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Risk-based Auditing And Compliance: Ensuring Effective Oversight

Introduction:

In today's complex regulatory environment, organizations face increasing pressure to ensure compliance and manage risks effectively. This comprehensive training course on Risk-Based Auditing and Compliance equips participants with the skills and knowledge to design and implement audit programs that focus on areas of highest risk. Participants will learn how to identify, assess, and prioritize risks, develop audit plans, conduct effective audits, and monitor compliance. This course empowers professionals to enhance their audit capabilities, improve risk management practices, and contribute to a stronger culture of compliance.

Target Audience:

This course is designed for professionals involved in auditing, compliance, and risk management, including:

  • Internal Auditors
  • External Auditors
  • Compliance Officers
  • Risk Managers
  • Management Accountants
  • Anyone responsible for ensuring compliance and managing risks

Course Objectives:

Upon completion of this Risk-Based Auditing and Compliance training course, participants will be able to:

  • Understand the principles of risk-based auditing.
  • Identify and assess key risks facing the organization.
  • Prioritize risks based on their potential impact and likelihood.
  • Develop risk-based audit plans.
  • Conduct effective audits and gather evidence.
  • Evaluate the effectiveness of internal controls.
  • Monitor compliance with relevant regulations and policies.
  • Report audit findings and recommendations.
  • Implement corrective actions and improve risk management practices.
  • Enhance audit capabilities and improve risk oversight.
  • Contribute to a stronger culture of compliance.
  • Reduce the risk of fraud and non-compliance.
  • Improve organizational efficiency and effectiveness.
  • Add value through proactive risk management.
  • Stay up-to-date with best practices in risk-based auditing and compliance.

DURATION

10 Days

COURSE OUTLINE

Module 1: Introduction to Risk-Based Auditing

  • Limitations of traditional audit approaches.
  • The principles and benefits of risk-based auditing.
  • The audit risk model and its components.
  • Linking audit activities to organizational objectives and risks.
  • The role of internal audit in risk management.

Module 2: Risk Identification and Assessment

  • Methods for identifying and assessing risks (e.g., SWOT analysis, brainstorming, risk workshops).
  • Categorizing risks (e.g., strategic, operational, financial, compliance).
  • Qualitative and quantitative risk assessment techniques.
  • Developing a risk register and risk profile.
  • Considering internal and external risk factors.

Module 3: Risk Prioritization and Ranking

  • Criteria for prioritizing risks (e.g., impact, likelihood, velocity).
  • Risk scoring and ranking methodologies.
  • Developing a risk heat map.
  • Focusing audit efforts on high-risk areas.
  • Allocating audit resources effectively.

Module 4: Developing a Risk-Based Audit Plan

  • Translating risk assessment results into an audit plan.
  • Defining audit objectives and scope.
  • Scheduling audit activities and allocating resources.
  • Developing audit procedures and methodologies.
  • Aligning the audit plan with organizational strategy and risk appetite.

Module 5: Audit Methodology and Techniques

  • Different audit methodologies (e.g., top-down, bottom-up, process-based).
  • Audit techniques (e.g., interviews, document review, data analysis, observation).
  • Using technology for audit planning and execution.
  • Adapting audit approaches to different types of risks.
  • Ensuring audit quality and consistency.

Module 6: Internal Control Evaluation

  • Understanding internal control frameworks (e.g., COSO).
  • Evaluating the design and effectiveness of internal controls.
  • Identifying control gaps and weaknesses.
  • Testing internal controls through walkthroughs and testing.
  • Assessing the impact of control deficiencies.

Module 7: Compliance Auditing

  • Understanding compliance requirements and regulations.
  • Identifying compliance risks.
  • Developing audit procedures for compliance testing.
  • Monitoring compliance with relevant laws and regulations.
  • Reporting compliance violations and recommending corrective actions.

Module 8: Data Analytics in Auditing

  • Using data analytics to identify trends, anomalies, and patterns.
  • Extracting and analyzing large datasets.
  • Visualizing audit data and insights.
  • Automating audit procedures using data analytics.
  • Improving audit efficiency and effectiveness through data analytics.

