This is the third segment in a four-part series on examining Internal Audit Focus and Emerging Risks for 2021 and beyond. Part one first analyzed three core contributing factors to changing risks including:

  • Heightened Focus on Organizational Resilience
  • Elevated Macro Environment Uncertainty
  • Humanization vs. Dehumanization of the Workforce

After reviewing these areas, we will then link them to identified “Hot Spot” topics as identified by the Gartner group that internal audit should be attuned to in 2021 and years forward. In Part One we examined IT governance and data governance. Part Two of the series included lesson objectives around:

  • Examine Cyber Vulnerabilities and identify internal audit focus areas
  • Evaluate Business Continuity Disaster Recovery and determine internal audit focus areas
  • Understand talent resilience and apply the concept to internal audit and the organization
  • Evaluate Corporate Social Responsibility and understand areas internal audit can provide value

This training is part three in the series. Lesson objectives included:

  • Evaluate third-party management risks and identify procedures internal audit should focus on
  • Evaluate supply chain management and identify procedures internal audit should focus on
  • Evaluate the field of data and analytics and examine how internal audit can use appropriate tools and techniques to incorporate procedures into their audit

 

Learning Objectives
  • Explore and evaluate third-party management risks and identify procedures internal audit should focus on.
  • Identify and evaluate supply chain management and identify procedures internal audit should focus on.
  • Discover and evaluate the field of data and analytics and examine how internal audit can use appropriate tools and techniques to incorporate procedures into their audit.
Last updated/reviewed: August 4, 2023

Included In Certifications

This course is included in the following Certification Programs:

28 CoursesInternal Controls and Internal Audit Certification

  1. Internal Audit Standards Overview
  2. Internal Audit Standards - Managing Internal Audit Work
  3. Internal Audit Standards - Executing the Audit Engagement
  4. Identifying and Implementing the Proper Balance of Internal Controls
  5. Documentation Methods For Internal Control Processes
  6. Segregation of Duties for Core Business Processes
  7. Foundations for a Strong Internal Audit Department
  8. Internal Audit Management - Top Skills
  9. Internal Audit: Keys to Managing an Effective Function
  10. Understanding Risk-Based Auditing
  11. Risk Based Auditing – Establishing a Methodology
  12. Risk Based Auditing – Applying the Methodology
  13. Cyber Risk Frameworks And Concepts
  14. Information Technology (IT) Controls in Emerging Business Environments
  15. Fraud Risk Assessments
  16. Professional Skepticism - Keys to Maintaining
  17. Introduction to Forensic Accounting
  18. The Fraud Triangle
  19. Internal Audit Effective Relations with the Audit Committee
  20. COSO 2013 Overview
  21. COSO 2013 - Operational Execution
  22. Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  23. Internal Audit Emerging Risks for 2021 and Beyond - Part 2
  24. Internal Audit Emerging Risks for 2021 and Beyond - Part 3
  25. Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  26. Internal Audit Challenges During Times of COVID
  27. Tools for Internal Control Certificate
  28. Lessons of an Auditor- Tools for Internal Control Certificate
13 Reviews (69 ratings)

Reviews

5
Anonymous Author
Very good and timely course. Third party risk management has been an emerging area of interest for some time. Nice overview to help focus audit efforts.

4
Anonymous Author
This course provides an understanding of risks associated with Third Party Management and an understanding of types of Data Analytics.

5
Anonymous Author
The data analytics section was very informative and timely. I would be interested in more courses on data analytics.

5
Anonymous Author
I enjoyed this course as it discusses the importance and use of data analytics as it is the future of auditing.

4
Anonymous Author
The third part in the series was educational as my role works with Supply Chain, vendor management, and Data.

5
Anonymous Author
The data contains lots of slides that could be used as quick reference tools when planning audits.

4
Anonymous Author
These emerging risk classes are great for preparation of our future audits in our business.

5
Anonymous Author
Good concepts with lots of good ideas for using data analytics and some how-to concepts.

4
Member's Profile
Overall, an interesting course where everyone would learn from. nothing surprised me.

5
Member's Profile
Great course with very valuable information. This will be very helpful in my work.

5
Member's Profile
This was a good course, i enjoyed this course. It was a good refresher.

4
Anonymous Author
Most interesting part of this course is about data analytics.

4
Member's Profile
this is a very good course for beginner level auditors.

Prerequisites
Course Complexity: Foundational

No advanced preparation or prerequisites are required for this course. However it is recommended to take other Internal Audit Emerging Risks for 2021 and Beyond course series by Lynn Fountain.
Internal Audit Emerging Risks for 2021 and Beyond - Part 1
Internal Audit Emerging Risks for 2021 and Beyond - Part 2
Internal Audit Emerging Risks for 2021 and Beyond - Part 4

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to Internal Audit Emerging Risks for 2021 and Beyond-Part 36:11
INTERNAL AUDIT ACTIVITIES HOT SPOTS
  Third Party Management-Part 115:24
  Third Party Management-Part 215:07
  Third Party Management-Part 311:52
  Third Party Management-Part 47:15
  Supply Chain14:03
  Data and Analytics10:22
  Data and Analytics Cont'd9:36
  Types of Data Analytics15:01
  Summary1:45
CONTINUOUS PLAY
  Internal Audit Emerging Risks for 2021 and Beyond - Part 31:46:36
SUPPORTING MATERIAL
  Slides: Internal Audit Emerging Risks for 2021 and Beyond - Part 3PDF
  Internal Audit Emerging Risks for 2021 and Beyond - Part 3 Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam