The Institute of Internal Auditors in a professional guidance statement stated the following:-
‘Internal Audit are being asked to provide much greater assurance to Senior Management than ever before. The Institute believes that the only way to provide such objective assurance is by means of risk-based auditing’.
Audit functions that 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. In consequence, audit plans are directed at the issues, which really matter.
This course provides all the latest developments. The 2020 course features a case study on the step by step approach to a risk-based audit.
Furthermore, a participative approach whereby auditors and managers work together to identify, assess and control business risks significantly enhances the level of assurance and reduces the chances of nasty surprises – a huge benefit to most organizations.