2 CPE Many organizations tout that they perform risk based auditing. However, often their concept of the approach stops at defining the annual audit plan. In today’s ever changing and global economy, true risk based internal auditing must be a dynamic and iterative process that continually evaluates the risks to the achievement of the organization’s objectives and then applies that assessment to the individual audit procedures.
This session will build off of the first webinar on Risk Based Auditing – Establishing a methodology. We will delve into methods that take the methodology steps and apply them within individual audits. We will also further discuss the concepts of risk tolerance and risk appetite and the impact to those measurements when applied at the individual audit level.
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Course Series
This course is included in the following series:
3 CoursesRisk Based Auditing
- Understanding Risk-Based Auditing
- Risk Based Auditing – Establishing a Methodology
- Risk Based Auditing – Applying the Methodology
Learning Objectives
- Identify an organization's maturity to prepare for risk based auditing.
- Explore Implementation requirements for risk based auditing.
- Identify Risk Management (RM) Characteristics to be utilized in risk based auditing.
- Explore requirements for proper definition of risk impact and risk likelihood.
- Explore how to conclude the assessment.
Last updated/reviewed: March 23, 2024
Included In Certifications
This course is included in the following Certification Programs:
32 CoursesInternal Controls and Internal Audit Certification
- Internal Audit Standards Overview
- Managing the Internal Audit Function in Line with GIAS - Part 1
- Managing the Internal Audit Function in Line with GIAS – Part 2
- Managing the Internal Audit Function in Line with GIAS – Part 3
- Executing the Internal Audit Engagement in Line with GIAS – Part 1
- Executing the Internal Audit Engagement in Line with GIAS – Part 2
- Identifying and Implementing the Proper Balance of Internal Controls
- Documentation Methods For Internal Control Processes
- Segregation of Duties for Core Business Processes
- Foundations for a Strong Internal Audit Department
- Internal Audit Management - Top Skills
- Internal Audit: Keys to Managing an Effective Function
- Understanding Risk-Based Auditing
- Risk Based Auditing – Establishing a Methodology
- Risk Based Auditing – Applying the Methodology
- Cyber Risk Frameworks And Concepts
- Information Technology (IT) Controls in Emerging Business Environments
- Fraud Risk Assessments
- Professional Skepticism - Keys to Maintaining
- Introduction to Forensic Accounting
- The Fraud Triangle
- Internal Audit Effective Relations with the Audit Committee
- COSO 2013 Overview
- COSO 2013 - Operational Execution
- 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
- Internal Audit Emerging Risks for 2021 and Beyond - Part 4
- Internal Audit Challenges During Times of COVID
- Global Internal Audit Standards (GIAS) - Overview and Contrast to 2017 International Professional Practices Framework
- Tools for Internal Control Certificate
- Lessons of an Auditor- Tools for Internal Control Certificate
87 Reviews (327 ratings)
Reviews
Anonymous
(Operations Risk Manager)
Outstanding CPE! The instructor explained the risk-based auditing subject with clarity and provided very good examples, to support lessons learned! I was able to confirm the Risk-Based Internal Audit approach that I implementing at my employer. So now I am very confident, as I move forward with my plan for a risk-based approach to internal audit. Thank you!
Anonymous
(Senior Accountant)
Risk-Based Auditing is a valuable methodology that can help organizations improve their internal control processes, reduce audit costs, and increase stakeholder confidence. By understanding the benefits, challenges, and best practices associated with RBA, organizations can effectively implement this methodology and achieve their goals.
Sharon Thurber
(Senior Strategy & Planning C.. at Wells Fargo)
The various risk maturity (RM) levels very helpful in evaluating where a company stands with regards to RM as well as the manner in which the implementation requirements were discussed. This segment continues to emphasize the foundational aspects shared in the other two segments. However, this segment ties it all together.
Christine Matthes
(- at None)
This course provided excellent instruction in how to apply the mechanics of risk-based auditing in a measurable methodology. Challenges to the methodology were well-presented and appropriately emphasized. I would reccomend this course to others.
Brian Meister
(- at International Hillel)
Nice final segment of three part series on risk based internal audit. Overall the three sessions were good and complimented each other nicely. Give practictioners good food for thought on what to apply to everyday work environment.
Anonymous
(Senior Data and Reporting Analyst)
This is a great conclusion to the overall concept of risk-based auditing. I really liked the emphasis on remembering to keep the business's perspective in check when trying to understand how to decide and proceed with Audits.
Jeffrey Kirsch
(CFO / VP Finance at Kirsch CFO Advisor)
Since this is my third class with Risk-Based Auditing with Lynn Fountain, I'm happy that I continued with the courses because now I know that Risk-Based Auditing has a future. I enjoyed these courses with Lynn Fountain.
Anonymous
(Auditor)
Risk Based Auditing - Applying the Methodology gives insight into the application of RBIA within a company. It does a good job of detailing the "old" version of RBIA and introduces its application in business today.
