Risk Assessment & Auditing

Risk Assessment & Auditing

Course Overview:

This course provides a comprehensive overview of the fundamental concepts and practical applications of risk assessment and auditing. Designed for professionals who need a quick yet thorough grounding in these essential areas, the course covers the key principles, methodologies, and tools used to identify, evaluate, and mitigate risks within an organization.

Course Content:

• Introduction to Risk Assessment & Auditing
  • Definitions and key concepts
  • Importance of risk assessment in auditing
  • Regulatory and compliance landscape
• Risk Identification and Evaluation
  • Types of risks (operational, financial, compliance, strategic)
  • Risk assessment methodologies
  • Tools and techniques for risk identification
  • Case studies and practical examples
• Developing an Audit Plan
  • Components of an effective audit plan
  • Risk-based auditing approach
  • Setting audit objectives and scope
  • Resource allocation and scheduling
• Conducting the Audit
  • Audit procedures and techniques
  • Gathering and analyzing evidence
  • Risk assessment during fieldwork
  • Documentation and audit working papers
• Internal Control Systems
  • Understanding internal controls
  • Assessing the effectiveness of internal controls
  • Designing controls to mitigate identified risks
  • Case study: Evaluating an internal control system
• Communicating Audit Findings
  • Writing audit reports
  • Presenting findings to stakeholders
  • Making actionable recommendations
  • Follow-up and monitoring of corrective actions

Learning Outcomes:

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

• Understand the fundamentals of risk assessment and auditing
• Apply risk assessment techniques in their auditing practices
• Develop and implement a risk-based audit plan
• Utilize tools and techniques for effective risk management and auditing
• Analyze and interpret audit findings within the context of risk management

Duration of the Course: 1 day

Certification: A certificate of completion will be provided to participants who attend the full course.