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Risk based internal auditing

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Frederick Altum Pokoo-Aikins
Frederick Altum Pokoo-Aikins

This 3-day course teaches internal auditors how to conduct risk-based auditing. It covers how to understand enterprise risk management, use risk criteria to develop annual audit plans focused on significant business risks, and present risks effectively in audit reports. The course objectives are for auditors to appreciate their evolving role in value creation, understand the risk management process, and conduct effective audits and planning based on risk.

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Risk Based Internal Auditing Leveraging on risks to derive maximum value from your audit projects Empowering corporate governance audit, compliance and control professionals Course Description: Many leaders in today’s business environment have recognized the need for internal audit to play a larger role – one that expands on its historic focus on value preservation to encompass activities related to value creation. Leading integrated internal audit functions will need to stay ahead of the risk curve rather than simply follow the business, whilst preserving the core compliance and assurance activities senior management and the audit committee require. Audit functions that focus their efforts on significant risks are able to concentrate their audit resources on issues that drive the business. This 3-day course has been designed to help internal auditors understand what is needed to make the audit function totally risk based. Course Objectives: After going through this program, you will be able to:  Appreciate the evolving role of internal auditors;  Understand the risk management process;  Use risk criteria to develop annual audit plans;  Conduct effective audits by focusing on risk; and  Present risks effectively in audit reports Course Profile: 9 1. Evolving Role of Internal Auditing  Issues Internal Auditors face today  Evolving Expectations of IA  The New Focus  Value Creation through IA 2. Enterprise Risk Management  Risk Management 101  COSO ERM Framework o Definition | Objectives o Components  The ORC Relationship 3. Overview of Risk Based Internal Auditing  Annual Audit Planning  Engagement Planning  Executing the Audit Engagement  Risk Based Audit Reporting 4. Risk Based Annual Audit Planning  Establish Audit Universe  Risk Rank the Audit Universe  Allocate Audit Resources 5. Risk Based Engagement Planning  Developing ICQs  Documenting Processes 6. Risk Based Audit Execution  Focus on Controls  Four Basic Controls  Control Testing 7. Risk Based Audit Reporting  Audit Report Formats  From Issues to Findings  Presenting Findings Target Audience: Experienced auditors, Senior Internal Auditors and Audit Managers Venue: TBD Program Fee: GHC 1200 (VAT exclusive), covers 2 snacks, lunch, course handouts and audit tools and templates; plus certificate of completion.

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Risk based internal auditing

  • 1. Risk Based Internal Auditing Leveraging on risks to derive maximum value from your audit projects Empowering corporate governance audit, compliance and control professionals Course Description: Many leaders in today’s business environment have recognized the need for internal audit to play a larger role – one that expands on its historic focus on value preservation to encompass activities related to value creation. Leading integrated internal audit functions will need to stay ahead of the risk curve rather than simply follow the business, whilst preserving the core compliance and assurance activities senior management and the audit committee require. Audit functions that focus their efforts on significant risks are able to concentrate their audit resources on issues that drive the business. This 3-day course has been designed to help internal auditors understand what is needed to make the audit function totally risk based. Course Objectives: After going through this program, you will be able to:  Appreciate the evolving role of internal auditors;  Understand the risk management process;  Use risk criteria to develop annual audit plans;  Conduct effective audits by focusing on risk; and  Present risks effectively in audit reports Course Profile: 9 1. Evolving Role of Internal Auditing  Issues Internal Auditors face today  Evolving Expectations of IA  The New Focus  Value Creation through IA 2. Enterprise Risk Management  Risk Management 101  COSO ERM Framework o Definition | Objectives o Components  The ORC Relationship 3. Overview of Risk Based Internal Auditing  Annual Audit Planning  Engagement Planning  Executing the Audit Engagement  Risk Based Audit Reporting 4. Risk Based Annual Audit Planning  Establish Audit Universe  Risk Rank the Audit Universe  Allocate Audit Resources 5. Risk Based Engagement Planning  Developing ICQs  Documenting Processes 6. Risk Based Audit Execution  Focus on Controls  Four Basic Controls  Control Testing 7. Risk Based Audit Reporting  Audit Report Formats  From Issues to Findings  Presenting Findings Target Audience: Experienced auditors, Senior Internal Auditors and Audit Managers Venue: TBD Program Fee: GHC 1200 (VAT exclusive), covers 2 snacks, lunch, course handouts and audit tools and templates; plus certificate of completion.