While IIA Standards and other guidance, from internal audit thought leaders and the consulting firms, advocate a “risk-based” approach to internal auditing, they generally don’t provide a great deal of guidance on what that means and how to accomplish it. If internal audit is to be “relevant” (a term increasingly being used to question whether internal audit is delivering what the organization needs most), it is important to ensure that the engagements it will perform focus on the risks that matter to the organization today.
This course will provide individuals with tools and techniques to implement a modern risk-based internal audit plan and ensure that internal audit is considered relevant and valuable to its stakeholders on the board and in top management.
Participants will leave the course with confidence that they can build a risk-based audit plan that is agile and designed to address the risks that matter to the organization. This will help them ensure that internal audit engagements address the areas where the function can contribute the greatest value to the organization.
Norman Marks is an individual who has not only led world-class internal audit departments that practiced risk-based internal auditing, but has been a passionate advocate of such practices for many years – including writing about it on his blog with the IIA. He brings to the topic a deep understanding of both internal auditing and risk management (he is an Honorary Fellow of the Institute of Risk Management).
Who will Benefit:
This course is designed for all those who are responsible for developing, or assisting in developing, the internal audit plan. The following job titles/ positions will benefit from attending:
- Chief Audit Executives
- Internal Audit Directors and Managers
- Bank Regulators and Examiners
- Internal Audit Consultants
A traditional audit plan is developed at a point in time, but risks change constantly in this dynamic world. A true risk-based audit plan needs to be similarly dynamic and modified as risks change. In addition, traditional audit plans have focused on risks at the location or process level, which may not be the same as the risks that matter to the organization as a whole – the risks that the board and executive management team worry about.
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