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.
Last updated/reviewed: August 22, 2023
Course Search

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
159 Reviews (716 ratings)

Reviews

5
Anonymous Author
I think the instructor goes a great job explaining the different risks and how management and the auditors need to go about finding those risks.

4
Anonymous Author
* Overall, instructor was very effective in presenting on subject matter, utilizing lesson materials, and supplementing with personal professional experiences. * Lesson content was consistent with course description and objectives. * Curious as to whether what may be a 3-part series can be compressed into a 2-part series: Foundations, Advanced Methodology? Would be useful to get into specifics/tactical aspects, including frameworks, visual aids, and/or examples, sooner.

5
Anonymous Author
My favorite part of this course was the timeline showing major events related to fraud, restatements, etc. Sometimes I think even I forget just how common these risk events occur, even though one of my old partners at PwC was the managing partner on Tyco when they had their fraud. I believe he lost his CPA license. These things are very prevalent.

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
Member's Profile
My fellow team auditors would benefit from this course. Understanding Risk Based Auditing is the most effective way of auditing in today's ever changing corporate and government business environment. We must understand Risks associated with the business and departments we support and thus, audit those risks.

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.

5
Anonymous Author
Risk based auditing is now a recognized worldwide audit methodology Great reviewing course for those who already are Internal auditor and essential course for those who want to be Internal auditor. Risk based auditing is now a recognized worldwide audit methodology

5
Anonymous Author
The content is relevant, useful and the examples given help to drive the points home. The explanation between the traditional audit approach verse risk based approach was explained clearly. You need not have been an auditor to understand and relate.

5
Member's Profile
Lynn, You havw done it again. You took me through your lesson to a 90% test result. The effectiveness of your communication makes your courses impactful and are highly recommended. On to your next Risk class in the series. Thank you, Larry

5
Anonymous Author
Great concise course over Risk Based Auditing approaches and how to properly execute them. Very well presented and constructed course. I would recommend this course to anyone looking for additional details / understandings on RBA's.

3
Member's Profile
very informative, alot of information. But like many of her courses the exam questions aren't necessarily discussed in her presentation and alot of questions are asked that makes the reader/watcher assume an answer

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.

5
Member's Profile
Comprehensive discussion on risk based auditing. After the course, i now have a good understanding of the components of risk based auditing and warning signs to look for as part of internal audit of risk.

5
Anonymous Author
The course was very informative and the time allotted is sufficient to complete the course. The instructor was very effective in delivering the materials. I would recommend this course to others.

5
Member's Profile
The course was very informative and the time allotted is sufficient to complete the course. The instructor was very effective in delivering the materials. I would recommend this course to others.

5
Anonymous Author
This course was helpful in understanding risk based auditing. It provides questions companies and organizations should be asking themselves how how they can leverage risk to achieve their goals.

5
Anonymous Author
The course materials are well documented to enable the student to better understand the risk based audit. Great examples and illustrations were also provided throughout the course. Thank you!

4
Anonymous Author
This course provides a good intro into the world of risk based auditing. It does a good job of defining the difference associated with risk based auditing as opposed to traditional auditing.

5
Anonymous Author
Good course and coverage of risk based auditing. An imperative for any internal audit function. A topic that may require to be added as a complement to the series is the concept of Agile.

5
Anonymous Author
Another great course from Lynn and one step closer to the IC certificate. A lot of real life examples and applications which are invaluable. The course is designed for IA's and CAE's.

3
Member's Profile
It provided food for thought, as my organization is still pretty traditional with respect to how IA is viewed and how we execute an annual risk assessment and formal audit plan.

5
Member's Profile
Lynn Fountain is very clear in her presentation and lecture on Risk-Based Auditing. This is my first course in risk-based auditing and I really like it and fits my needs.

5
Anonymous Author
This course was very informative. The syllabus was easy to follow and understand. The presenter is very knowledgeable and does a great job of teaching the material.

5
Anonymous Author
I really enjoyed the material. I think that the presenter kept my attention and was quick to the point. The material will be very helpful in making my team stronger.

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.

5
Anonymous Author
More information needed on methodology for risk based auditing. The instructor had very good diction and clarity and made the information very easy to understand.

5
Anonymous Author
This course was really helpful in terms of cementing the understanding the need for effective risk-based auditing and the benefits it provide to the organization.

5
Member's Profile
Great overall holistic view of the Risk Based Auditing program. The effectiveness of implementation and the benefits to the organization and society as a whole.

5
Anonymous Author
I notice that most audits are not using this risk based auditing mentality, so learning about it now makes me want to find a way to implement it into my firm!

