Plan and implement risk-based audits for internal audit managers in

Internal audit is a critical function that helps organizations manage risks, ensure compliance, and improve processes. One of the key challenges for internal audit directors is to develop a risk-based audit plan that is aligned with the organization's strategic objectives and priorities. A risk-based approach to audit planning and execution is essential for ensuring that the audit function is adding value to the organization and providing insights that can help improve decision-making.
This training course is designed to provide internal audit directors with the knowledge and skills they need to develop and execute a risk-based audit plan. The course will cover the key concepts and best practices for risk-based audit planning and execution, including identifying and assessing risks, prioritizing audit activities, and conducting effective audits.

Objectives

By the end of this course, participants will be able to:

• Understand the key concepts and principles of risk-based audit planning and execution


• Identify and assess risks that are relevant to the organization and its objectives


• Develop a risk-based audit plan that is aligned with the organization's strategic objectives and priorities


• Prioritize audit activities based on the level of risk and impact on the organization


• Conduct effective audits that provide valuable insights and recommendations for improving processes and managing risks


• Communicate audit findings and recommendations effectively to senior management and the audit committee


• Continuously improve the audit function by incorporating feedback and best practices

Who Should Attend this Course

This course is designed for internal audit directors who are responsible for developing and executing a risk-based audit plan. It is also relevant for senior internal auditors who are looking to enhance their knowledge and skills in risk-based audit planning and execution.

Course Outline

Day 1: Introduction to Risk-Based Audit Planning

• Key concepts and principles of risk-based audit planning


• Understanding the organization's strategic objectives and priorities


• Identifying and assessing risks that are relevant to the organization


• Developing a risk-based audit plan

Day 2: Prioritizing Audit Activities

• Understanding the level of risk and impact on the organization


• Defining audit objectives and scope


• Prioritizing audit activities based on the level of risk and impact


• Allocating audit resources effectively

Day 3: Conducting Effective Audits

• Key concepts and principles of effective audits


• Planning and scoping the audit


• Conducting fieldwork and gathering evidence


• Analyzing and evaluating audit findings

Day 4: Communicating Audit Findings and Recommendations

• Preparing audit reports


• Communicating audit findings and recommendations to senior management and the audit committee


• Responding to feedback and incorporating best practices

Day 5: Continuous Improvement of the Audit Function

• Identifying opportunities for improvement in the audit function


• Developing a plan for continuous improvement


• Implementing best practices and feedback

Throughout the course, participants will have the opportunity to work on practical exercises and case studies to apply the concepts and skills they have learned. The course will also include interactive discussions and opportunities for participants to share their experiences and insights.