Risk Based Internal Auditing Course for Manufacturing Industries Course

This intensive 3-day training in Risk Based Internal Auditing covers the main audit functions and the process of implementing an enterprise risk management approach (ERM) when conducting internal audits especially in a manufacturing outfit..
The training program covers in great detail all steps involved in planning, developing and implementing a risk-based approach for Manufacturing  companies
Learning Objectives

At the end of the 3 days sessions, participants would be able to:

• discuss Enterprise-Risk Management effectively to gain management approval of its adoption 
• establish a framework for its implementation;
• develop a plan on how to implement risk based internal auditing;
• apply a Risk-based approach to internal auditing;

Course Outline

• Why risk-based internal auditing?
• Risk-based internal auditing defined
• The paradigm shift in internal auditing: why it is happening and why it is necessary
• How risk-based auditing differs from current approaches
• The advantages of risk-based auditing to you and your organization
• Enterprise Risk Management
• Objectively driving the Enterprise Risk Management environment
• Equating risk management and corporate governance
• The primary subsets of enterprise risk management
• Strategically cascading risk ownership
• The impact of ERM on the internal audit group
• Fundamental issues of how risk will be assessed
• Risk registers
• Key attributes of a risk-based audit function
• Understanding the meaning of ‘true business risk’ and its impact on the audit function
• Ability to identify key types of business risk
• Understanding how business risk should drive the audit function
• Acknowledging the interrelationship between business risk and control failure
• Making risk a top priority
• Defining the skill sets and competencies required under a risk-based audit
• Strategies for educating your auditors in risk-based approaches
• Focusing on deliverables as the audit product
• Transitioning existing audit styles and defining new ones
• Identifying reporting relationships
• Redefining the audit process for a risk-based function
• Creating a plan for implementing risk-based auditing in the organization
• Targeting the engagement on key risk areas for focused, high-impact, resource maximization
• Employing risk-centric fieldwork tools and techniques
• Utilizing a business risk-oriented reporting format