Essentials of Risk-Based Auditing

This virtual course will be delivered regionally via Zoom.

Registration is open to insular government professionals.

Due to this course's focus on group participation and discussion, attendance is capped at 30 participants. Attendance is limited to APIPA member audit principals and up to two senior staff members designated by the Principal. This specialized program is intended for APIPA Principals and 1-2 directly-reporting officials from each of the APIPA member audit offices. Attendance is capped at 30 participants. Audit Principals and 1 or 2 designees per office are encouraged to register, up to three officials per APIPA audit office.

Understanding risk is one of the auditor’s greatest assets. During this workshop, participants will explore a wide variety of risks including internal, external, entity-wide, activity-level, financial, operational, and reputational. Furthermore, participants will study the COSO framework to enhance their knowledge of risk and control. Finally, participants will develop a risk-based audit program to reinforce concepts learned.

Throughout the workshop, participants will practice skills learned in individual and small-group exercises.

What You Will Learn

Overview of Risk

• Smart ways to categorize risk
• Assessing risk at the entity and activity levels
• The auditor’s role in risk management

The COSO Framework

• Internal Control – Integrated Framework: Key concepts
• Using the framework to understand and identify risks

The Entity-wide Risk Assessment

• The audit universe
• Organizational objectives
• Risk categories/factors
• Common risk assessment methods

The Activity-level Risk Assessment

• Planning the risk-based audit
• Performing the risk assessment
• Information sources for identifying and assessing risks
• Linking entity and activity-level risks
• The objective−risk−control model
• Tools to identify, measure, and prioritize risks
• Developing risk-based audit programs

Who Should Attend

This specialized program is intended for APIPA Principals and 1-2 directly-reporting officials from each of the APIPA member audit offices. Attendance is capped at 30 participants. Audit Principals and 1 or 2 designees per office are encouraged to register, up to three officials per APIPA audit office.

Tuition Fees

With funding support from the United States Department of the Interior, Office of Insular Affairs, courses are available free of charge for government accountability professionals within the insular areas. The course fee is waived and there is no cost to register and attend, Professionals who do not meet the above criteria, please contact [email protected].