The Fundamentals of Risk-Based Auditing from Udemy

The Institute of Internal Auditors defines risk based internal auditing (RBIA) as a methodology that links internal auditing to an organization's overall risk management framework. RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively in relation to the risk appetite.

Many internal audit groups attempt risk based auditing but often find that some aspects are difficult to deploy within their own organizations. This occurs due to the lack of standard understanding of the various techniques used in risk based auditing and the true intent and advantages associated with the process. To be able to effectively develop a risk based auditing methodology and then to employ it within your organization, you must understand the premise behind the concept and the advantages and challenges it will bring. This course is designed to prepare the auditor to fully embrace the risk based methodology concept.

If you would like Continuing Education Credit (e.g.) for this course, it is available if you take this course on the Illumeo dot com platform under course title: Understanding Risk-Based Auditing. Illumeo is certified to provide CPE in over two dozen different professional certifications covering finance, accounting, treasury, internal audit, HR, and more. However, in order to receive CPE credit the courses must be taken on an ‘approved-by-the-governing-body’ CPE platform, and for over two dozen corporate professional certifications, that is the Illumeo platform. Go to Illumeo dot com to learn more.

What's inside

Learning objectives

Explore risk over the past decade.
Recognize the benefits of risk based auditing.

Explore risk based auditing (rba) and recognize the purpose of internal auditing (ia).
Recognize the risk based (rb) imperative.

Explore risk over the past decade.
Recognize the benefits of risk based auditing.
Explore risk based auditing (rba) and recognize the purpose of internal auditing (ia).
Recognize the risk based (rb) imperative.

Syllabus

Introduction

Introduction to Understanding Risk Based Auditing

Examining Risk Over The Past Decade

Why RBA?

Maturing to RBA

Traditional Approach Challenges

Expanding Role

RBA and Purpose of IA

Understanding Risk Imperative

Understanding Risk Based Auditing

Imperative 4

Imperative 5

Supporting Materials

Slides: Understanding Risk Based Auditing

Understanding Risk Based Auditing Glossary Index

Review and Test

Review Questions

FINAL EXAM

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Introduces risk management and auditing as indispensable components of modern corporate governance

Paves the way for auditors to enhance their understanding of risk-based auditing and its benefits

Provides a comprehensive overview of risk-based auditing concepts, principles, and methodologies

Suitable for internal audit professionals seeking to strengthen their risk assessment and assurance skills

Can be particularly beneficial for those interested in transitioning to risk-based auditing roles

Course instructors, Illumeo Learning and Lynn Fountain, are recognized for their expertise in internal auditing and risk management

Reviews summary

Well-received auditing course for risk assessment

Learners say this course on The Fundamentals of Risk-Based Auditing is a largely positive experience, providing a clear and informative foundation in the subject matter. The instructor, Mark, is knowledgeable, engaging, and highly recommended by students. They particularly appreciate his easy-to-understand explanations and interactive teaching style.

Many learners find the lectures to be engaging and interactive.

"It’s very engaging so far"

"Easy to listen to and engaging."

"Really good course! Lot of useful information and extra documents. Highly recommend!"

"amazing I've learnt so much so far, not just about tarot but about how i connect to it"

"truly educational course, Sal Jade teaches every aspect of the deck, leaving nothing out"

"Very informative and great fit for me.Course was clearly presented as I am new to online learning."

Learners commend the course for its clear and easy-to-understand explanations.

"Very clearly explained 👌"

"yes its very good very useful for me"

"Great information as always"

"Thorough course with lots of useful information."

"Exellent delivery , This manner suits my learning"

"very informative, love The teaching method, thankyou so much Mark."

"What I like the most is that the instructor goes directly into coding working apps."

Instructor Mark receives high praise for being knowledgeable and engaging.

"Mark always delivers! I love his courses!"

"very interesting, easy to follow, easy to understand. Very enjoyable thank you!"

"The content is well Described! I wish there were more links to documentation in the resources."

"Mark is amazing at teaching. I have taken a few of his classes and all of them have been great."

"I love this long course, less things to read and many lectures as videos. I think she has experience as a teacher, she can teach well. She talks widely about each card."

Some learners report experiencing technical challenges, such as low video quality or issues with code examples.

"The quality of the videos is outrageous. It stops in the middle of his sentence. I hit play & nothing happens. Very disappointung."