Narendran Selvakumar
(Manager - Corporate Audit Services | AC.. at Larsen & Toubro Limited)
The instructor explains the concepts with relevant examples which makes it easy to understand and apply. The course is well structured and detailed to provide step by step procedure for creating RBIA approach.
Anonymous
(Assistant Internal Audit Manager)
The course provides practical knowledge on how to applying risk based auditing methodology for internal audit engagements. The instructor's explanation of methodology is concise and clear make it easy to apply
Anonymous
(SFA)
Another great course from Lynn. Make sure you listen the two previous courses on the subject. This one is the most complicated so far from the IC Certificate program and I feel like i need to review it again.
Anonymous
(Manager)
This course was good. It had a few new concepts, and i appreciated the intentionality around talking about risk tolerance and appetite, as this is a difficult area to interpret and implement.
Stephen Rykwalder
(Internal Audit at Public Company)
Thank you for another course on risk based auditing. This should be the direction all internal audit teams take going forward, as it really addresses the real risks within a company.
Anonymous
(Director)
The speaker is very good and the materials that she used is very organized. A lot of valuable information were discussed and providing some examples for the subject matter is good.
Anonymous
()
Another great course to cover risk-based auditing. The explanations around assessing an audit area's risk to the business objectives was very relevant and explained well.
Adel Nazeer Ahmed
(Senior Manager - Internal Audit at Gulf Bank)
Great course on how to apply the RBIA Methodology in an organization. Recommend to attend sessions 1 and 2 within the RBIA series prior to attending this session.
Bryan Baker
(- at DOJ)
This course helps the participant understand the key factors that must be taken into consideration when designing and executing a risk based internal audit.
Carlinton Clarke
(- at Duca)
The topics were well organized to link the material from the other 2 courses . I was able to understand and I am now in a better position to implement RBIA.
Anonymous
()
This course provides a good understanding of what Risk Based Internal Auditing (RBIA) is why the methodology of RBIA is both important and effective.
Louis Diaz
(Consultant at RSM)
The fundamentals for assessing risk and what the proper steps are in taking a risk based approach where clearly communicated through the course
Anonymous
(Staff Auditor 1)
great course but I feel it is a common theme that the exam questions tend to be confusing and somewhat misleading from the course material.
Anonymous
(Auditor I)
This course was very interesting and I learned from the examples given on risk based auditing. The slides were very informative as well.
Anonymous
(Not Provided)
The course is hard but interesting. It may change your view on level of involvement of the management in risk-based internal auditing.
Joshua Knight
(Internal Audit Director at Alliance Health)
Great overall series. I'm studying for my CRMA and this course (along with the first two) was very valuable learning. Would recommend.
Anonymous
(Senior Internal Auditor)
The course was a solid overview of RIBA. It provides a good insight to that approach and what it means how organizations react to it.
Anonymous
(Director, Financial Shared Services)
The Risk Based Auditing - applying the methodology course provided strong guidance for implementation, including helpful examples.
Anonymous
(Director)
Good course, wasn't a fan of the exam. Too many "not" questions, with double negatives. The concepts are good to employ though.
Waqar Ali Shah
( at LRH)
Excellent lecture on the RBIA. Is really help to grasp and practically apply the main concepts underlying risk based auditing
K Harper
( at JLL)
GOOD CLASS - DEFINES IN A STRAIGHT FORWARD MANNER HOW TO APPROACH AS INTERNAL AUDIT TEAM
Anonymous
(SOX Analyst)
A great, informative course for anyone involved in the audit field or businesses considering a risk-based audit approach.
Sergey Bulychev
(internal auditor at Transneft Finance LLC)
Один из немногих курсов имеющих конкретные практические примеры
RICARDO CAMPOLINA DE TOLEDO
( at WPP)
It is an interesting training that helps beginners of the ones who need some refresh in the IA Risk Based concepts.
Anonymous
(Senior Internal Auditor)
Very informative session. I liked how she provided a specific example to show how the concepts should be applied.
Anonymous
()
RBA Applying the Methodology will help me revamp our IA planning process and drive relevance in the work we do.
Mahmoud Eltaher
( at PwC)
This course was extremely helpful where I was able to refresh the memory on essential risk management concepts.
Marci Earnest
(Accounting Manager at Transtron America, Inc.)
Good course.
The steps involved were fairly clear, but still difficult to pinpoint where I was in the lesson.
Anonymous
(Managing Director)
liked the maturity curve assessment to offer a tangible view of where management may lie in their maturatoin
Anonymous
(Head of Internal Audit)
A great concluding session of a very important topic, presented in a easy to understand way. Good examples.
Brian Fleischer
( at NYC School Construction Authority)
This one was a little too dense and hard to follow. Maybe I should have done them closer in sequence.
Anonymous
(Consultant - Process Specialist)
Very informative discussions on Risk Based Audit, and how the organization will benefit from such.
