Risk-Based Auditing

A Professional Training Course On:

Risk-Based Auditing

Aligning Internal Assurance with Enterprise Risk to Drive Strategic Value

★★★★★ 5.0 (2,195)

Course Schedule

About This Risk-Based Auditing Training Course

Internal audit functions face continuous pressure to prove their strategic worth and protect enterprise value in volatile operational settings. Conventional audit schedules based on fixed calendar cycles or legacy compliance checklists frequently overlook emerging operational threats and critical vulnerabilities. By placing the overarching organisational risk profile at the absolute core of assurance planning, leadership can direct crucial oversight resources strictly toward high-exposure areas, reinforcing governance frameworks and optimizing enterprise-wide risk management.

Risk-Based Auditing training course equips professionals with advanced methodologies to align audit activities with enterprise risk management framework. Integrating enterprise risk registers, risk appetite metrics, and key risk indicators directly into audit engagement design enables internal assurance to evolve from a retrospective checking function into a forward-looking catalyst for corporate resilience.

Establishing a unified internal control system requires seamless synchronization between audit teams, compliance departments, and risk management personnel. Elevating audit execution to focus on core strategic objectives, complex operations, and high-impact exposures empowers leaders to eliminate redundant oversight activities and deliver high-value intelligence directly to executive committees and board members.

Expected Outcomes

Completing the Risk-Based Auditing training course enables professionals to transform traditional assurance practices into a strategic, value-adding governance function.

  • Align annual audit planning directly with enterprise risk registers and corporate risk appetite.
  • Evaluate and challenge management risk assessments using systematic analytical frameworks.
  • Execute targeted audit engagements focused on high-exposure operational and strategic areas.
  • Formulate robust key risk indicators to track dynamic enterprise threats proactive assurance.
  • Eliminate redundant oversight by coordinating assurance activities across risk and compliance functions.
  • Deliver concise, insight-driven reporting to executive leadership and oversight committees.

This Course is Best For

The Risk-Based Auditing training course is specifically designed for professionals responsible for governance, assurance, and enterprise risk management.

  • Chief Audit Executives
  • Heads of Internal Audit
  • Audit Managers and Team Leaders
  • Senior Internal Auditors
  • Enterprise Risk Managers
  • Corporate Governance Officers
  • Compliance Directors

Training Method

The learning approach relies on expert guidance, interactive discussions, and hands-on exercises designed to bridge the gap between theoretical frameworks and practical workplace execution. Participants explore real-world scenario analysis, collaborative problem-solving, and structured peer reflection to master risk-based audit concepts.

Throughout the Risk-Based Auditing training course, attendees utilize practical frameworks, practical decision guides, and actionable templates. This approach ensures immediate application, enabling delegates to refine their internal assurance strategies upon returning to their organisations.

Course Outline

Day 1:Risk Based Auditing in the Modern Era
  • The modern risk-based audit (RBA) approach
  • How risk-based audit has changed the face of auditing
  • The importance of dealing with the audit risks not just the business risks
  • RBA and ERM (Enterprise risk management)
  • The ISO 31000 international risk standard
  • Auditing strategic risks
Day 2:Evaluating the ERM (Enterprise Risk Management) Process
  • Risk Workshops
  • Other methods of risk identification (including root cause analysis and Monte Carlo analysis)
  • Assessment of Risk Mitigation
  • Determining the preventative, detective and corrective controls
  • Auditing the ERM process
  • Assessing the Key risk indicators
Day 3:Risk Based Audit Planning
  • The Internal audit strategy
  • The audit Universe
  • Preparing a strategic audit plan
  • RBA KPI’s
  • Developing the annual plans
  • The use of audit technology (CAAT’s) 
Day 4:Risk Based Auditing in Practice
  • Planning a risk-based audit (Initial brainstorming)
  • The risk-based audit step by step
  • The RBA programme – worked example
  • The RBA deliverables
  • Monitoring of action plans
  • Determining an audit risk and control assessment
Day 5:Risk Based Audits of Complex Activities
  • Auditing brand and reputation
  • Risk based audit of projects
  • Reviewing joint ventures
  • Environmental auditing
  • Auditing the marketing function
  • Auditing performance management

Certificate

  • The 360 Leaders Certificate of Completion for delegates who attend and complete the training course

Our Collaboration

Anderson Copex Coventry

Would you like to take this course as a team?

Risk-Based Auditing FAQs

Transitioning to a risk-based framework ensures internal assurance resources focus exclusively on the areas of greatest strategic and operational exposure. This minimises waste, improves governance, and provides senior leadership with actionable insights rather than simple checklist compliance.  

By mastering risk assessment frameworks and enterprise risk management alignment, participants elevate their role from standard compliance checkers to strategic advisors. This strategic perspective is essential for advancing into executive audit and governance roles.  
A baseline understanding of internal control concepts, governance principles, or standard auditing practices is recommended to gain maximum value from the advanced frameworks covered.  
The techniques provided enable delegates to review their organisation's current audit universe, update risk scoring models, refine annual audit plans, and better coordinate assurance efforts across compliance teams.  
Unifying assurance planning with risk management ensures that audit teams focus on top corporate risks. This alignment eliminates duplicated effort across compliance functions and provides clear visibility into organizational exposure.  
The curriculum details methods for evaluating non-traditional risks, including strategic execution, joint ventures, operational disruption, and brand reputation, ensuring comprehensive assurance across all critical business activities.  

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