Knowhow . Perseverance . Integrity
The fundamental purpose of audit risk assessment is to develop an annual audit plan by allocating limited audit resources according to the risks in the organization. This training will cover simple and practical approaches on understanding the risks and assess them objectively. An annual audit plan with a three-year cycle can be developed according to the risks assessed.
Training Outline:
- Understand and compile a comprehensive audit universe
- Integrate management's input on audit universe
- Define risk categories and risk factors
- Compile a list of auditable areas
- Perform risk scoring for each of the auditable areas
- Risk scores compilation
- Integrate management's residual risk ranking into the overall scores
- Determine audit frequency and resource requirements
- Perform semi-annual review of the auditable areas, risk scoring
- Accommodating unscheduled without compromising audit coverage
- Audit resources adjustment based on risk
- Integrating the Guest Auditors Program with the audit plan
- Back testing the effectiveness of the risk assessment and audit plan
Audit Risk Assessment and Annual Planning Training
Copyright © 2008-2009 McGuire Asia Pte Ltd. All Rights Reserved.