Overview

Understanding through practical examples of the application of Business Risk Management and Risk Based Audit best practices in the modern enterprise Improving risk assessment, audit planning and Internal audit working practices skills improving verbal and written risk based audit Communication skills.

Objective

  • Building on what is necessary to make your audit function risk based
  • Knowing the best practices in internal auditing today
  • Learning how to put in place a risk-based approach that is truly business oriented
  • Gaining the skills necessary to review and improve your corporate auditing structure

Course Outline

What Is Risk?

  • Uncertainty or a surprise?
  • Something that can go wrong or failure to get things right?
  • Risk cultures and the impact on project delivery
  • Brief on Enterprise risk management
  • Why projects often fail
  • The role of risk champions

Risk Based Audit Methodology Overview

  • Overview
  • The role and responsibilities of Internal Auditor in Risk Based
  • Audit
  • Risk Based Internal Audit Methodology compared to
  • Traditional Audit approaches
  • Legal and regulations impact on Risk Based Audit
  • Impact of Business Ethics in corporate Auditing
  • Summary of Key Points

Risk Categorization & Risk Priorities

  • Identification of relevant risks
  • Business Risk Models – Risk Categorization
  • Risk Priorities
  • Risk Factors (Custom Measures)
  • Communication techniques
  • Risk related reporting
  • Summary of key points
  • Exercise:
    • Criteria for Determining Rating of Audit Report
    • COSO Component to Evaluate Internal Controls

Identification of Business Objectives and Audit Universe

  • Strategic Planning and Business Objectives
  • Identification of the Audit Universe – Linkage with the Business
  • Objectives
  • Key Considerations
  • Summary of Key points
  • Audit Bingo Exercise
    • Residual Risk Rating on Sample Audit Report

Introduction to Audit, Risk & Governance

  • Corporate Governance update
  • Business Risk Management current trends
  • Internal Audit modern approaches
  • Summary of key points

Business Risk Management Principles

  • Categories of risk and business risk models
  • Business risk assessment
  • Risks external to the company
  • Risks per business cycle

Business Risk Management Tools

  • Tools of measuring and assessing business risks
  • Strategy and methodology for managing business risks
  • Internal Control Systems and systems for business risk
  • management
  • Risk Based Audit principles
  • Case Studies
  • Summary of key points
  • Group Work
    • ERM Risk Register
    • ERM Organization Updates

Risk Based Audit Planning

  • Audit planning development
  • Audits types and frequency
  • Special issues
  • Audit examples focusing on Risk
  • Case Studies
  • Group Work on Audit Reports:
    • Insurance Coverage Report Rating
    • Bank Reconciliation Report Rating
    • Dental And Medical Reimbursements Report Rating
    • Payroll Changes / Processing Report Rating
    • Fixed Asset Accounting Report Rating
    • Local Purchasing Report Rating

Abu Dhabi National Exhibition Centre

Abu Dhabi National Exhibition Centre

Since last two years My Company is working with Simfotix, and every time it is great learning experience. MS Excel is one of the most recommended Program with distinctive methodology and valuable deliverables.

Etisalat

Etisalat

A very good training by Simfotix on HRBP with their International Partner Human Capital Institute. We covered high level including strategy.

Dubai Islamic Bank

Dubai Islamic Bank

Great training course and materials. Super helpful to learn shortcuts and their best application. Thank you!

Imdaad Group

Imdaad Group

The in-house training met the desired objectives for improvement in the Finance function. Group work throughout the two days and team presentation on various analytics put thing in the focus learning direction. Good output Simfotix.

Finance House Abu Dhabi

Finance House Abu Dhabi

Inhouse Training with Simfotix Training for Credit Transformation Program goes with a Wonderful learning experience of our Credit Risk Team. Looking forward to engage them in other upcoming training.

Abu Dhabi Terminals

Abu Dhabi Terminals

A combination of learning and sharing through activities and self presentations. Learning Art of Public Speaking with Simfotix Training is truly a good experience.

Arab Bank, UAE

Arab Bank, UAE

The session was engaging and informative. Overall program outcome is what we agreed and delivered to department.

Emirates Islamic Bank

Emirates Islamic Bank

Simfotix In-House training is well organized and our team learned lot of new things. We consider this as a value addition and meeting our objectives.

Ministry of Human Resources & Emiratization

Ministry of Human Resources & Emiratization

A very good training we attended with Simfotix Training.

Al Ghurair Group

Al Ghurair Group

Easy way of transferring knowledge makes the learning more digestible. Great work Simfotix for the in-house session of Advance Excel.

MAF Carrefour International

MAF Carrefour International

Thank you Simfotix for a comprehensive and value training to our Saudi Arabia Finance Team. Case Study and exercises were the key element of this workshop. As Learning & Development we are satisfied to work with them in future.

DU Telecom

DU Telecom

Selecting Simfotix as sour training and learning development supplier is a wonderful experience. They have done various inhouse programs. Their trainers carry in-depth knowledge and expertise and kept the participants well engaged.

The Executive Council of Dubai

The Executive Council of Dubai

Simfotix Trainer bear a Persuasive approach in training and the company is professional in the arrangement of training till end to make it a memorable experience. The In-house session and the follow-up session is excellent approach.

Department of Economic Development, Dubai

Department of Economic Development, Dubai

Excellent Training conducted by Simfotix Professional Development. The whole day was full of fun and learning in Advance MS Excel.

Course Materials

It is very important to analyze the need for Training along with the level of knowledge you require. This session give you a liberty to choose the modules you need, discuss it with the trainer how you want to be delivered, decide the place at your convenience and allocate number of hours to solve your problem. This does not include any development as a consulting but will include solution if you are facing a particular problem.