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This session is part four in our series on Internal Audit Focus and Emerging Risks for 2021 and Beyond. The world has changed. 2020 was an unprecedented year for all professions. Internal auditors were faced with a tremendous impact to their audit plans causing refocus and realignment of not just projects but resources. As a profession, internal auditors have traditionally focused on past events or as some would say, taking the look in the rear-view mirror. Most financial or accounting professionals can look at previous year data and tell management where past mistakes were made.

With the evolving landscape, risks and economy that have been spurred on by the pandemic of 2021, internal auditors must look to stretch their skills to areas that are most valued by their organizations. Today's insight may well be tomorrow's hindsight.

Part one of the series evaluated three core categories that impact the “Hot Topic” areas for internal auditors to focus on in the future. These included:

  • 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 “Hot Spot” topics as identified by the Gartner group that internal audit should be attuned to in 2021 and years forward. In session one we delved into the topics of IT Governance and Data Governance. Within Part Two of the series, we examined:

  • Cyber Vulnerabilities
  • Business Continuity Disaster Recovery
  • Talent Resilience
  • Corporate Social Responsibility

Within Part Three of the series, we examined:

  • Third-Party management
  • Supply Chain management
  • Data and Analytics

Learning Objectives

  • Explore Risk Management and Culture.
  • Explore and examine risk management and culture and evaluate methods internal audit can use to evaluate their organizational processes.
  • Identify and examine workforce management and workplace audit concepts and evaluate methods internal audit can use to evaluate their organizational processes.
  • Recognize and examine corporate financial management concepts and evaluate methods internal audit can use to evaluate their organizational processes.
Last updated/reviewed: June 5, 2021

Included In Certifications

This course is included in the following Certification Programs:

27 CoursesInternal Audit Certificate

  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. Introduction to Forensic Accounting
  17. The Fraud Triangle
  18. Internal Audit Effective Relations with the Audit Committee
  19. COSO 2013 Overview
  20. COSO 2013 - Operational Execution
  21. Internal Audit Emerging Risks for 2021 and Beyond - Part 1
  22. Internal Audit Emerging Risks for 2021 and Beyond - Part 2
  23. Internal Audit Emerging Risks for 2021 and Beyond - Part 3
  24. Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  25. Internal Audit Challenges During Times of COVID
  26. Tools for Internal Control Certificate
  27. Lessons of an Auditor- Tools for Internal Control Certificate

4 Reviews (28 ratings)Reviews

5
Anonymous Author
The focus on risk cultures is an interesting element of risk that is not a typical focus area but certainly should be included in our examinations. I would like to learn more about the use of Behavioral Scorecards.
4
Anonymous Author
This course provides a good understanding of Risk Management and how both the Corporate and Management culture affect risk.
5
Anonymous Author
The best out of the four parts as risk management and culture is not always considered so much
4
Anonymous Author
These emerging risk classes about current events are valuable to our organization.

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 3

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 .

3 QuestionsCourse Questions and Answers

Member's Profile

Hi Lynn,
Very informative session, I really enjoy all of your courses. Just a quick note, It appears to me few of the test questions are worded wrong or strangely. Maybe you can check out. Thanks again and have a great afternoon.
Matt

Member's Profile

Thank you Matt. I will check those questions out

Member's Profile

Matt. I went back and RE-read and took the test myself. I did not see any glaring issue. Was there a particular question you had a problem with?

Course Syllabus
Introduction and overview
  4:23Introduction to Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  6:40Risk Management and Culture
  9:49Risk Management and Culture Continued
  8:12Risk Management and Culture Continued
  6:53Internal Audit Challenges
  10:28Workforce Management and Workplace Audit
  12:19Workforce Management and Workplace Audit Cont'd
  15:43Corporate Financial Management
  3:02Summary
CONTINUOUS PLAY
  1:17:29Internal Audit Emerging Risks for 2021 and Beyond - Part 4
SUPPORTING MATERIAL
  PDFSlides: Internal Audit Emerging Risks for 2021 and Beyond - Part 4
  PDFInternal Audit Emerging Risks for 2021 and Beyond - Part 4 Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM