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Risk and Compliance Management

Conducting Internal Risk Audits and Control Evaluations

5 units

Please select a city/session before registration.

About this program

Robust internal audits and control mechanisms are essential for maintaining transparency, accountability, and organizational strength. This Internal Risk Audits and Control Systems Training Course equips participants with a systematic methodology to evaluate risks, assess controls, and ensure adherence to international standards.
Through the use of case studies, simulations, and hands-on workshops, learners will delve into risk-based audit planning, the development of internal controls, and techniques for aligning audit processes with governance goals. The course highlights the importance of proactive risk detection and ongoing monitoring to enhance assurance and facilitate informed decision-making.
Upon completion, participants will be capable of executing risk-focused internal audits, reinforcing internal control frameworks, and establishing systems that promote effective governance and compliance.

Course benefits

  • Acquire skills to execute risk-oriented internal audits.
  • Enhance internal controls to minimize organizational risks.
  • Align internal auditing practices with governance and regulatory requirements.
  • Strengthen fraud detection and monitoring capabilities.
  • Improve assurance reporting for organizational decision-makers.

Key outcomes

  • Comprehend the function of internal audits within risk management.
  • Implement techniques for risk-based audit planning.
  • Develop and assess robust internal control systems.
  • Recognize fraud risks and evaluate anti-fraud controls.
  • Incorporate audits within enterprise risk management (ERM).
  • Cultivate effective audit reporting and communication abilities.
  • Promote accountability and governance through internal assurance mechanisms.

Who should attend

  • Internal auditors and risk management professionals.
  • Compliance and governance specialists.
  • Finance and operations leaders.
  • Senior executives accountable for oversight and accountability.

Course outline

1

Unit 1: Fundamentals of Internal Risk Auditing

  • The significance of internal audits within governance frameworks.
  • Global standards for audit and assurance.
  • Comparing risk-focused and compliance-focused audit approaches.
  • Practical examples demonstrating the impact of internal audits.
2

Unit 2: Planning Audits Based on Risk Assessment

  • Recognizing risks and determining audit priorities.
  • Developing audit schedules that support Enterprise Risk Management (ERM).
  • Instruments for evaluating audit risks.
  • Aligning audit boundaries with the goals of the organization.
3

Unit 3: Designing and Assessing Internal Control Mechanisms

  • Key elements of robust internal control systems.
  • Procedures for testing and overseeing controls.
  • Addressing control weaknesses and implementing corrective actions.
  • Utilizing technological solutions within control structures.
4

Unit 4: Fraud Risk Assessment and Audit Investigation Techniques

  • Detecting indicators and risk factors of fraud.
  • Establishing controls to prevent fraud.
  • Methodologies for audit investigations.
  • Documenting and escalating audit discoveries.
5

Unit 5: Audit Documentation and Governance Alignment

  • Crafting effective audit reports.
  • Presenting audit results to boards and key stakeholders.
  • Incorporating audit findings into governance activities.
  • Promoting ongoing enhancements in auditing and control practices.