Using Risk Assessment to Build Individual Audit Programs - OAR321

Using Risk Assessment to Build Individual Audit Programs

Using Risk Assessment to Build Individual Audit Programs - OAR321

Upcoming Dates & Locations

Using Risk Assessment to Build Individual Audit Programs - OAR321


Price: $1833.00


This course focuses on process-level risk assessments to build audit programs that boost productivity and provide control assurance. It emphasizes management concerns and presents ideas to provide audit and advisory assistance simultaneously.

Who Should Attend

Audit Directors and Managers; Internal, External, and IT Auditors; Operations Managers


  • Fundamentals of Internal Auditing (OAG101)
  • Risk School (OAR201), or equivalent experience

What You’ll Learn

You will learn how to use risk assessment, generally applied to annual audit plans to held build individual audit programs that will increase the effectiveness, efficiency and confidence when audit teams perform fieldwork.


Traditional Approaches to Risk Assessment:

  • traditional audit view of risk
  • risk assessment defined
  • common audit risk assessment practices
  • the role of internal controls in assessing risk
  • reversing the standard equation

Information Sources Required to Truly Determine Risk:

  • traditional sources of audit information
  • the critical business unit
  • alternative sources of relevant information

Maximizing Your Audits with Sound Data and Informed Judgment:

  • common auditing pitfalls
  • taking a data inventory
  • using data to maximize audit returns
  • trend analysis: focusing the audit
  • mean dispersion analysis: comparing alternatives
  • an objective approach to risk analysis
  • critical aspects of audit preparation

A Business-Risk Approach to Value-Added Audit Programs:

  • the traditional internal audit role vs. IA’s role today
  • where does the real risk reside?
  • a business approach to risk assessment

Focusing the Audit on Risk: A Multi-Level Approach:

  • the "barnyard approach to auditing"
  • knowing the business: the internal audit difference
  • the treeing-down concept
  • auditing where risk equals exposure
  • structuring your audit programs to minimize audit risk
  • critical risk methodology

Risk Assessment in the Four Major Types of Audits:

  • financial audits
  • operational audits
  • information systems audits
  • regulatory audits
  • achieving totally integrated audits

Maximizing Your Value: Talking Business Not Audit:

  • dispelling false perceptions
  • internal audit's identity crisis
  • speaking the language of management and the board
  • clearly establishing internal audit's value
  • avoiding the big "O"

Why You Should Attend

You should attend because risk-based auditing requires auditors to focus on the risks involved in the programs, processes and activities reviewed to verify that risks are being managed by management.

MIS Training Institute is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: