Risk-Based Auditing Using COSO Framework

Course Overview:

Successful audit leaders know that it’s imperative that they continue to hone their skills in guiding their organizations’ risk-based auditing, while improving their current internal audit processes.

Through case studies, group discussions, round tables, and facilitator presentations, this course will help audit team leaders and other management level audit professionals align their organizations’ strategies, visions, and values with the internal audit process.

Furthermore, participants will come to understand the importance of corporate governance and enterprise risk management, while learning to identify risks, perform risk assessments, develop a risk-based assurance plan, and plan a risk-based engagement.


Learning Outcomes Include:

Upon completion of this course, participants shall be able to learn:

  • Role of Internal Auditing
  • Internal audit Standards related to risk-based auditing
  • Risk-based auditing in organizations
  • Areas an internal audit must assess, evaluate, and report on to assure adequate corporate governance
  • Enterprise risk management (ERM) and risk
  • Difference between inherent and residual risk
  • Internal control environment factors, risk management factors, control activity factors, information and communication factors, and monitoring factors
  • Limitations of internal control and factors which override control activities
  • Process of performing an entity-wide risk assessment and define business processes
  • Developing a risk-based audit plan
  • Process of performing a risk-based engagement