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How to Assess Risk and Evaluate Controls

4883
07-January-2022 :01:00 PM EST Duration : 90 Minutes

Jonnie T. Keith CIA, CFE, CGAP, CICA,

Jonnie Keith has been in auditing over 40 years. He retired in 2012 as the Assistant General Manager (AGM) of Internal Audit with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, Ga. He served in that capacity for over 10 years and was responsible for administering the overall audit activities including: P Read more


One of the primary objectives of every auditor is to assess organizational risks and evaluate the effectiveness of the controls established by management to mitigate those risks. The Institute of Internal Auditors has set forth the standards for auditors to use in accomplishing that objective

Every organization is set up to accomplish its primary business objective. Whether it is a “for-profit” organization or a “not-for-profit” organization, there is always a primary business objective. And whenever there is an objective, there is always the risk that the objective will not be achieved.

Management has the responsibility to assess risks and establish controls to ensure that business objectives are achieved. Internal Audit has the responsibility to evaluate those controls to determine if they are adequate and effective.

For the auditor, the process starts with the development of a risk-based annual audit plan to identify the various risk areas. The risk areas are prioritized and subject to audit based on the high-level risk assessment. Each area is further subject to a more detailed review of their particular risks and controls.

There are certain Institute of Internal Auditors (IIA) standards that are required in the evaluation and communication of the risk and control assessment. There are also other resources available to auditors to assist them in their evaluation of risks and controls.

Why Should You Attend:

This class is designed to give you the basics for assessing risks and evaluating controls. We will discuss the responsibilities of management and internal audit as it relates to risks and controls. We will do a case study to follow the process from beginning to end. We will also do some exercises to further strengthen your knowledge.

Course Outline:

• Risk and control related definitions
• Relationship between risks and controls
• Control loop
• Broad risk categories
• Various types of controls
• Control limitations
• Management responsibility as it relates to risks and controls
• Internal audit as it relates to risks and controls
• Related IIA Standards
• Exercises to strengthen knowledge
• Case Study

What You Get:

• Training Materials
• Live Q&A Session with our Expert
• Participation Certificate
• Access to Signup Community (Optional)
• Reward Points

Who Will Benefit:

• Chief Audit Executives
• Audit Directors
• Audit Supervisors
• Audit Managers
• Staff Auditors
• Government Auditors
• Compliance Auditors
• Internal Control Specialists
• Public Accountants
• Accounting Analysts
• Business Analysts
• Quality Control Specialists

Please reach us at 1-888-844-8963 for any further assistance or if you wish to register

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Subject : How to Assess Risk and Evaluate Controls


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