"Explanation of the concepts over the langchain tool is good , but the course can be organized as after the theoritical explanation practical content can be there"

"It was a good course to understand how Langchain does things. But the quality of the videos are absmal. Some videos with the low audio and most of the videos you cannot see the code, either because the low quality or because it's not zoomed in! The author needs to improve the editing and recording."

"The course is very informative and well-presented. However, there were many places where the examples were not consistent with the current LangChain library or where the video and the source code in the resources did not match."

A few learners mention encountering outdated content or materials.

"I would be nice to add a chapter about LangFlow, its an awesome tool."

"Contents were good. However, there are some outdated codes which do not functional anymore. Needs to be updated."

"could have been better not just using the same video for sections 3 & 4 an update should be done to make this better, it is the same material back to back."

"Following the lessons are difficult since some of the packages are outdated and he doesn't even tell us which version we should use. In addition to this, we need to buy api credits of platforms proxyycurl etc. As I follow the course I get the concept better."

Career center

Learners who complete The Fundamentals of Risk-Based Auditing will develop knowledge and skills that may be useful to these careers:

Internal Auditor

The Internal Auditor is a professional who is responsible for examining and evaluating an organization's financial records and internal controls. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management and internal auditing. The course covers topics such as risk assessment, internal control evaluation, and reporting, which are essential for Internal Auditors to be able to effectively perform their duties.

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Risk Analyst

The Risk Analyst is responsible for identifying, assessing, and mitigating risks within an organization. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management. The course covers topics such as risk assessment, risk mitigation, and risk reporting, which are essential for Risk Analysts to be able to effectively perform their duties.

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Compliance Manager

The Compliance Manager is responsible for ensuring that an organization complies with all applicable laws and regulations. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management and compliance. The course covers topics such as risk assessment, compliance auditing, and reporting, which are essential for Compliance Managers to be able to effectively perform their duties.

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Financial Analyst

The Financial Analyst is responsible for analyzing financial data and making recommendations on investment decisions. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management and financial analysis. The course covers topics such as risk assessment, financial analysis, and reporting, which are essential for Financial Analysts to be able to effectively perform their duties.

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Auditor

The Auditor is responsible for examining and evaluating an organization's financial records and internal controls. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management and auditing. The course covers topics such as risk assessment, auditing procedures, and reporting, which are essential for Auditors to be able to effectively perform their duties.

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Data Analyst

The Data Analyst is responsible for collecting, analyzing, and interpreting data to help organizations make informed decisions. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management and data analysis. The course covers topics such as risk assessment, data analysis, and reporting, which are essential for Data Analysts to be able to effectively perform their duties.

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Consultant

The Consultant is responsible for providing advice and guidance to organizations on a variety of topics, including risk management. The Fundamentals of Risk-Based Auditing course can help build a foundation for this role by providing learners with a comprehensive understanding of risk management. The course covers topics such as risk assessment, risk mitigation, and risk reporting, which are essential for Consultants to be able to effectively provide advice to their clients.

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Project Manager

The Project Manager is responsible for planning, executing, and managing projects. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Project Managers to be able to identify and manage risks associated with their projects.

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Business Analyst

The Business Analyst is responsible for analyzing business processes and identifying opportunities for improvement. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Business Analysts to be able to identify and mitigate risks associated with business processes.

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Accountant

The Accountant is responsible for preparing and maintaining financial records. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Accountants to be able to identify and mitigate risks associated with financial reporting.

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Investment Banker

The Investment Banker is responsible for advising clients on mergers and acquisitions, capital raising, and other financial transactions. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Investment Bankers to be able to identify and mitigate risks associated with financial transactions.

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Risk Manager

The Risk Manager is responsible for identifying, assessing, and mitigating risks within an organization. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Risk Managers to be able to identify and mitigate risks within their organizations.

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Actuary

The Actuary is responsible for assessing and managing financial risks. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Actuaries to be able to identify and mitigate financial risks.

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Insurance Agent

The Insurance Agent is responsible for selling insurance products to individuals and businesses. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Insurance Agents to be able to identify and mitigate risks associated with insurance products.

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Financial Planner

The Financial Planner is responsible for providing financial advice to individuals and families. The Fundamentals of Risk-Based Auditing course may be useful for this role by providing learners with a basic understanding of risk management. The course covers topics such as risk assessment and risk mitigation, which can be helpful for Financial Planners to be able to identify and mitigate risks associated with financial planning.

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