The Risk Based Audit, which focuses on both recorded and unrecorded risk, improves financial statement assurance and the financial statement reporting process. The risk based audit focuses on business risk and the processes for controlling these risks. The higher the risk area, the more audit time and client controls are required.

In order to identify your business risks, the auditor must obtain a thorough understanding of your controls, financial condition, sources of revenues, expenditures, competition and other business risks. The first goal of the risk based audit is to identify when a Bank has failed to consider an important risk, economic event or transaction. The second goal is to assure that Banks have focused on emerging risks that may not yet be well understood or managed.

Internal auditing is a profession that’s always evolving, always changing, especially in the area of risk-based auditing approaches. This is why successful audit leaders know that it’s imperative that they continue to hone their skills in guiding their organisations’ risk-based auditing, while improving their current internal audit processes.

Through case studies, group discussions and supplemental lectures, this two day training will help audit team leaders and other management level audit professionals align their organisations’ strategies, visions, and values with the internal audit process. Furthermore, participants will come to understand the importance of corporate governance and enterprise risk management, while learning to identify risks, perform risk assessments, develop a risk-based assurance plan, understand entity-wide controls, and plan a risk-based engagement.

Key Topics

§ Refocusing on the audit role to embrace risk, market, undertake and report a risk-based audit

§ Addressing risk based auditing with a central focus on King III

§ Optimising Audit planning using a strategic risk based approached

§ Developing a risk based auditing toolkit

§ Converging roles of the assurance providers under the risk umbrella

§ Undertaking a risk based audit and the risk assessment process

Key Features / Key Benefits

§ Developing strategic & tactical audit plans

§ Improving audit performance, success and reputation

§ Adopting the best practice audit techniques

§ Identifying, evaluating and managing risk

§ Adding measurable value to your organisation

§ Successfully marketing a risk-orientated approach

§ Delivering risk-based audit reports

Who should attend:

§ Audit Directors

§ Chief Risk Officers

§ Audit Managers

§ Audit Team Leaders,

§ Internal Auditors

§ Risk-based Auditors

§ External Auditors

§ IT Auditors

§ Those in charge of ERM activities

Secondary Market

Consultants who want to improve their skills in risk-based auditing approaches

From all Industries

PLEASE CONTACT MS. LEE CHEW WAN LEEC@MARCUSEVANSKL.COM FOR THE FULL TRAINING PROGRAM