Module 9: Reporting Audit Findings and Recommendations

  • Preparing clear and concise audit reports.
  • Communicating audit findings effectively to management and the audit committee.
  • Developing practical and actionable recommendations.
  • Following up on audit recommendations and tracking implementation.
  • Ensuring timely and accurate reporting.

Module 10: Risk Management and Continuous Improvement

  • The role of internal audit in risk management.
  • Monitoring the effectiveness of risk management practices.
  • Identifying emerging risks and trends.
  • Promoting a culture of risk awareness and continuous improvement.
  • Contributing to the development of risk management frameworks.

Module 11: Fraud Detection and Investigation

  • Identifying red flags and indicators of fraud.
  • Conducting fraud investigations.
  • Gathering and analyzing evidence.
  • Reporting fraud incidents and collaborating with law enforcement.
  • Preventing fraud through internal controls and ethical culture.

Module 12: IT Auditing and Cybersecurity

  • Auditing IT systems and infrastructure.
  • Assessing cybersecurity risks and vulnerabilities.
  • Evaluating IT controls and security measures.
  • Data privacy and protection considerations.
  • Managing IT audit projects.

Module 13: Audit Committee and Board Reporting

  • Communicating audit findings and recommendations to the audit committee and the board.
  • Preparing reports for the audit committee and the board.
  • Discussing key audit issues and risks.
  • Providing assurance on internal controls and compliance.
  • Building a strong relationship with the audit committee and the board.

Module 14: Quality Assurance and Improvement Program

  • Developing a quality assurance and improvement program (QAIP) for internal audit.
  • Conducting internal quality assessments.
  • External quality assessments and peer reviews.
  • Implementing recommendations for improvement.
  • Maintaining audit quality and professionalism.

Module 15: Emerging Trends in Auditing and Compliance

  • The impact of technology on auditing and compliance.
  • The increasing focus on data analytics and automation.
  • The evolving regulatory landscape.
  • The importance of ethics and professional judgment.
  • The future of risk-based auditing and compliance.

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.orgtraining@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.orgtraining@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 5 working days before commencement of the training.

Course Schedule
Dates Fees Location Apply
03/03/2025 - 14/03/2025 $3000 Nairobi
10/03/2025 - 21/03/2025 $4500 Kigali
17/03/2025 - 28/03/2025 $3000 Kigali
07/04/2025 - 18/04/2025 $3000 Nairobi
14/04/2025 - 25/04/2025 $3500 Mombasa
14/04/2025 - 25/04/2025 $3000 Nairobi
05/05/2025 - 16/05/2025 $3000 Nairobi
12/05/2025 - 23/05/2025 $5500 Dubai
19/05/2025 - 30/05/2025 $3000 Nairobi
02/06/2025 - 13/06/2025 $3000 Nairobi
09/06/2025 - 20/06/2025 $3500 Mombasa
16/06/2025 - 27/06/2025 $3000 Nairobi
07/07/2025 - 18/07/2025 $3000 Nairobi
14/07/2025 - 25/07/2025 $5500 Johannesburg
14/07/2025 - 25/07/2025 $3000 Nairobi
04/08/2025 - 15/08/2025 $3000 Nairobi
11/08/2025 - 22/08/2025 $3500 Mombasa
18/08/2025 - 29/08/2025 $3000 Nairobi
01/09/2025 - 12/09/2025 $3000 Nairobi
08/09/2025 - 19/09/2025 $4500 Dar es Salaam
15/09/2025 - 26/09/2025 $3000 Nairobi
06/10/2025 - 17/10/2025 $3000 Nairobi
13/10/2025 - 24/10/2025 $4500 Kigali
20/10/2025 - 31/10/2025 $3000 Nairobi
03/11/2025 - 14/11/2025 $3000 Nairobi
10/11/2025 - 21/11/2025 $3500 Mombasa
17/11/2025 - 28/11/2025 $3000 Nairobi
01/12/2025 - 12/12/2025 $3000 Nairobi
08/12/2025 - 19/12/2025 $3000 Nairobi