Why the Risk Based Internal Audit is so important

“For many years Internal Audit considered itself as being solely involved in the controls and processes as they relate to the financial transactions of the firm. Often the internal audit function was considered as part of the review and inspection process in the business. In a way internal auditors often saw themselves and in-house versions of the external variety.

Internal audit did not start out that way. Years ago when I formally studied the subject at university the internal audit ‘bible’ was ‘The Practice of Modern Internal Auditing’ by Lawrence B. Sawer (published by the Institute of Internal Auditors, Inc. originally in 1973). This highly knowledgeable tome of almost 900 pages covered the full ambit of internal auditing in beautiful detail, with dozens of example of checklists and working specimens. These were examples of day-to-day operational risks across all sorts of industries. A small sample ranges from the audit of a highway transport department (covering equipment maintenance, vehicle dispatching, fuel, parts and repair services and general administration) to control and compliance over a range of branches at a major bank. I could go on-and-on, but I guess that you get the picture.”

read more>>

Don’t forget that we are running a RISK BASED INTERNAL AUDIT Training course in Athens on 2/3 September 2014 (details at http://citadeladvantage.blogspot.co.il/p/risk-based-internal-auditing-rbia.html ) and the same course through EUREKA FINANCIAL in London on 3/4 December 2014 (details at http://www.eurekafinancial.com/courses/risk_based_internal_audit.html )

Risk Based Internal Auditing Training Course

Athens, Greece - 2 & 3 September 2014

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.

However every organisation is different. There are different attitudes to risk, different management and organizational structures, different processes and procedures, and the need to subscribe to and comply with different conventions and regulations. Experienced internal auditors need to adapt these ideas to the structures, processes and language of their organisation in order to implement RBIA.

This practical hands-on training course is designed for professionals from industry, financial institutions and risk intensive organizations. The following job titles/ positions will benefit from attending;

• Board members, especially risk and audit committee chairs and members
• Chief Risk Officers
• Heads of market, credit, and operational risk
• Head of Risk Management
• Chief Compliance Officers
• Chief Audit Officers
• Chief Financial Officers
• Actuaries
• Treasurers
• Auditors (External & Internal)
• Bank regulators and examiners
• Risk management consultants

Join us for our 2-day Risk Based Internal Audit Training Course in Athens, Greece on 2/3 September 2014.

For course details please go to http://citadeladvantage.blogspot.co.il/p/risk-based-internal-auditing-rbia.html

For a registration form please e-mail us at courses@citadeladvantage.com indicating RBIA-Athens in the subject line.

This training course is alsoavailable for In-House Training Programs.