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Risk Based Internal Auditing

Recent, high profile corporate scandals have highlighted the need for internal audit work to address critical business and management issues which drive an organisation’s success. Internal audit have a key role to play in providing assurance to the board, generally via the audit committee, that governance, risk and control are adequate and effective within their organisation. To do this effectively and efficiently, Internal Audit need to adopt a risk based approach to their work. It does not matter where your organisation sits on the risk maturity continuum from risk naïve to risk enabled, this course will help to define the approach you should adopt. The pre-course questionnaire will ensure that you work with other similar organisations so that you learn the best approach for your internal audit function.

Turning 'Theory' into 'Practice'?

In this intensive two-day workshop you will learn how to use a risk based approach to redefine and refocus your audit activities. You will cover in detail the emergence of risk management, its link with corporate governance, and how to audit risk management processes. In addition, you will learn how to incorporate management’s own view of risk with internal audit’s expertise in risk management to boost auditor productivity and build ‘bullet proof’ audit plans. You will get tips on how to write risk-based audit reports that will make a real impact

Who should attend?

This course is designed for heads of audit and senior audit managers who will be involved in carrying out risk based internal audit assignments

Key areas to be covered in the programme and documentation

Risk management
• The link between risk management and corporate governance
• Risk management principles, including a review of relevant risk management standards. This will focus on the framework needed for risk management to work effectively within an organisation.
• The COSO ERM framework – principles and practices from this framework
• Practical examples of best practice risk management drawn from organisations across all sectors and geographic boundaries
• Critical success factors for making risk management work within your organisation
• A review of what makes an effective risk register – an interactive exercise including reviewing risk registers and their relevance 

Refocusing the role of audit to include risk
• The paradigm shift in internal auditing – how internal auditing has shifted over the last two decades and some crystal ball gazing for the future
• Internal audit involvement in risk management, including a review of the IIA – UK and Ireland position statement on the role of internal audit in ERM • How this shift in the role of audit impacts on skills and competencies required from internal audit staff
• An exercise to look at the current and future roles of internal audit 

Why risk based internal auditing?
• Auditing the risk management processes and assessing the risk maturity of the organisation – the starting point for ‘real’ risk based internal auditing
• What we mean by risk based internal auditing including a review of IIA – UK and Ireland guidance on the subject, together with that of CIPFA and HM Treasury
• Comparing and contrasting the suggested approaches and determining what may work best for your organisation
• How RBIA differs from current approaches i.e. systems and process based auditing
• What adopting RBIA may mean for your organization and your internal audit function, including how you can demonstrably provide greater assurance to the Board/Audit Committee with less resource
• An exercise to understand the difference between risk based and systems based internal auditing.
• Selling RBIA into your organisation

Audit planning under a risk based approach
• Using the organisations own risk register as the starting point for the internal audit plan
• Translating the risk register into a meaningful programme of audit work
• Appreciating that real risk based internal auditing will mean the end of the traditional cyclical approach to internal audit work. Considering the implications of this
• A case study looking at how the organisational risk register can be used to develop the annual audit plan 

Audit work under a risk based approach
• Planning an individual assignment using RBIA
• A case study looking at how to plan an individual assignment together with what constitutes appropriate audit evidence
• Different approaches to be adopted depending on  where your organisation sits on the risk maturity continuum i.e. what approach is appropriate for risk naïve through to risk enables organisations
• Using risk workshops to ‘kickstart’ the audit process
• Undertaking a risk based audit, processes and procedures and adoption of the ‘tell me, show me, validate’ approach to auditing
• Questioning skills, including a coaching technique called ‘precision questioning’
• Using the audit as an opportunity to ‘educate’ line management and their staff to understand their roles and responsibility in governance, risk and control
• Delegates will work in pairs to practice the precision questioning technique 

Audit reporting
• Understanding fully what your customers/clients expect from their audit report
• Translating the results from your work into a meaningful audit report that will bring about change
• Writing risk based audit reports that make an impact
• Audit report exercises, including understanding the risks associated with a set of issues
• A pro-forma risk based audit report 

The skills audit
• Understanding the skills and competencies needed under the new approach
• Getting and maintaining these skills
• A brainstorming session to determine skills and competencies required
• How to carry out a skills audit for your own internal audit function
• Understanding preferred audit styles and how to change individual preferences

Benefits to you

• Applying real risk based internal auditing into your organisation
• Learning how to write risk based audit reports that make an impact
• Using a risk based approach to redefine and refocus your audit activities
• Action planning to consider how best to implement this approach into your organization
• Building a toolkit that you can take back to the office to develop real RBIA for your own company

Companies already benefiting include:

Duration of Course

2 Day Course

Course details

This course is currently only available as an in-house option. For more information, and a quote, contact our team on +44 (0)20 3002 3057, or by email at

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

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Further information

UK Enquiries: +44 (0) 203 002 3057

Non-UK Enquiries: +420 (0)2 5570 7246

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"This course will allow my company to develop its existing strategies to a much greater and hopefully profitable level."

Managing Director, Tarmac