Risk – Based Auditing Process Master Class

The Risk-Based Auditing Process Master Class is designed to provide participants with comprehensive insights into the principles and practices of risk-based auditing. This course covers essential topics such as risk assessment, audit planning, execution, reporting, and follow-up, enabling participants to enhance their skills and proficiency in conducting effective risk-based audits.

Course Objectives:
• Understand the principles and benefits of risk-based auditing in modern organizations.
• Learn how to conduct risk assessments to identify and prioritize audit areas.
• Develop skills in audit planning, including setting objectives, scope, and methodology.
• Enhance proficiency in audit execution, including testing, sampling, and evidence gathering.
• Master the art of audit reporting, including communicating findings and recommendations effectively.
• Gain insights into follow-up procedures and continuous improvement in the auditing process.

Course Content:
Introduction to Risk-Based Auditing
• Principles of risk-based auditing and its relevance in contemporary auditing practices
• Overview of regulatory requirements, standards, and guidelines related to risk-based auditing
• Benefits and challenges of adopting a risk-based approach in audit engagements
Risk Assessment and Audit Planning
• Understanding organizational risk factors and risk appetite
• Techniques for conducting risk assessments and prioritizing audit areas
• Developing audit plans, including setting objectives, scope, and resource allocation
Audit Execution and Fieldwork
• Techniques for gathering audit evidence, including sampling methods and data analytics
• Conducting interviews and inquiries to obtain relevant information
• Performing audit tests and procedures to assess controls and detect anomalies
Audit Reporting and Communication
• Structure and content of audit reports, including findings, conclusions, and recommendations
• Techniques for communicating audit results effectively to stakeholders
• Addressing sensitive issues and managing stakeholder expectations in audit reporting
Follow-Up and Continuous Improvement
• Importance of follow-up procedures in the audit process
• Monitoring and tracking implementation of audit recommendations
• Lessons learned and best practices for continuous improvement in risk-based auditing

FOR WHOM: Internal Auditors, all those responsible for compliance operations and risk management
METHODOLOGY
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.

DATE:
1ST BATCH: 3rd – 6th June,2025
2ND BATCH: 16th – 19th Dec, 2025