Anonymous
(Internal auditor)
Interesting content. Great examples to allow for a better understanding on how to implement RBIA.
Anonymous
(IT Advisory Snr. Associate)
The course is interesting and refreshing. Everyone would learn from this especially new Auditors
Anonymous
(Senior Associate IA)
I think the instructor does a great job explaining the information and providing good examples.
Anonymous
()
The presenter shares plenty of insights on risk based auditing in a clear and concise manner.
Anonymous
(Manager)
Great course for understanding the risk characteristics and impact of Risk Based auditing.
Anonymous
(Senior Internal Auditor)
The course was impactful. The instructor was effective in presenting the course materials.
Anonymous
()
Very useful and meaningful course. It’s highly recommended for professionals to take it.
Thomas Borja
( at Credit One)
Awesome Course. Improved my understanding of establishing risked based audit methodology.
Edmeire Oliveira
(Director of Accounting Latam at Blue Loop Capital)
interesting subject, well distributed , good instructor, looking forward to the next one
Corey Masters
(Accountant, Internal Auditor, Risk Speci.. at Self)
Another good course in the three part series on risk based internal audit methodology.
Anonymous
(Regulatory Reporting Quality Assurance A..)
Excellent course. Thorough coverage of implementing Risk Based Internal Auditing.
Paul Morris
(Director, Compliance and Insurance at Sam Houston State University)
As usual, excellent course offering from lin. Great wrapup of the overall series.
Mercedes Maldonado
(Chief Strategist at Meveau)
This course is packaged just right for beginners and experts. It's well-balanced.
Jeff Nelson
( at A.O. Smith Corp.)
Controlling auditing and accounting which ever you choose is what you should do.
Georgios Baltos
( at EUI)
Course was a quite intense and difficult one! I think there too many theories.
Anonymous
(Consultant)
I liked the overview and examples provided. I found the course very helpful.
Anonymous
(Senior Internal Auditor)
Course provided very good explanations on implementing the risk methodology.
Grant Brannum
(Agent at Treasury)
The material was not quite as clear as expected but the outline helped some.
Isidro Alvarez
(Senior Associate, IT Risk Advisory Servi.. at RSM)
Very well explained and detailed presentation about how to implement a RBIA.
Anonymous
(Supplier Audit and Risk Manager)
Great. Perfect. As usual. I really like this trainer. Clearly presented.
Anonymous
(Associate)
This course was very helpful for a overview of risks and how to assess.
Sophia Kasozi
(- at City of Edmonton)
An excellent and succinct review of RIBA for internal audit executives.
Paul Hong
(Supervisor at RSM)
This helped to solidify my basic understanding of risk-based auditing.
Matthew Long
( at Wells Fargo)
In alignment with my organization's risk based auditing methodology.
Anonymous
(Auditor)
This course is great at explaining how to apply risk based auditing
Anonymous
(Auditor)
Lynn Fountain has provided a great class on Risk Based Auditing.
Anonymous
()
Very good course Risk Based Auditing - Applying the methodology
Evelio Naj
(Auditor at Moore Belize LLP)
Course was helpful and exam questions were straight forward.
Anonymous
(-)
Understand RBIA implimentation at the audit universe level
Anonymous
(Manager Internal Audit)
The course was informative and presented in a good manner.
Anonymous
(n/a)
I liked the speaker and how this webinar was structured
Muhammad Baig
(Managing Director at N/A)
A decent course with appropriate information about RBIA
Anonymous
(Director, Tech Audit)
Good presentation, good documentation, well organized.
Anonymous
(Internal Auditor)
Very good, I thought the examples were very helpful.
Anonymous
(Chair)
The course is a good review of risk based auditing.
Anonymous
()
Well organized. Practical examples. Easy to follow.
Kirit Kapadia
( at Kirit KapadiaCPA)
Gives guidance about rusk based auditing and tools.
Anonymous
(-)
Very informative. Concepts well explained
Robert Godfrey
(CPA at Robert Godfrey, CPA)
Excellent course on a new topic for me
Anonymous
(Internal Controls Manager)
good to compare with 'traditional' way
Charles Elwis
(Insurance Broker at Health Guys)
Interesting and clearly presented.
karan jariwala
(Sr Auditor - Governance Risk & Contr.. at Cisco)
very good course and detailed out.
Sylvia Ratliff
(internal audit consultant at self employed)
A lot of material!
Anonymous
(SOX Project Manager)
clear and concise.
Anonymous
(Sr. IT Auditor, GRC IT Audit)
Good concept
Surya Vinjamuri
(Project manager at Cisco Systems, Inc)
informative
Peter Choo
(Sr. Internal Auditor at Intuit)
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Prerequisites
Course Complexity: Advanced
No Advanced Preparation or Prerequisites are needed for this course. However, it is recommended to take the other courses in the series prior to completing this one.
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
.
Lynn FountainCPA, CGMA, CRMA, MBA, Consultant, Author, Trainer
About Illumeo
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