Risk- Based Internal Audit Workshop

Governance, Risk and internal audit overview

• Corporate governance
• Risk management
• Types of risks in an organization
• Scope of internal auditing
• The role of an audit committee
• Risk management process

Planning the fieldwork

• Reasons for risk-based audit planning
• Three stages for implementing risk-based internal audit
• Stage 1: risk maturity assessment
• Stage 2: production of the audit plan
• Assurance requirements from board and management
• Actions to achieve production of an audit plan
• Using assurance maps to determine assurance requirements

Conducting audit engagements (Stage 3)

• Assessing risks: inherent, control, detection, and audit risks
• Engagement planning
• Engagement objectives, scope, and criteria
• Engagement work program
• Role of internal audit staff
• Uncover risks during audit engagement
• Testing management controls
• Assess design of internal controls
• Test operating effectiveness of internal controls
• Summarizing audit conclusions for the audit committee

Types of internal auditing

• Assurance services: the third line of defense
• Performance auditing      
• Operational auditing
• Financial auditing
• Security and privacy auditing
• Quality auditing
• Compliance auditing
• Conflict, time and stress management in projects.