A Highly Interactive Training Course On

Risk-Based Auditing

Focusing the Audit Attention on
the Things that Really Matter

Risk-Based Auditing
Course Schedule

CLASSROOM

24-28 Feb 2025
Dubai
$5,950
02-06 Jun 2025
London
$5,950
15-19 Dec 2025
Dubai
$5,950
Certificate
  • Coventry Academy Certificate of Attendance will be provided to delegates who attend and complete the course

Training Overview

Training Overview

Many Internal Audit functions claim to have adopted a risk-based approach, yet few have fully integrated this methodology to effectively enhance organizational value. This Coventry Academy training course offers a pathway to advance your Audit approach by crafting a strategic audit plan that precisely identifies audit targets and frequency, while delivering cohesive, risk-based audit assignments. This approach promises to significantly elevate the level of assurance provided.

By attending the Coventry Academy training course, participants will elevate their internal audit functions to adopt a more strategic, risk-based approach that enhances value delivery. This course focuses on developing a comprehensive strategic audit plan, ensuring clarity on audit priorities and frequency, and executing integrated, risk-based audit assignments for heightened assurance.

Key components of this training course include:

  • Introduction to a globally recognized strategic audit planning tool for confident prioritization, easily communicable to senior management.
  • Techniques for identifying risks that may be excessively managed during audits.
  • Methods to establish an integrated process linking audit programs directly with organizational risk registers.
  • Strategies to ensure seamless coordination of the audit plan with other assurance providers within the organization.
  • A systematic, step-by-step guide to executing risk-based audits effectively.
  • Approaches for challenging management's risk evaluations during the audit process.

What are the goals?

By the end of this training course, participants will be able to:

  • Deliver financially measurable value from the risk-based audit process
  • Audit major areas of risk in your business with confidence
  • Challenge the risk process (by ensuring that inherent, residual and target risk is identified for each event)
  • Evaluate business risk appetite and ensure this is effectively managed
  • Plan risk-based assignments efficiently and effectively

Who is this Training Course for?

Anyone that needs to fully understand the risk-based audit approach – or to take their existing approach to the next level

This Coventry Academy training course is suitable to a wide range of professionals but will greatly benefit:

  • Heads of Audit
  • Audit managers
  • Senior auditors and team leaders
  • Auditors responsible for developing or implementing a risk-based approach
  • Other assurance professionals such as those in Compliance and QA functions who are wanting to develop their Risk based approach
  • Managers and Directors of business functions – to aid their knowledge of a risk-based audit approach

How will this Training Course be Presented?

This dynamic Coventry Academy training course will utilise a variety of proven learning techniques to ensure maximum understanding, comprehension and retention of the information presented.  This includes various exercises and case studies to provide practical application of the tools and techniques. A series of valuable tools and templates will be provided in electronic format – to take away and use immediately. 

The Course Content

Day One: Risk Based Auditing in the Modern Era
  • The modern risk-based audit (RBA) approach
  • How risk-based audit has changed the face of auditing
  • The importance of dealing with the audit risks not just the business risks
  • RBA and ERM (Enterprise risk management)
  • The ISO 31000 international risk standard
  • Auditing strategic risks
Day Two: Evaluating the ERM (Enterprise Risk Management) Process
  • Risk Workshops
  • Other methods of risk identification (including root cause analysis and Monte Carlo analysis)
  • Assessment of Risk Mitigation
  • Determining the preventative, detective and corrective controls
  • Auditing the ERM process
  • Assessing the Key risk indicators
Day Three: Risk Based Audit Planning
  • The Internal audit strategy
  • The audit Universe
  • Preparing a strategic audit plan
  • RBA KPI’s
  • Developing the annual plans
  • The use of audit technology (CAAT’s) 
Day Four: Risk Based Auditing in Practice
  • Planning a risk-based audit (Initial brainstorming)
  • The risk-based audit step by step
  • The RBA programme – worked example
  • The RBA deliverables
  • Monitoring of action plans
  • Determining an audit risk and control assessment
Day Five: Risk Based Audits of Complex Activities
  • Auditing brand and reputation
  • Risk based audit of projects
  • Reviewing joint ventures
  • Environmental auditing
  • Auditing the marketing function
  • Auditing performance management