Day 1: Fundamentals and Application
Session 1: Introduction to Risk-Based Auditing
- Definition and principles of risk-based auditing.
- Overview of the COSO framework and its application in auditing.
- Importance of aligning auditing processes with strategic objectives.
- Activity: Interactive discussion on challenges in risk-based auditing in South Africa.
Session 2: Understanding the COSO Framework
- Components of the COSO framework: Control Environment, Risk Assessment, Control Activities, Information and Communication, and Monitoring.
- Real-world application: Case studies focusing on South African industries.
- Activity: Group exercise to map organizational risks to COSO components.
Session 3: Overview of the IRMSA 2024 Risk Report
- Key risks identified in the IRMSA 2024 Risk Report.
- South African context: Economic, social, and environmental factors.
- Activity: Risk identification workshop—linking IRMSA risks to audit planning.
Session 4: Applying the IIA’s Three Lines Model
- Overview of the Three Lines Model and its relevance to risk-based auditing.
- Coordination between governance, management, and internal audit.
Session 5: Practical Audit Planning
- Developing a risk-based audit plan
- Perform a risk-based audit – using GTAG 8 as practical example.
- Using risk matrixes to align controls to key risks and assess the effectiveness.
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Day 2: Advanced Integration and Assurance
Session 1: Deep Dive into Combined Assurance
- Definition and benefits of combined assurance.
- Integrating assurance providers: Internal audit, risk management, compliance, and external assurance.
- Activity: Case study analysis—evaluating the effectiveness of combined assurance in a South African company.
Session 2: Advanced Risk Assessment Techniques
- Tools and techniques for risk assessment.
- Scenario planning and stress testing.
- Activity: Simulation exercise—risk scoring and response planning.
Session 3: Linking Audit Findings to Strategic Objectives
- Reporting audit findings in the context of organizational strategy.
- Enhancing decision-making through risk insights.
- Activity: Presentation workshop—participants present mock audit findings to a “board.”
Session 4: Governance and Reporting –
- Governance implications of audit results.
- Best practices for reporting to audit committees and boards.
- Activity: Group discussion on improving governance through audit insights.
Session 5: Wrap-Up and Action Planning
- Recap of key concepts and learnings.
- Developing individual action plans for implementation.
