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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

  1. Understanding Risk-Based Auditing
  2. Risk Based Auditing – Establishing a Methodology
  3. 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: April 28, 2018

Included In Certifications

This course is included in the following Expert Certifications:

17 CoursesInternal Controls Certification

  1. Internal Controls: What Every Financial and Accounting Professional Needs to Know
  2. COSO 2013 Framework Requirements and Implementation Overview
  3. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part One
  4. Applying the Standards for Internal Auditors in Line with Your Organization's Needs - Part Two: Managing Internal Audit and Nature of Work
  5. Applying the Standards for Internal Auditors in Line with Your Organization's Needs – Part Three: Executing the Audit Engagement
  6. Identifying and Implementing the Proper Balance of Internal Controls
  7. Proper Documentation Methods for Internal Audit and Internal Controls Processes
  8. Information Technology (IT) Risks in Emerging Business Environments
  9. Foundations for a Strong Internal Audit Department
  10. Keys to Managing an Effective Internal Audit Function
  11. Internal Audit: Keys to Building Effective Relationships with the Audit Committee
  12. Understanding Risk-Based Auditing
  13. Risk Based Auditing – Establishing a Methodology
  14. Risk Based Auditing – Applying the Methodology
  15. Segregation of Duties for Core Business Processes
  16. Keys To Maintaining Objectivity and Professional Skepticism
  17. When The Whistle Blows Part 2: Managing Whistleblower Hotlines

29 Reviews (130 ratings)Reviews

4
Member's Profile
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.
5
Member's Profile
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.
5
Member's Profile
This course helps the participant understand the key factors that must be taken into consideration when designing and executing a risk based internal audit.
5
Member's Profile
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.
5
Member's Profile
The fundamentals for assessing risk and what the proper steps are in taking a risk based approach where clearly communicated through the course
5
Anonymous Author
A great, informative course for anyone involved in the audit field or businesses considering a risk-based audit approach.
5
Anonymous Author
A great concluding session of a very important topic, presented in a easy to understand way. Good examples.
5
Anonymous Author
Excellent course. Thorough coverage of implementing Risk Based Internal Auditing.
5
Member's Profile
Controlling auditing and accounting which ever you choose is what you should do.
5
Member's Profile
Course was a quite intense and difficult one! I think there too many theories.
5
Anonymous Author
I liked the overview and examples provided. I found the course very helpful.
5
Anonymous Author
Course provided very good explanations on implementing the risk methodology.
3
Member's Profile
The material was not quite as clear as expected but the outline helped some.
5
Member's Profile
Very well explained and detailed presentation about how to implement a RBIA.
4
Member's Profile
An excellent and succinct review of RIBA for internal audit executives.
4
Anonymous Author
Understand RBIA implimentation at the audit universe level
5
Anonymous Author
Very good, I thought the examples were very helpful.
3
Member's Profile
Gives guidance about rusk based auditing and tools.
5
Anonymous Author
Very informative. Concepts well explained
4
Member's Profile
Excellent course on a new topic for me
5
Anonymous Author
good to compare with 'traditional' way
5
Member's Profile
Interesting and clearly presented.
4
Member's Profile
very good course and detailed out.
5
Member's Profile
Great wrap up to the series.
5
Member's Profile
A lot of material!
4
Anonymous Author
clear and concise.
4
Anonymous Author
Good concept
4
Member's Profile
informative
5
Member's Profile
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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 .
Course Syllabus
INTRODUCTION AND OVERVIEW
Applying The Methodology
  9:12Understanding RBIA
  4:14Level and Types of RBIA
  10:39Risk Maturity
  13:42Implementation and Requirements
  7:43Identifying Attributes
  16:11Example RM Characteristics
  12:47Scoring Utilizing Impact and Likelihood Scales
CONCLUSION
  12:19Concluding The Assessment
Continuous Play
  1:31:16Risk Based Auditing – Applying the Methodology
SUPPORTING MATERIALS
  PDFSlides: Applying the Methodology
  PDFApplying the Methodology Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM