Risk-Based Auditing

What Will You Learn?

• Day 1: Foundations of Risk-Based Auditing
• Overview of risk-based auditing principles
• Differences between traditional and risk-based auditing approaches
• Strategic alignment with organizational objectives
• Group Activity: Identifying audit objectives based on risk profiles
• Day 2: Risk Identification and Prioritization
• Identifying risks: Operational, financial, compliance, strategic
• Tools for assessing risk likelihood and impact
• Prioritizing risks using matrices and scoring models
• Workshop: Creating a risk register for a mock organization
• Day 3: Developing Risk-Based Audit Plans
• Aligning audit plans with high-priority risks
• Tools for resource allocation and audit scoping
• Integrating stakeholder input into audit planning
• Hands-On Exercise: Drafting a risk-based audit plan
• Day 4: Executing Risk-Based Audits
• Techniques for auditing high-risk areas
• Evaluating internal controls and risk mitigation strategies
• Leveraging technology: Data analytics, dashboards, and automated tools
• Simulation: Conducting a risk-based audit
• Day 5: Reporting and Enhancing Risk-Based Audits
• Writing clear and actionable audit reports
• Presenting audit findings to stakeholders
• Updating audit plans based on emerging risks
• Final Project: Developing and presenting a comprehensive risk-based audit strategy