Management (ERM)
- Risk-Based Auditing
- Risk-Based Tools
- Key Business Risks
- Executive Perspectives on Top Risks
- Preparing IA Departments for Risk-based Auditing
- Marketing Risk-Based Auditing
Course delivery details
This course is available through AuditProTV — a subscription-based, on-demand learning platform. As a subscriber, you will have access to an &'all you can watch' library of courses that are built in alignment with the National Association of State Boards of Accountancy (NASBA) standards.
Bring this course to your organization at your convenience. ACI Learning can deliver this instructor-led course for your team at a chosen location or virtually. Alternatively, choose the topic(s) you need and ACI will craft a training solution to keep your team future-proof.
Certification / Credits
NASBA Certified CPE: 32 Credits Auditing
Internal Audit Certificate, Risk and Compliance Certificate
What You'll learn
You will learn the key concepts of risk-based internal auditing, risk assessment and management. Also, how to apply the concepts learned to help your key stakeholders on essential risk concepts and techniques.
- Know the fundamentals of the concept of risk, different types of risk, some key regulatory frameworks, professional guidance available on the topic of risk, and assessing and managing risks.
- Understand the steps of a risk assessment process through risk identification and risk measurement at both the enterprise level and the functional level, including the concept of risk appetite and examples of several different functional risk assessments (Fraud, IT, Financial).
- Understand the risk management process (ERM) through recurring risk identification, measurement, and mitigation, including the standard tools, templates, and reporting used in the ERM process through real examples and case studies.
- Understand the methodology and process for conducting Risk-Based Auditing at the annual audit planning level, the engagement planning level, and the audit program level.
- Know how to prepare the IA function for a Risk-Based Auditing approach, including adopting an agile mindset, hiring/developing audit talent, and communicating with key stakeholders about the benefits/value of Risk-Based Auditing and how to address certain challenges.
Average rating 5
I learned so much from this training. The course was truly worth te 22-hours I travel from my home country to Washington DC. Area for Improvement: Food
I wish we worked through the process on a more step by step bases. ie. first just breaking down an organization by business units, then breaking down the business units into out...
I enjoyed the program very much from the beginning till the end. The program was well structured and led adequately. The class progressed along with the provided material in ord...
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