Assessing Risk: Ensuring Internal Audit’s Value

The Institute of Internal Auditors, Inc.
Training overview
Professional Course
2 days

Course description

IIA- Assessing Risk: Ensuring Internal Audit’s Value

Assessing Risk: Ensuring Internal Audit’s Value- Best Practices in Risk Management

This course in Assessing Risk: Ensuring Internal Audit’s Value offered by The Institute of Internal Auditor's (IIA), the global, leading authority in internal auditing, provides participants with practical insight into risk management by allowing them to apply what they have learned to the implementation of risk assessment activities at their organization. 

This IIA course is designed to broaden participants' knowledge of current trends in the internal auditing field. After reviewing real examples of risk assessment models, participants will have the opportunity to develop and customize their own risk assessment frameworks as well as learn how to identify potential fraud schemes and solutions to common implementation challenges in risk management. 

Who should attend?

This is an advanced level IIA course and participants should have knowledge of common risk management frameworks (such as COSO, CoCo, or Cadbury) and at least two years’ experience in internal auditing. 

Training content

The outline for this course is as follows: 

Assessing Risk: Ensuring Internal Audit’s Value​ Nature of Risk

  • Explain the fundamental nature of risk and recognize types and categories of risk
  • List potential changes that could impact organizational opportunities and threats
  • Explain the strategic influences on risk assessment

Risk Assessment Essentials

  • Clarify internal audit’s role in risk management and risk assessment with its key stakeholders
  • Contrast various control framework risk assessment criteria
  • List the common risk assessment activities in which internal audit functions have engaged historically

Contemporary Risk Assessment Trends

  • Trace the history of events and regulatory influences on stakeholder perceptions and expectations concerning the role of the internal audit function
  • Describe the diversity of stakeholder needs for partnership in risk assessment activities (past and present)
  • Recognize how legislation and regulatory activity have created opportunities for internal audit to engage differently with stakeholders (in regard to risk assessment activities)
  • Identify your organization’s risk-centric management maturity level
  • Assess how your organization’s risk management maturity level will impact your internal audit risk assessment approach

The Audit Universe

  • Assess the completeness of the audit universe and identify auditable units 
  • Create an audit universe

Audit Universe Risk Assessment

  • Develop a risk assessment methodology for assessing the audit universe
  • Analyze examples of audit universe risk assessment methodologies
  • Determine the factors that influence the level of sophistication needed for the risk assessment methodology
  • Examine techniques for risk identification and measurement
  • Choose a method for prioritizing risk assessment results

Engagement Risk Assessment

  • Develop a risk assessment framework for engagement planning
  • Analyze examples of engagement risk assessment methodologies
  • Determine the factors that influence the level of sophistication needed for the risk assessment methodology
  • Examine techniques for risk identification and measurement
  • Choose a method for prioritizing risk assessment results

Fraud Risk Assessment

  • Perform and identify objectives of a fraud risk assessment
  • Identify potential fraud schemes as well as prioritize them based on risk

Risk Appetite

  • Define and integrate risk appetite into the risk assessment framework
  • Contrast various risk appetites and risk tolerance viewpoints

Risk Assessment Implementation Challenges

  • Minimize risk assessment implementation issues
  • Contrast the advantages and disadvantages of various risk assessment models
  • Identify solutions to common implementation issues

Costs

In order to ensure that you receive pricing best suited to your situation, please refer to IIA's website as well as to find out more about IIA's on-site training opportunities. 

Certification / Credits

Certified Internal Auditors (CIAs) completing this course are eligible to receive 16 ​Continuing Professional Education (CPE) hours. 

About The Institute of Internal Auditors, Inc.

IIA-Institute of Internal Auditors

The Institute of Internal Auditors- Training from the Auditing Industry's Leading Authority 

The Institute of Internal Auditors (IIA) is the global voice and leading educator for the internal auditing profession, providing innovative internal audit training as well as engaging, facilitated learning opportunities for its members and customers. IIA auditing courses help you add value...


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The Institute of Internal Auditors, Inc.


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