Risk-based internal auditing (RBIA) is a methodology that enables internal audit to assess the adequacy of the assurance framework and the reliability of assurance sources. It requires an internal audit to be strategically and operationally linked to the business risk and assurance frameworks. New skills are required to implement RBIA effectively and this course will provide comprehensive training on applying the methodology.
Apply the key concepts of RBIA to your organization
Link the organization’s risk management framework to each stage of RBIA
Determine risk maturity and apply the relevant approach
Understand how internal audit fits into your organization’s assurance framework and undertake an assurance mapping exercise
Produce an RBIA plan
Apply a risk-based methodology to internal audit assignments
Provide meaningful assurance statements to your audit committee and board.
Who Should Attend?
Heads of internal audit
Internal audit managers
Senior internal auditors
Who is involved in planning and providing assurance on control and management of business risk?
Driving forces for a risk-based approach
Overview of current guidance – RBIA stages
Meeting board/audit committee requirements.
Sources of assurance to the board
Mapping assurance sources
Reviewing the adequacy of assurance
Linking the internal audit plan into the assurance framework.
What does good risk management look and feel like?
Forming risk maturity opinions – where does your organization sit on the risk maturity continuum?
Internal audit planning case study
Mapping risks, processes, business units and assurance
Prioritising the focus of assurance (or what to audit with limited resources)
Understanding the concept of risk appetite
The involvement of management in the internal audit plan.
Determining the assignment scope
Monitoring controls – the management role
Reporting conclusions and agreeing on the action – a new approach.
Assurance statements from internal audit
Making assurance statements meaningful and useful.
Practical problem solving, to provide solutions to your barriers.
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