ISO 31000: Risk Management Framework for Financial Audits

Course Objectives:

• Understand the principles and guidelines of ISO 31000 for managing risks in financial audits.
• Learn how to apply risk management frameworks to enhance the accuracy and reliability of financial audits.
• Gain insight into identifying, assessing, and managing risks related to financial audits.
• Develop skills to integrate risk management processes into audit planning and execution.

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

DATE:
1ST BATCH: 6th – 9th May, 2025
2ND BATCH: 18th – 21th Nov, 2025