Risk-Based Internal Auditor - Diploma program

Course details

Course Overview 

RBIA is an ANSI accredited advanced diploma program that is suitable for many different types of risk analysts, managers and audit staff. It covers the entire risk management landscape drawing on different aspects of risk and delivers complex topics in an easy to understand manner. This program enables participants to effectively identify the top objectives and risks in their organizations to provide input on developing a risk based internal audit plan. We discuss risk management basics on how to identify, assess, evaluate, mitigate and monitor risks; to aid in understanding risk management principles necessary to perform risk based audits. Differences between traditional internal auditing and how to audit using a risk-based approach are discussed.
Through lectures and practical group interaction, discussions, and exercises, participants will develop the skills necessary to effectively plan and perform risk based internal auditing at their organization.

Learning Objectives

1. Learners will be able to implement risk management principles and differentiate between the various risk management frameworks 
2. Learners will be able to identify the highest risks to their organization meeting its objectives 
3. Learners will Gain a mastery of the Risk-Based Internal Audit Framework and how to apply it at their organization
4. Learners will be able to develop a truly risk-based internal audit plan, not just risk rank an audit universe based on something other than organizational objectives
5. Learners will be able to apply a risk-based approach at the audit engagement level 

What will I learn?
Day One:  Risk and the Internal Audit Role

• What is risk-based auditing?
• The transition from system-based to risk-based auditing
• Internal audit professional standards
• Different approaches to auditing
• The nature of risk
• Relationship between risk and objectives
• Risk culture
• How to measure risk
• Inherent and residual risk

Day Two:  The Risk-Based Auditor Role

• The "Big Picture" of business
• Understanding strategic risk
• Risk standards:
• ISO 31000,
• AUS/NZ Risk Management Standard,
• COSO Enterprise Risk Management,
• OCEG GRC Capability Framework
• Risk appetite, tolerance and capacity
• Risk identification
• Risk assessment
• Risk planning
• Evaluating inherent risk
• Assessing residual risk
• Dealing with risk exposures
• Terminate
• Tolerate
• Treat, or
• Transfer

Day Three:  The Risk-Based Auditor Role

• The role of internal audit in risk facilitation
• Relationship between risk and internal audit
• The changing role of internal audit
• Acceptable and unacceptable involvements of internal auditing the risk management process
• Monitoring of action plans and audit committee reporting
• Coordinating efforts with other assurance providers
• Risk management committee reporting
• Audit committee reporting
• Integrating the risk based audit plan into the overall risk agenda
• The internal audit risk-based auditor role
• The role of the internal audit function - policeman, risk assessor or consultant?
• The reputation of the internal audit function and how to assess it
• How to decide which areas to audit
• The historical audit universe versus risks-based audit
• Determining the right level of assurance

Day Four:  Practical Risk-Based Auditing

• Audit program development
• Managing audit requests
• Assigning and planning audit work
• Use of specialists
• How do the various assurance providers rise to the risk challenge?
• Including external auditors in the process
• Coordinating risk reporting
• Planning a risk-based audit
• The risk-based audit approach

Day Five

• Risk-Based Auditing in Practice
• Relationships with the board and audit committees
• Developing regular contact with the chief executive
• Role of the audit committee
• Evaluating the audit committee requirements
• Developing and presenting audit committee reports
• Quality assurance on the internal audit activity
• Fraud and the internal audit role
• Elements in an effective fraud detection program
• Ensuring an effective balance between prevention and detection

Target Audience

• Heads of Audit, Audit Managers and Senior Auditors
• Auditors responsible for developing or implementing a risk based approach
• Other assurance professionals such as those in Compliance and QA functions who are wanting to develop their Risk Based Approach
• Managers and Directors of business functions - to aid their knowledge of a risk based audit approach.
• Plus anyone who is responsible for analyzing company financial risk and dealing with the various risk exposures that may affect their organisation.

Course Benefits

• Become a proud holder of the RBIA title displayed
  on your Diploma, business card and resume.
• Demonstrate you have completed the Advanced Diploma level program and passed successfully all RBIA  requirements.
• Get unlimited access to RBIA Online community
  platform along with thousands of fellow RBIA's of similar professional background.
• Receive regular Industry updates, Expert opinions, Job postings, Free Industry technology.
• VIP invitations to RBIA professional community organized
  Conferences, Gala Dinners and Luncheons at different locations worldwide.

Updated on 25 January, 2023