Seminar Overview  

Seminar Objectives/Course Content. As we know, the internal audit profession has and continues to go through significant changes.  We are a futuristic profession: not emphasizing the past, but instead looking back only for the purposes of predicting the future.  We are top-down driven – focusing on the big issues and not bothering with the “nuts and bolts.”  We have a risk focused mentality – going directly to the high business risks first, then to the assessment of internal controls, etc.

The emphasis of this seminar is placed upon designing a successful audit plan that is consistent with the overall plan of the organization.  The primary objective of the seminar will be auditing with a risk-based focus – from the “macro” to the “micro”.  Assessing business risks from a “micro”/auditable entity level will be directed toward auditing goals and objectives, the highest level of audit possible and where the risks typically are the highest.

Topics discussed include:

Business risks – being risk driven

Risk & Role of Internal Auditor

Life cycle business risk

MACRO Risk Assessment Methodology – determining the overall annual audit plan

Audit Universe

Risk Factors

MICRO Risk Assessment – assessing business risk at the auditable entity level

Determining consequences

Measuring Risks

Audit Risks

Controls – key factors and considerations

Responsibilities of Management & Internal Audit

Balancing Risks & Controls

Risk Matrix

Risk causes

Reporting to management

Learning Objectives. This seminar focuses on designing and implementing an effective, correctly focused risk-driven audit plan. Completion of this course will result in gaining knowledge about "best practices" and professional expectations, including the current International Standards for the Professional Practice of Internal Auditing, for both a "Macro" and "Micro" risk-driven audit approach.

Program Level/Professional Experience - Intermediate. Course is designed for both the experienced internal auditor and those with and understanding of the importance and necessity of formulating risk-driven audit plans. Experience requirements: current/past experiences include a working knowledge of risk based auditing and the demonstrated ability in implementing "Macro" and "Micro" risk-driven audit plans.

Knowledge Requirements. Internal auditors with some practical experience in the internal audit process.

Advanced Preparation. None required.