Advanced Risk
Based Audit

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Course Overview

Key Takeaways

Course Outline

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Course Overview

Advanced Risk Based Audit

The course is case study driven supported by traditional lectures; this allows delegates to put into practice the theory presented to them and ensures maximum delegate involvement. At all stages of the course, “model” answers are supplied so that each delegate is brought up to a common level of achievement at all points in the course-work.

Objectives

This course is designed to take an experienced Internal Auditor through the various disciplines needed to consolidate the Operational Risk activities in their business with those of Internal Audit. The three basic elements requiring consolidation are:

  1. Audit Planning
  2. Audit execution
  3. Audit reporting

 

All aspects of the consolidation challenge are covered, both from the point of view of the Risk Manager and the Internal Audit Manager.

  • Internal Audit Senior Managers
  • Managers in Internal Audit
  • Risk Managers
  • Finance Managers
  •  

Course Details

Training Dates

This is a customized program and can be run as one to one or as in-house training.

Training Fee

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Key Takeaways

Awareness

Gain an awareness of tools and techniques for planning and performing value added, risk-based audits

Learn

Learn how to develop risk-based audit tests at both compliance and substantive levels

Audit

Learn how to link audit findings to the risk-based environment thus helping in selling your recommendations

Risk-Based

Learn about risk-based IT auditing, fraud detection and prevention

Understand

Understand the concept of Corporate Risks and how the unique control environment they require for mitigation can be audited Contribute to controls improvement

Practice

Practice risk-based auditing techniques and control analysis using a generic case study

Course Outline

Day One

In the first part of the course, we will present the principles and methodology of Business Risk Management and Risk-Based Audit based on Best Practices. As several organisations have developed different Risk Based Audit methodologies, we will distinguish the several approaches and propose more relevant ones. Specifically, our approach will cover how we identify the audit universe, the related business objectives and risks that depict the audit areas of the audit universe and the determination of related risk factors.

Session 1

  • Corporate Governance update
  • Business Risk Management current trends
  • Internal Audit modern approaches
  • Summary of key points

Session 2

  • Categories of risk and business risk models
  • Business Risk assessment
  • Risks external to the company
  • Risks per business cycle

Session 3

  • Tools of measuring and assessing business risks
  • Strategy and methodology for managing business risks
  • Internal Control Systems and systems for business risk management
  • Risk Based Audit principles
  • Case Studies

Session 4

  • Overview
  • The role and responsibilities of Internal Auditor in Risk-Based Audit
  • Risk Based Internal Audit Methodology compared to Traditional Audit approaches
  • Legal and regulations impact on Risk-Based Audit
  • Impact of Business Ethics in Corporate Auditing

Course Outline

Day Two

Recap of Day 1 with the opportunity to ask questions

During the second day of the course, the Risk Based Audit methodology will be analyzed and presented in detail using practical examples and case studies. Examples of Risk Based Audit Practices for several industries and various business cycles will also be presented. Also, we will describe the relevant steps to develop a comprehensive audit plan of different business & growth strategies.

Session 1

  • Strategic Planning and Business Objectives
  • Identification of the Audit Universe – Linkage with the Business Objectives
  • Key Considerations

Session 2

  • Identification of relevant risks
  • Business Risk Models – Risk Categorization
  • Risks Priorities
  • Risk Factors (Custom Measures)
  • Communication techniques
  • Risk related reporting

Session 3

  • Audit planning development
  • Audits types and frequency
  • Special Issues
  • Audit examples focusing on Risk

Session 4

  • Strategy for transitioning Internal Audit department to a Risk-Based Audit function
  • Effective communication, staff keeping and productivity Improvement

Trainer's Profile

Masood Pervaiz
ACA, CIA, CISA

Masood has over 15 years of experience in serving various roles in Internal Audit. He is one of the approved lead internal auditor for US Aid projects where his job is to conduct Financial Audit and recommend preventions and controls to avoid potential fraud and financial lapses.

He has served at one of the world’s leading (among top ten globally) Audit Firm, Crow Horwath for 4 years where he specialized in audit function. He is an international speaker and has conducted many training programmes in Financial Audit, Fraud and Risk Awareness. His most recent training was on Fraud and Risks in Dubai with overwhelming feedback of training participants. Masood is a Certified Internal Auditor (CIA) from the Institute of Internal Auditors USA. He is also a qualified Chartered Accountant from Institute of Chartered Accountants of Pakistan. He further strengthened his audit expertise by qualifying the exams of Certified Information System Auditor.

Masood is Managing Director of Centre Consulting and CEO SBM Group that includes a Business School, Chartered Accountancy firm and a Consulting Firm. He is ex-President of The Institute of Internal Auditors (USA) – Pakistan Chapter.

Education

  • Chartered Accountant (CA) Pakistan 2004
  • Certified Internal Auditor (CIA) USA 2006
  • Certified Information System Auditor (CISA) USA 2009

Membership & Credentials

  • Associate member of ACFE, USA
  • Associate member of IIA, USA
  • Associate member of ICAP, PAK
  • Associate member of GARP, USA

What our Clients have to say

I am implementing my real work in the training as it applies fully to what I do and it came to me at the right time, strategising now for my work based on the learnings from training
Manager Learning & DevelopmentThe Executive Council of Dubai
Excellent experience with Lynchpin and this session I will never forget. Their Trainer is very knowledgeable and has lots of examples from his experience. Keep up the good work lynchpin team !
Finance ManagerCivil Aviation Authority Abu Dhabi
Training was with live examples and case studies, Trainer has delivered the training with passion and sincerity. Both Venue and Training were Good.
Sr. Manager ReportingDubai World
Lynchpin workshop was great learning with my current tasks at work, which was taking me long time before the training.
Faiza NasirPortfolio Manager, NBAD
Fun learning and I am implementing my real work in the training as it applies fully to what I do and it came to me at the right time, strategising now for my work based on the learnings from training
Head of FinanceYAS Water World
Lynchpin’s session was informative and required for business heads. Trainer went to the required level of audience to make them understand the concept. (Head of Corporate Planning, Eurostar) Everything was well organized,Lynchpin is very respectable Training Company –
Accounts ManagerAl Wazan Oil & Gas
Trainer is very knowledgeable and patient and passionate with training. He make sure the trainees have fun ensuring they have learning as well. I have been with Lynchpin for CMA and now this and for both i felt well taken care of.”
DidithAccountant - Arthur D Little
Very Persuasive approach by Lynchpin , very accurate and worth for whole day listening to the trainer. The group work in inhouse program is worth attending.Excel is never delivered like this before.
Director SalesFerrari World
Lynchpin trainer is brilliant and have excellent delivery skills – a new way to learn Finance for Non-Finance.
VP Human ResourceThuraya UAE
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