3
Member's Profile
I like the real world examples of why risk based auditing is valued, and how value can be added to the company, rather than just being viewed as compliance.

5
Anonymous Author
A different perspective in the audit approach. I really like revolutionary idea that it brings to audit, so audit can be more effective in control testing.

5
Member's Profile
I have listened to this instructor before, she is very knowagable and understandable. I think this is a good topic and gave good explanations of topics.

5
Anonymous Author
The course provides a great overview of risk based auditing and is a must take course for both external and internal auditors; primarily internal audit.

4
Anonymous Author
Useful course that belongs to series of 3 courses of risk based auditing. Always interesting to have insights on how to perform risk based auditing.

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.

5
Member's Profile
The class was awesome!!! It enlightened my thinking to understand more the Risk Based Audit approach. Will apply what I've learned to my audits.

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.

4
Member's Profile
Even if you are not in IA or company does not have an IA function, still think this is pretty useful when considering internal controls etc.

4
Anonymous Author
Overview of changes to audit planning and the emergence of risks not previously focused on in traditional audits in modern business.

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
The class was great! I got a good, solid foundation of Risk Based Auditing. I am ready to incorporate the concepts into my work.

5
Member's Profile
Спасибо великолепному преподавателю Lynn Fountain! Все доступно и понятно.

4
Anonymous Author
Good information, though some was redundant. Provides a solid baseline understanding of risk based auditing and its relevance.

5
Anonymous Author
Great course. Past scandals and economic decline helped frame the purpose of RBA. I liked the inclusion of the IIA Standards.

5
Anonymous Author
Excellent contrast between traditional internal risk based audits and the more mature and evolving risk based audit approach.

5
Anonymous Author
The course material was clear, to the point and very relevant. The delivery form the presenter was also great. Great course!

4
Anonymous Author
I liked the overall content of the course. It should benefit all internal auditors regardless of organizational structure.

5
Member's Profile
Risk based auditing is well covered in the course, addressing the difference, expectations, prerequisites and standards.

5
Anonymous Author
Great foundational course for risk based auditing. I found it to be engaging and looking forward to the other courses.

5
Member's Profile
Great presenter and clear information. As a newer internal auditor I learned a lot and the presenter kept me interested.

5
Anonymous Author
The course is meaningful and informative. I believe risk based auditing should also be applied to external audits.Great!

4
Member's Profile
Great course to help understand how an organization's internal audit can evolve with an ever-changing risk environment.

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
This is a great outlook on RBA and understanding the differences between traditional approach and risk based approach.

4
Member's Profile
It was a good course about the fundamentals of risk based auditing and the importance of the same in the organization.

5
Member's Profile
GOOD COURSE - VERY BROAD BUT GENERAL UNDERSTANDING OBJECTIVE MET

5
Anonymous Author
Internal auditors and those in the organization responsible for managing risk would get the most out of this course.

4
Member's Profile
It is a good training for beginners or for the ones who need some refresh regard Internal Audit Risk Based approach.

3
Anonymous Author
Thanks, Lynn! Stated prerequisite requirements were appropriate and sufficient. Stated learning objectives were met.

4
Anonymous Author
Good explanations of definitions. Risk is an overall concept and organizations have different tolerances of risk.

5
Member's Profile
Clearly explains the importance of the needs of implementing a risk based audition approach in an institution.

5
Anonymous Author
This course gave me a broad understanding of RBA and the relationship with tone at the top of my organization.

4
Anonymous Author
An interesting course where I think everyone will learn from irrespective of experience. Nothing surprised me.

4
Anonymous Author
Good examples covered and summary of how the internal audit landscape has changed over the last several years.

5
Anonymous Author
This course a good explanation of the internal audit requirements for the use of a risk based audit approach.

4
Anonymous Author
This presentation provides very good points on the reasons it is beneficial to move to risk based auditing.

5
Anonymous Author
Great Course if you are looking to understand risk based auditing. This is a great foundation to start with.

4
Member's Profile
This instructor is good at setting objectives and goals for course, and outlining them in the material.

4
Anonymous Author
This course provides a good basic understanding of what Risk Based Auditing is and why it is important.

5
Member's Profile
Interesting topic. Anything related to risk and audit is a very relevant subject at any organization.

4
Anonymous Author
Happy to attend "Understanding risk based auditing" course cause its add value for me in many areas.

4
Anonymous Author
Very informative discussions on Risk Based Audit, and how the organization will benefit from such.

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.

