INTRODUCTION TO RISK ASSESSMENT IN INTERNAL AUDITING
- Introduction to the course and its objectives.
- The role of risk assessment in internal auditing.
- Understanding the internal audit process and its alignment with organizational goals.
- Importance of risk assessment in internal audits.
- Introduction to key terminology and relevant frameworks.
RISK ASSESSMENT METHODOLOGIES AND TECHNIQUES
- Exploration of COSO Integrated Framework and ISO 31000 Risk Management Standard.
- The Three Lines of Defense Model.
- Practical application of risk assessment frameworks.
- Techniques for risk categorization, analysis, and quantification.
- Introduction to risk assessment tools and software.
IDENTIFYING AND EVALUATING RISKS
- Methods for identifying risks through workshops, interviews, and data collection.
- Recognizing known and potential risks.
- Evaluating risk likelihood, impact, and significance.
- Practical exercises for risk assessment techniques and best practices.
DEVELOPING RISK-BASED AUDIT PLANS AND STRATEGIES
- Transition from risk identification and evaluation to audit planning.
- Translating identified risks into structured audit plans.
- Optimizing resource allocation based on risk priorities.
- Setting risk tolerance levels and defining audit objectives.
- Alignment with the organization’s risk appetite.
INTERNAL AUDITORS’ ROLE IN RISK MANAGEMENT AND MITIGATION
- Practical role of internal auditors in risk management.
- Assessing the effectiveness of internal controls and regulatory compliance.
- Contribution to improving the organization’s risk culture.
- Making recommendations for risk mitigation and control environment improvement.
- Real-world examples and case studies illustrating the internal auditor’s role in risk management and mitigation.
