ISO 31000: Risk Management Framework for Financial Audits

Introduction to ISO 31000 and Risk Management in Financial Audits

• Overview of ISO 31000: Principles and structure
• Key concepts in risk management: Risk, risk assessment, risk treatment
• Importance of risk management in financial audits
• Relationship between financial audits and risk management
• Introduction to the risk management process

Risk Management Process for Financial Audits

• Context establishment: Understanding the audit environment and stakeholders
• Risk assessment steps:
  • Risk identification: Types of risks in financial audits (operational, compliance, financial, etc.)
  • Risk analysis: Techniques for evaluating the likelihood and impact of risks
• Risk evaluation: Setting priorities and determining risk significance

Risk Treatment and Mitigation Strategies

• Risk treatment options: Avoidance, reduction, sharing, and retention
• Developing and implementing risk treatment plans
• Incorporating internal controls and procedures to mitigate financial audit risks
• Tools and techniques for monitoring and reviewing risks in audits

Integrating Risk Management into Audit Planning and Reporting

• Embedding risk management into audit planning
• Documenting risk management processes in audit reports
• Case study: Practical example of applying ISO 31000 in a financial audit scenario
• Best practices for continuous improvement in risk management for audits

1ST BATCH: Monday, March 30, 2026 — Thursday, April 2, 2026.

2ND BATCH: Tuesday, July 21, 2026 — Friday, July 24, 2026.

3RD BATCH: Tuesday, November 17, 2026 — Friday, November 20, 2026.

The training methodology integrates lectures, interactive discussions, collaborative group exercises, and
illustrative examples. Participants will acquire a blend of theoretical insights and hands-on practical
experience, emphasizing the application of learned techniques. This approach ensures that attendees return
to their professional environments equipped with both the competence and self-assurance to effectively
implement the acquired skills in their responsibilities.