Risk Based Internal Auditing - MIS Training

The International Leader
in Audit and Information Security Training
LONDON
SUMMER
SCHOOLS
2010
Risk Based Internal Auditing
Significantly change the way internal audit operates
within your organisation
London
Course Director
Liz Sandwith
Liz has a wealth of experience
having worked in internal audit
since the 1980’s
3 day course 5 - 7 July 2010
“Couldn't ask for a better instructor”
Kuwait Petroleum Corporation
“Good overall coverage of
the subject”
DONG Energy
• Understand the basics of risk based internal auditing
• Develop a risk based audit plan
• Learn how to produce high quality audit reports
• Take back the skills learnt into the workplace
Earn 22 CPE credits
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Web: mistieurope.com/training Email: training@mistieurope.com Tel: +44 (0)20 7779 8454

Risk Based Internal Auditing
Significantly change the way internal audit operates
within your organisation
London
3 day course
5 - 7 July 2010
Course Director
Liz Sandwith
Course focus and features
Organisations are more and more requiring their internal auditors to increase the level of assurance
they provide particularly with regard to the risks the organisation faces and how those risks are
being managed. Internal audit adds value by providing assurances that the risk management
framework, processes, controls and outcomes are effective. Internal audit provides a prime source
of assurance for the organisation to consider when reviewing and reporting on the effectiveness of
the system of internal control.
In particular organisations are seeking assurances in relation to:
• The company’s risk profile, how it is affected by major events, and how the company’s risk
management arrangements are keeping up with changes to the profile
• The adequacy of the company’s risk management processes,
• Emerging risks of significant concern, particularly those outside the arena of financial risk
(strategic, operational, and business risks in particular)
• Risks associated with both corporate and business unit strategies,
• Insights about systemic risk-related and control-related issues highlighted in internal audits
• Risks that fall outside of internal audit’s scope
• Internal audit’s assessment of what the company is or is not doing to address risks outside the
scope of the internal audit plan
Liz Sandwith has been involved in the
internal auditing profession since the late
1980’s. She has worked in the public
sector including central and local
government and also in the private
sector. In 1995 she set up her own
business providing internal audit and risk
management to a number of businesses
from central government and local
government through housing
associations, regional development
agencies and including a UK Broadcaster
– Channel 5.
Liz has been involved in delivering
internal audit training since 1991. Liz
started as a distance learning tutor on
the Advanced Management paper of the
IIA-UK and Ireland’s MIIA qualification.
She then became tutor co-ordinator for
the same paper and then between 1996
and 2001 she was Director of Studies for
the IIA’s Distance Learning Programme.
Liz was also an external verifier for the
National Vocational Qualification in Audit
(Internal) offered by AAT in conjunction
with IIA-UK and Ireland until 2003.
In order to keep up to date with new
internal audit tools and techniques and
be able to add realism and practicality to
her training course Liz ensures that 75%
of her time is spent delivering internal
audits. She also speaks at internal
auditing conferences on a variety of
topics from ‘What do Audit Committies
Expect from a Modern Internal Audit
Function?’, ‘Business Continuity Planning’
and ‘Ethics, Standards and Trust.’
Liz was President of the IIA-UK and
Ireland 2001-2002 and a Member of the
European Confederation of IIA’s 2002-
2004. Her training courses receive high
ratings from the delegates in terms of
content, delivery and the practical
opportunity to ‘do’ and not just listen.
© MIS Training 2010
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Who Should Attend
Audit Managers and staff who will be involved in carrying out RBIA audit assignments
Prerequisite
A basic knowledge of internal auditing
Learning Level Intermediate
Fee GBP £1,995
CPEs 22
Day One
Course objectives
• Understanding the scope and content of the
course, and how the next three days has the
potential to significantly change the way
internal audit operates within your
organisation.
Course contract
• How we will work together over the next
three days to ensure that he objectives are
achieved
Why risk based internal auditing?
• Overview
• Objectives
Back to basics
• The role and purpose of internal audit
• The added value role of internal audit
• Internal audit through the years
• The different approached to internal audit
• The way the three key internal audit
approaches fit together and/or conflict
Exercise: What does an organisation seek
from its internal auditors
Risk management – general concept
• Risk management within the business
• Identifying the risks facing the business
• Assessing the risk impact
• Rating/prioritising risks
• The risk continuum
Exercise: Create a corporate risk register for
an organisation
Corporate governance
• Why corporate governance
• Fitting the pieces of the jigsaw together
• What does ‘good’ corporate governance
look like
• Is it one size fits all?
Exercise: What does corporate governance
mean to your business and what does it
look like
Risk based internal audit framework
• Role of internal audit in the assessment of
the organisation’s risk management
approach
• The link from an audit perspective between
risk and objectives
• Risk management continuum
• The internal audit approach dependent
upon the risk maturity of the organisation
• Control environment (MOHICAN)
Exercise: Consider the techniques available
to help assess the control environment
Summary of the day
• The annual lifecycle of internal audit
Day Two
A risk based audit plan
• Reliance on the organisations risk registers
• Nature and purpose of internal audit plans
• Risk based planning
• Key influences
• Control environment
Exercise: Case study create a risk based
internal audit plan (including consideration
of risks, resources, timescales and the level
of assurance required)
Risk based internal auditing – how to guide
• Terms of reference for the audit
Exercise: Create a terms of reference for an
audit considering approach, scope, risks,
controls and added value
• Documenting systems and processes
Exercise: Consider the different
methodologies for documenting a system
including narrative, flowcharts, and risk
matrices
• Internal audit testing
– Purpose
– Methodology
– Approach
– Test samples
Exercise: Consider the elements of and
create a test programme for a pre
determined internal audit
• Evidence
Exercise: Consider why evidence is
important and what are the challenges
facing internal audit with regard to evidence
• Emerging findings
Exercise: Draw together the issues that
have arisen during the audit and explore the
methods available for reporting them
Summary of the day
• How the pieces of the jigsaw are fitting
together
Day Three
Reporting
• Individual internal audit reports
• Internal audit reports to the Audit
Committee
• Internal Audit annual assurance statement
• Statement on internal control
Exercise: Consider the content of the
annual internal audit assurance statement
and the link to the organisations statement
on internal control
How to deliver a risk based audit report
• What does your client want from an audit
report?
• Written or verbal reporting
• Frequency of reporting
Exercise: Consider the format and content
of a risk based audit report
The internal audit report – then what?
• Follow up
• Escalation
Is your organisation ready for risk based
internal auditing?
• Profile of internal audit
• Skill set of the internal audits
• The maturity of risk management within the
organisation
• The level of assurance required from internal
audit by the organisation
Exercise: Consider whether to simply tick
the box or really add value
Closure of the course
• Has the course achieved its objectives?
• What happens now back at work?
• How to engage with your organisation
• Questions
Enquire or register today
Web: mistieurope.com/training Email: training@mistieurope.com Tel: +44 (0)20 7779 8454

The International Leader
in Audit and Information Security Training
Risk Based Internal Auditing
Significantly change the way internal audit
operates within your organisation
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