Introduction

This training program, designed by Global Horizon Training Center, provides a comprehensive understanding of Risk-Based Internal Audit (RBIA) as a strategic approach to internal auditing. Unlike traditional compliance-focused audits, RBIA prioritizes audit resources towards the areas of highest organizational risk, ensuring that the audit function adds maximum value to governance, risk management, and internal control processes.
Participants will learn to align audit plans with the organization’s risk profile, apply advanced risk assessment tools, and conduct audits that directly support the achievement of strategic objectives. This course blends theory with practical exercises, enabling participants to implement RBIA in their organizations effectively.

Objectives

By the end of the program, participants will be able to:

1. Understand the principles and framework of Risk-Based Internal Audit.

2. Align audit strategies with the organization’s risk management processes.

3. Conduct risk assessments to identify high-priority audit areas.

4. Design and implement an RBIA plan that adds strategic value.

5. Apply risk-focused audit techniques to ensure effective control evaluation.

6. Enhance reporting to provide actionable insights for management and the board.

Course Methodology

• Interactive Presentations – Conceptual and practical RBIA frameworks.

• Case Studies & Real-World Scenarios – Review of best practices in different industries.

• Group Discussions – Peer learning through problem-solving activities.

• Hands-On Exercises – Simulations of risk assessment and audit planning.

• Templates & Tools – Practical resources for immediate workplace application.

Organizational Impact

Implementing RBIA effectively will:

• Focus audit efforts on areas of highest strategic and operational risk.

• Strengthen alignment between internal audit and business objectives.

• Improve the efficiency and cost-effectiveness of audit activities.

• Enhance governance and decision-making through risk-focused insights.

• Increase stakeholder confidence in the audit function.

Target Audience

This program is ideal for:

• Internal Auditors & Audit Managers

• Risk Management Professionals

• Compliance Officers

• Governance Specialists

• Senior Finance and Operations Managers involved in audit oversight

• Members of Audit Committees

 Outline

Day 1 – Fundamentals of RBIA

• Introduction to Risk-Based Internal Auditing

• Differences between RBIA and traditional auditing approaches

• The role of RBIA in governance, risk management, and compliance (GRC)

• International standards and best practices (IIA Standards, ISO 31000)

• Key stakeholders in RBIA and their expectations

Day 2 – Risk Management Framework & Audit Alignment

• Understanding enterprise risk management (ERM) and its link to RBIA

• Risk appetite, tolerance, and their influence on audit planning

• Conducting a risk assessment – tools and techniques

• Mapping organizational objectives to risk areas

• Integrating RBIA with strategic and operational plans

Day 3 – Planning the Risk-Based Audit

• Developing a risk-based audit universe

• Prioritizing audit engagements based on risk levels

• Creating an RBIA audit plan and schedule

• Resource allocation and team competencies for RBIA

• Communication and coordination with management and the audit committee

Day 4 – Executing Risk-Based Audits

• Fieldwork techniques for RBIA

• Evaluating risk mitigation and control effectiveness

• Using data analytics in risk-based auditing

• Documenting findings in a risk-focused manner

• Practical workshop: Conducting a sample RBIA engagement

Day 5 – Reporting, Monitoring, and Continuous Improvement

• Preparing RBIA reports that deliver actionable recommendations

• Communicating results to stakeholders effectively

• Monitoring implementation of audit recommendations

• Continuous improvement of the RBIA process

• Case study: Transforming a traditional audit function into an RBIA model