5
Member's Profile
I enjoyed learning more about risk based auditing and how it can be utilized in the workplace.

5
Anonymous Author
This overview was very useful. My IA team will be thankful to have access to this information.

4
Member's Profile
I found this course to be relevant for my career in risk management for a large regional bank.

3
Anonymous Author
I would have benefited from less discussion of traditional audit methods and more on the RBA.

4
Member's Profile
The objectives were met I now have a better understanding of the need for risk based auditing

4
Member's Profile
Slides need to be proof-read. Many errors. Small sections in lower right corners too small.

5
Member's Profile
Was very informative and help me being an Internal Auditor to assess and move ahead with RBA

4
Anonymous Author
The class helps differentiate between traditional audit work and evolving risk based audit.

4
Member's Profile
Program materials were relevant and contributed to the achievement of learning objectives.

5
Member's Profile
interesting subject, well distributed , good instructor, looking forward to the next one

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.

3
Member's Profile
A good introduction to the general risk imperatives and risk based auditing approach.

4
Member's Profile
Good overview of risk based auditing and changing business needs and approach to RBA.

4
Anonymous Author
This is a great course. The instructor is good and the examples provided are helpful.

5
Anonymous Author
What a great overview to get a better understanding of the Risk-Based Audit approach!

4
Anonymous Author
The training was very informative and gave excellent example of risk based auditing.

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.

5
Anonymous Author
this course was great and helped better my understanding of risk based auditing

4
Anonymous Author
Excellent course for implementing risk-based auditing with Management support.

5
Member's Profile
Thanks for making a wonderful course. Great job. Enjoyed it. WIll take more.

5
Anonymous Author
Course is very educational and informative. Presents a dynamic picture of RBA.

4
Member's Profile
Great summary of risk based auditing principles. I found this course helpful

4
Member's Profile
great course, a must for staff and seniors and a good refresher for managers.

5
Member's Profile
The presenter did a great job explaining risk based audits, I learned a lot.

5
Member's Profile
Excellent Course! It truly improved my understanding of risk based auditing.

5
Anonymous Author
Well structured and presented material. Relatable examples. Easy to follow.

5
Member's Profile
Great overview on RBA. The instructor makes the topic easy to understand.

5
Anonymous Author
Great! I learned a lot and the instructor provided significant insight.

5
Member's Profile
Nice course. Content was clear and laid out well. I like this creator.

5
Anonymous Author
The course provides plenty of useful information on risk based auditing

4
Anonymous Author
Overall good class with interesting insights. Slides are easy to follow.

5
Member's Profile
Class instructor was clear and concise. I'm grateful for the refresher.

3
Member's Profile
Was a good overview of the concept but did not go into enough details.

5
Anonymous Author
Great course on the principles and benefits of risk based auditing.

1
Member's Profile
Poor grammar and punctuation in most slides, plenty of redundancy.

5
Anonymous Author
Helpful and informative to gain insights about risk based auditing

4
Anonymous Author
This was a helpful course. The presenter covered everything well.

5
Member's Profile
Content aligns well with what I see in practice. Well organized.

4
Anonymous Author
I liked the breakdown and understanding of risk based auditing.

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

3
Anonymous Author
good course with good examples listed throughout the course

5
Anonymous Author
Good course. Objectives and concepts are well explained.

5
Member's Profile
Great intro course for someone not in internal auditing.

5
Member's Profile
Some of the terms were more difficult to find/remember

4
Anonymous Author
Good general-level introduction to risk based auditing

4
Anonymous Author
Enjoyed understanding more about how risk has evolved.

4
Member's Profile
Great refresher, and informative introduction to RBA

4
Anonymous Author
Good foundational overview of Risk Based Auditing.

5
Anonymous Author
The information provided was relevant and helpful.

5
Member's Profile
great review of the meaning of risk based auditing

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 .
Course Questions and Answers(2 Questions)
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)

Instructor for this course
Course Syllabus
INTRODUCTION AND OVERVIEW
  Institute of Internal Auditors Update 20243:22
  Introduction to Understanding Risk Based Auditing4:17
Risk Based Auditing
  Examining Risk Over The Past Decade 11:56
  Why RBA?10:18
  Maturing to RBA8:02
  Traditional Approach Challenges 8:13
  Expanding Role 4:32
  RBA and Purpose of IA5:35
Understanding Risk Imperative
  Understanding Risk Imperative 4:36
  Understanding Risk Based Auditing5:13
  Imperative 43:20
  Imperative 511:40
Continuous Play
  Understanding Risk Based Auditing 1:17:42
SUPPORTING MATERIALS
  Slides: Understanding Risk Based AuditingPDF
  Understanding Risk Based Auditing Glossary IndexPDF
REVIEW and TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam