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The Institute of Internal Auditors defines risk based internal auditing (RBIA) as a methodology that links internal auditing to an organization's overall risk management framework. RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively in relation to the risk appetite.

Many internal audit groups attempt risk based auditing but often find that some aspects are difficult to deploy within their own organizations.  This occurs due to the lack of standard understanding of the various techniques used in risk based auditing and the true intent and advantages associated with the process.  To be able to effectively develop a risk based auditing methodology and then to employ it within your organization, you must understand the premise behind the concept and the advantages and challenges it will bring.  This course is designed to prepare the auditor to fully embrace the risk based methodology concept.

This is the first of three risk based auditing courses.  Session two will be focused on establishing a risk based auditing methodology and session three will focus on methods to implement and apply the methodology. 

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

  • Explore Risk over the past decade plus.
  • Recognize the benefits of Risk Based Auditing.
  • Explore Risk Based Auditing (RBA) and recognize the purpose of Internal Auditing (IA).
  • Recognize the Risk Based (RB) Imperative.

Included In Certifications

This course is included in the following Expert Certifications:

17 CoursesInternal Controls and Internal Audit 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

61 Reviews (210 ratings)Reviews

4
Anonymous Author
Course set a good foundation for understanding the basis for the movement toward risk-based auditing. Also, the emphasis on management and the board as an active source of input for the process was well-presented as an integral part of the audit planning process. The presentation was well-paced and informative.
5
Anonymous Author
This was a great introduction to risk-based auditing. I appreciated learning about the historical background that led to the need for risk-based auditing, as well as the basic concepts of this approach. As usual, this instructor was clear and concise in her presentation and explained the subject thoroughly.
5
Anonymous Author
This course provides convincing information on the need to implement risk based auditing. Currently, my company uses more traditional auditing but are finding that higher risk areas are missed. This information was very helpful and will be shared in order to better educate.
4
Member's Profile
This course is good for building understanding of risk based auditing. Some parts of the module, as well as exam questions, may seem confusing. I had to replay several pages a couple of times to get the meaning.
4
Member's Profile
I had watched a previous Webinar and many of the inital slides were redundant. It was a good refresher, but probably not necessary to watch both in their entirety.
3
Member's Profile
Good overall introduction, however (1) inserts on slides were too small to be readable, and (2) material could have been covered in half the time.
4
Anonymous Author
Good course. Many typo/grammatical errors in slides; personally distracting for me, but did not affect my evaluation that it's a good course.
5
Member's Profile
Learning more about Risk Base Auditing. What surprised me, is how important RBA to a company. What to look for while i'm auditing.
5
Anonymous Author
Excellent contrast between traditional internal risk based audits and the more mature and evolving risk based audit approach.
5
Member's Profile
Risk based auditing is well covered in the course, addressing the difference, expectations, prerequisites and standards.
4
Member's Profile
The instructor clearly explains risk based auditing and makes easy to understand comparisons to older style auditing.
5
Member's Profile
Clearly explains the importance of the needs of implementing a risk based audition approach in an institution.
5
Member's Profile
Always enjoy this instructors classes. Very solid explanation of the changing risk landscape
5
Member's Profile
The course was well organized and well presented and I learned to think about risk in a new way.
4
Member's Profile
The objectives were met I now have a better understanding of the need for risk based auditing
5
Member's Profile
Was very informative and help me being an Internal Auditor to assess and move ahead with RBA
4
Member's Profile
Program materials were relevant and contributed to the achievement of learning objectives.
4
Member's Profile
I enjoyed the course, but the background noise was somewhat distracting. (clock chiming)
5
Member's Profile
Excellent webinar. I feel better equipped to transition my team to risk based auditing.
5
Anonymous Author
Excellent course, would love for all my exec team peers to watch this - multiple times!
5
Member's Profile
Nice introduction to risk based auditing. The session was clear and very informative.
5
Anonymous Author
Useful guidelines to RBA implementation. Looking forward for the rest 2 presentations.
4
Member's Profile
Good overview of risk based auditing and changing business needs and approach to RBA.
5
Anonymous Author
What a great overview to get a better understanding of the Risk-Based Audit approach!
5
Member's Profile
Excellent course and thoroughly presented in a useful and straightforward manner.
5
Member's Profile
Course was amzing and very interesting one! It was a great plaesure to see this.
4
Member's Profile
Great summary of risk based auditing principles. I found this course helpful
3
Member's Profile
Was a good overview of the concept but did not go into enough details.
4
Anonymous Author
Excellent intro to risk-based auditing. Engaging presentation
4
Member's Profile
good enough for me to get my cpes for my cia and cpa licenses
5
Anonymous Author
Good course. Objectives and concepts are well explained.
4
Anonymous Author
Good general-level introduction to risk based auditing
4
Anonymous Author
Enjoyed understanding more about how risk has evolved.
5
Member's Profile
Clear, well structured course, very informative
4
Anonymous Author
Very informational for auditors at all levels
4
Anonymous Author
Very understandable and informative course
4
Anonymous Author
I learned more than I thought I would.
5
Member's Profile
Great course. Relevant and insightful.
5
Member's Profile
Very convenient and easily accessible
4
Anonymous Author
Good overview of risk based auditing
5
Anonymous Author
Easy to understand the course
5
Anonymous Author
Very focused and to the point
4
Member's Profile
This was a very good course.
4
Member's Profile
Great introduction to RBA.
5
Anonymous Author
Comprehensive intro course
4
Anonymous Author
Overall very informative.
4
Anonymous Author
great teaching method
Member's Profile
Good refresher on RBA
5
Member's Profile
good information
4
Member's Profile
detailed course
5
Anonymous Author
Great course!
4
Anonymous Author
informative.
4
Member's Profile
great course
4
Member's Profile
Great course
5
Anonymous Author
Informative.
4
Anonymous Author
nice review
4
Anonymous Author
Good stuff
4
Anonymous Author
Good.
4
Member's Profile
none
5
Anonymous Author
ok
5
Anonymous Author
.

