Establishing a Methodology for Risk Based Auditing
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Establishing a Methodology for Risk Based Auditing

This course focuses on the establishment of a framework or methodology for risk based auditing.
0.0 (0 ratings)
Instead of using a simple lifetime average, Udemy calculates a course's star rating by considering a number of different factors such as the number of ratings, the age of ratings, and the likelihood of fraudulent ratings.
0 students enrolled
Last updated 8/2017
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Includes:
  • 3 hours on-demand video
  • 2 Articles
  • 2 Supplemental Resources
  • Full lifetime access
  • Access on mobile and TV
  • Certificate of Completion
What Will I 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.
View Curriculum
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.

This course is the second of three risk based auditing courses.  This course focuses on the establishment of a framework or methodology for risk based auditing and examining how to utilize risk based questions within the process steps. 

Who is the target audience?
  • Anyone interested in finance, accounting, or related fields.
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Curriculum For This Course
13 Lectures
03:09:59
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Introduction
11 Lectures 03:09:55


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

Risk Based Auditing: Establishing The Methodology Continuous Play
01:34:57
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Supporting Materials
2 Lectures 00:04
Slides: Risk Based Auditing – Establishing a Methodology
00:02

Risk Based Auditing – Establishing a Methodology Glossary/ Index
00:02
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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
About the Instructor
Illumeo Learning
4.4 Average rating
300 Reviews
1,323 Students
234 Courses
Condensed and Efficient Courses for Busy Professionals

Illumeo, incorporated in 2009, is revolutionizing the hide-bound world of corporate learning. Illumeo works with corporate professionals and organizations of all sizes to build the skills and capabilities that help everyone be an expert at their job.

Based in Silicon Valley, CA, Illumeo serves thousands of corporations and corporate professionals across Finance, Accounting, Human Resources, Sales and Marketing. The platform offers assessments, industry-benchmarked competency analyses, hundreds of expert-developed courses, collaborative tools, and the ability for companies to self-publish internal courses that promote institutional knowledge retention and dissemination.

Illumeo is the place for expertise management and we are dedicated to the proposition that everyone can be an expert at their job.

Lynn Fountain (Illumeo)
4.6 Average rating
13 Reviews
84 Students
29 Courses

Ms. Fountain has over 30 years of experience in the business profession, which includes public and industry accounting and over 20 years within internal and external auditing combined. She is a nationally recognized trainer and speaker and also a published author. She is a subject matter expert and specializes in Internal Audit, Sarbanes-Oxley, Enterprise Risk Management, Fraud, Governance and Compliance. Ms. Fountain has held two Chief Audit Executive positions for international companies. She currently performs consulting for companies on internal audit, risk management, internal controls, financial reporting and accounting along with performing training. She has also been instrumental in the establishment of ERM, Sarbanes-Oxley and Governance frameworks

Ms. Fountain has developed and delivered leading edge training sessions on COSO, Internal Audit, ERM, Accounting, Leadership, Governance, Compliance and Ethics. She has numerous recorded webinars on Illumeo dot com.

Ms. Fountain has authored a publication for the Institute of Internal Auditors Research Foundation (IIARF) titled “Raise the Red Flag – The Internal Auditors Guide to Fraud Evaluations”. The publication will be released April 20, 2015. In addition, she is authoring a publication for Auerbach on “The Realities of performing the Chief Audit Executive Role”. The publication will be released in the Fall 2015. In addition, she has performed as an adjunct instructor for the School of Business for Grantham University and the School of Business at the University of Kansas.

Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has her CGMA, CRMA credentials and CPA certificate.