Risk Based Internal Audit Sustainable Management Group
Price: TBA

Course details

The COSO – ERM Internal Control System is the most modern framework to approach and assess the companies’ risks, and its adoption is a major challenge as the companies’ risk profile is always evolving.

In addition, the way in audit approach has changed dramatically the last decade so that instead of auditing processes and systems, great emphasis is given in risk – based auditing approaches. To be in tune with, internal auditors should adopt a risk-based engagement. Another reason for risk-based audit is the fact that companies rarely have excess audit capacity so available recourses should be used effectively and efficiently.

During the seminar, by participating in case studies and group discussions all participants will understand how to assess systematically all types of risks by using a globally accepted practice, while they will realize their role in risk assessment process, they will explore control self-assessment techniques and will learn how to organize and execute risk based auditing. At the end of the seminar participants will get a good understanding on audit process that is used currently by the world class internal audit units and will understand how to execute effectively risk–based audits.


What you will gain from this seminar:

  • Understand the importance of Enterprise Risk Management
  • Understand COSO-ERM components and their importance for the identification of risks
  • Understand how to identify company’s strategic risks
  • Identify key Internal Controls to downsize strategic risks
  • Learn how to organize and perform a risk assessment
  • Understand methods to identify operational risks
  • Be able to create risk registers and risk mapping
  • Select risks to audit first based on risk assessment results
  • Understand the role of Internal Audit during Control Self Assessment Workshops
  • Understand the steps for a participative audit
  • Understand how to develop a risk-based annual audit plan by setting priorities in design and execution of audit programs
  • Discover tools and techniques needed for risk based approaches
  • Understand how to plan a risk-based engagement


The seminar will be helpful to all officers and staff working in Internal Audit Units (chief audit executives, audit directors, audit managers, audit team leaders) who can brink ideas back to their units. In addition officers working in Compliance Units, External Auditors, Board and Audit Committee members, Security professionals, Risk Management staff, Line Managers and generally officers that are experienced to Internal Control Systems and want to explore or review risk based approaches.


  • The new definition of Internal Auditing
  • International Standards (IPPF) for Risk Based Audit
  • Definition of Risks
  • The COSO – ERM Internal Control Framework
  • Comparison of COSO and COSO – ERM
  • Definition of Internal Controls according to COSO
  • Reasons that Internal Controls fail
  • Roles and Responsibilities for Control activities
  • Types of Internal Controls
  • COSO – ERM components (Internal Environment, Objective Setting, Event Identification, Risk Assessment, Risk Response, Control Activities, Information & Communication, Monitoring)
  • Risk Categories
  • Risks Identification method
  • Risk Assessment Factors(likelihood, impact, reputation)
  • Gross and Net Risk
  • Risk Appetite
  • Applying COSO – ERM
  • Success Factors
  • The Internal Auditor’s Role in COSO – ERM
  • Risk Register
  • Basic principles of Internal Control Systems
  • Control Self Assessment (CSA) Techniques
  • Case study on a real CSA Workshop
  • The creation of the Risk Register and Risk Map
  • Detailed risk score matrix
  • Formulation of Annual Audit Plan
  • Risk based audit execution
  • The Internal Audit Report based on risks
  • Traditional Audit and risk based audit
  • Advantages of risk based audit
  • The internal Auditor’s skills for the execution of the Risk Based Audit

About Sustainable Management Group

Sustainable Management Group is a Leading Management Solutions Institute, offering training ctheirses in modern management and effective business and management solutions to corporate and inpidual clients in the countries of Middle East and Africa.

Smg provides knowledge that goes beyond classic learning. At Smg they are dedicated to help organizations achieve business improvement objectives by empotheyring personnel with competencies needed to establish, maintain and improve the management systems. their training and management solutions range from Modern Management Systems, to Heath Care Services, to Anti Money-Laundering, to Green Buildings Services, to Safety Management Systems Software.

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