Risk-based auditing seeks to recognize and embed risk thinking in the audit process as a superior preventive control that attacks losses at the root cause level before they crystallize into financial impact. Auditors who are able to focus their efforts towards the significant risk in their organizations are able to concentrate their limited resources on the issues which drive business goals and aspirations. Based on this they can direct audit plans at the issues which really matter. Risk-Based Auditing also adopt “CoActive” (a participative) approach whereby auditors and managers work together to identify, assess and control business risks in a manner that significantly enhances the level of assurance and reduces the chances of nasty surprises from un-managed uncertainties.
This course introduces participants to the new concept of Risk-based auditing, highlighting the concepts, processes and documentation.
• Risk Based Audit Definition and Concepts
• Audit Paradigm Shift
• Understanding Risk and its Relations with Audits
• Risk-Based Audit Objectives
• Audit Planning – A Risk-Based Approach
• Performing Risk based Audit Procedures
• Risk Based Audit Reporting
• Why Traditional Reports need to Change