Risk-Based Internal Auditing Techniques Training Course

This course equips participants with practical techniques to plan and perform risk-based internal audits. It focuses on risk assessment, audit planning, fieldwork, testing, reporting, and follow-up in line with international internal auditing standards.

Target Groups

• Internal auditors and audit managers
• Chief audit executives
• Risk and compliance officers
• Finance managers and accountants
• External auditors seeking internal audit insight
• Audit committee members
• Managers and supervisors seeking to strengthen organizational practice in this field
• Consultants and professionals supporting related organizations

Course Objectives

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

• Explain the role of risk-based internal auditing
• Assess organizational risks and controls
• Develop a risk-based audit plan
• Plan individual audit engagements
• Design and perform audit tests and sampling
• Document evidence and working papers
• Identify and evaluate control weaknesses
• Write clear, persuasive audit reports
• Follow up on audit recommendations
• Strengthen the quality and value of internal audit

Course Modules

Module 1: Internal Auditing and Risk-Based Approach

• Definition and standards
• Role of internal audit
• Three lines model
• Risk-based versus compliance auditing
• Independence and objectivity

Module 2: Understanding Risk and Control

• Risk concepts and categories
• Risk appetite and tolerance
• Control frameworks
• Types of controls
• Inherent and residual risk

Module 3: Risk Assessment and Audit Universe

• Defining the audit universe
• Risk scoring and ranking
• Risk assessment workshops
• Linking to strategy
• Updating assessments

Module 4: Risk-Based Audit Planning

• Annual audit plan
• Resource planning
• Engagement scoping
• Audit objectives and criteria
• Planning memorandum

Module 5: Fieldwork and Evidence Gathering

• Interviews and walkthroughs
• Process mapping
• Evidence types and reliability
• Analytical procedures
• Working paper documentation

Module 6: Audit Testing and Sampling

• Test of design and effectiveness
• Statistical and judgmental sampling
• Data analytics in audit
• Documenting results
• Evaluating exceptions

Module 7: Fraud and Ethics Considerations

• Fraud risk indicators
• Auditor responsibilities
• Red flags
• Reporting suspected fraud
• Professional ethics

Module 8: Findings, Root Cause, and Recommendations

• Developing findings
• Root-cause analysis
• Rating findings
• Practical recommendations
• Agreeing management actions

Module 9: Audit Reporting and Follow-Up

• Report structure and style
• Executive summaries
• Presenting to audit committees
• Tracking actions
• Continuous improvement

Module 10: Practical Exercises and Capstone Project

• Developing a risk assessment and audit plan
• Planning a sample engagement
• Testing controls with sample data
• Drafting audit findings and a report
• Presenting results to a mock audit committee