Establishing a Methodology for Risk Based Auditing
4.4 (31 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
165 students enrolled

Establishing a Methodology for Risk Based Auditing

This course focuses on the establishment of a framework or methodology for risk based auditing.
4.4 (31 ratings)
Course Ratings are calculated from individual students’ ratings and a variety of other signals, like age of rating and reliability, to ensure that they reflect course quality fairly and accurately.
165 students enrolled
Last updated 8/2017
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Current price: $69.99 Original price: $99.99 Discount: 30% off
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This course includes
  • 1.5 hours on-demand video
  • 2 articles
  • 2 downloadable resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
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What you'll learn
  • Identify some of the various challenges internal audit may face when attempting to execute upon risk based auditing.
  • Explore alternatives to identifying risk appetite and risk tolerance to utilize within risk based auditing.
  • Evaluate the development and usage of a variety of risk management characteristics when identifying risk tolerance.
  • Explore sample scoring techniques to apply to risk based auditing.
  • Learn how to conclude your assessment for risk based auditing.
Requirements
  • No advanced preparation or prerequisites are needed for this course.
Description

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.

RBIA is at the cutting edge of internal audit practice. It is an area that is evolving rapidly and where there is still little consensus about the best way to implement it.  Executing on true risk based internal auditing requires more than an annual risk assessment for the internal audit plan.  It requires a pre-established methodology that includes defining the organization's risk appetite and risk tolerance utilizing measurements that include aspects of financial, compliance and operational metrics.  In addition, internal audit must be ready to put aside their typical checklists and standard work programs.  True risk based internal auditing goes far beyond setting the annual audit plan.  It incorporates cascading the process through to each individual audit as well as the audit reporting process.

If you would like Continuing Education Credit (e.g. CPE, CE, CPD, etc.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Risk Based Auditing – Establishing a Methodology. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.


Who this course is for:
  • Anyone interested in finance, accounting, or related fields.
Course content
Expand all 12 lectures 01:35:02
+ Introduction
10 lectures 01:34:58
Methodology Step 3
08:09
Ex: Risk Tolerance
10:50
Methodology Steps 4 - 6
10:38
Methodology Steps 7 - 10
07:08
Applying RB Questions within Methodology
10:40
Questions Steps 3 and 4
11:34
Utilizing Management in Developing RBIA Approach
09:38
Using Experts and Course Summary
07:29
+ Supporting Materials
2 lectures 00:03
Slides: Risk Based Auditing – Establishing a Methodology
00:01
Risk Based Auditing – Establishing a Methodology Glossary/ Index
00:02
+ Review and Test
0 lectures 00:00

Review Questions: Risk Based Auditing – Establishing a Methodology

Review Questions
6 questions

FINAL EXAM: Risk Based Auditing – Establishing a Methodology

FINAL EXAM
10 questions