Prerequisites

Course Complexity: Intermediate

No Advanced Preparation or Prerequisites are needed for this course

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 .

2 QuestionsCourse Questions and Answers

Member's Profile

Hello Lynn,

Thank you for the informative lessons on Risks, Auditing, Governance etc.Your style of presenting gives us the knowledge required by practitioners and at the same time we get CPD credits!

I am really interested in doing the CRMA, but my learning style (visual, audio, lecture based) is not available through the IIA. I should have grandfathered when the IIA first approved the CRMA, but felt I needed to prove my knowledge by passing the exam.

Have you or any other organizations prepared materials in video format that will cover the CRMA syllabus? Are there segments/courses in the Illumeo list of courses that will cover the CRMA?

I have signed up with Illumeo as taking their courses and passing the final exam gives me CPDs for the IIA.

I am looking for a cost effective way of doing the CRMA without having to attend live college courses (in Canada).

Thank you for your training material anyway!

Sajjad Hanif FCMA (UK), CMA (Canada), CIA

Member's Profile

Sajjad

Thank you for the very nice note. Illumeo will be rolling out certificate courses in January. I have developed one for Sarbanes-Oxley and one for Internal Controls and Internal audit. I have planned to also look at the CRMA syllabus and develop a program for risk management. I have many risk management courses I do for organizations. You can take a look at my website (www.lynnfountain.net) to see some of my in person courses.

It takes a bit to develop the certificate courses for Illumeo. But you came up with an excellent idea on risk management and I am moving that to the front of my priorities. You might check with Illumeo after the first of the year to see the timing for the completed certificate courses. Most of them comprise about 30 - 40 hours of video (all in separate courses anywhere from 60-90 minutes)

Course Syllabus
INTRODUCTION AND OVERVIEW
  4:17Introduction to Understanding Risk Based Auditing
Risk Based Auditing
  11:56Examining Risk Over The Past Decade
  10:18Why RBA?
  8:02Maturing to RBA
  8:13Traditional Approach Challenges
  4:32Expanding Role
  5:34RBA and Purpose of IA
Understanding Risk Imperative
  4:37Understanding Risk Imperative
  5:13Understanding Risk Based Auditing
  3:20Imperative 4
  11:39Imperative 5
Continuous Play
  1:17:47Understanding Risk Based Auditing
SUPPORTING MATERIALS
  PDFSlides: Understanding Risk Based Auditing
  PDFUnderstanding Risk Based Auditing Glossary Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM