In modern organisations, internal auditing has evolved from a compliance-driven function into a critical component of strategic governance and enterprise risk management. The Fundamentals of Risk-Based Internal Auditing Training Course, delivered by Oxford Training Centre, is designed to equip professionals with essential knowledge and techniques for conducting internal audits that are aligned with risk priorities and organisational objectives. This programme is a core offering under the umbrella of advanced Quality and Productivity Training Courses, supporting the development of audit professionals capable of delivering value-added assurance and advisory services.
This course introduces the core concepts of risk-based internal auditing, enabling participants to understand how internal audits can be structured and executed based on an organisation’s risk profile. By providing a foundation in risk-based audit methodology, the training explores how risk assessments influence audit planning, scope definition, and testing strategies. Emphasis is placed on aligning audit engagements with business risk exposures, control objectives, and compliance requirements to improve the effectiveness of the internal audit function.
From identifying and evaluating risks to developing effective risk-based audit plans and executing engagements with precision, participants will gain practical insights into the tools, techniques, and frameworks that underpin successful internal auditing. The course offers an integrated view of internal control and risk-based auditing, covering both conceptual frameworks and applied methodologies that support high-quality audit execution in both public and private sector entities.
Objectives
- To introduce participants to the principles and practices of risk-based internal auditing training course, including its value within the governance and control environment.
- To provide a detailed overview of internal audit fundamentals training, with emphasis on audit planning, execution, reporting, and follow-up activities.
- To develop understanding of risk-based audit methodology course and its role in prioritising audit activities based on material risk exposure.
- To explain techniques for conducting risk assessments in internal auditing course and linking identified risks to audit objectives and procedures.
- To train participants in developing effective risk-based audit plans that reflect strategic, operational, compliance, and financial risks.
- To offer guidance on implementing risk-based audit procedures, including sampling, testing, and documentation aligned with risk severity.
- To enhance the ability to conduct internal audit and risk management course activities in an integrated and value-driven manner.
- To build practical capabilities in aligning internal audits with risk management frameworks and performance measurement systems.
- To examine best practices in risk-based audit frameworks and their application in diverse organisational contexts.
Target Audience
- Internal auditors, audit managers, and team leaders seeking a comprehensive introduction to risk-based internal audit approach training.
- Risk management professionals responsible for collaborating with audit teams and integrating risk intelligence into assurance activities.
- Compliance officers and corporate governance practitioners involved in implementing internal audit strategy using risk-based methods.
- Financial controllers and departmental managers aiming to understand internal audit procedures and their impact on internal control.
- Consultants, advisors, and audit trainees pursuing a career in internal audit with a focus on risk-oriented audit planning and execution.
- Quality assurance professionals seeking to enhance their understanding of foundations of risk-based internal control review.
- Public sector professionals responsible for audit, control, or oversight functions requiring an understanding of risk-aligned audit practices.
How Will Attendees Benefit?
- Gain a solid foundation in the Fundamentals of Risk-Based Internal Auditing Training Course, understanding its scope, methodology, and practical application in corporate governance.
- Understand how to conduct and document risk-based internal auditing training course engagements that provide meaningful insight to boards and executive management.
- Learn how to evaluate and prioritise risks using proven tools and methodologies as part of a structured internal auditing training course.
- Enhance skills in internal audit planning based on risk evaluation, enabling the development of focused, efficient, and value-driven audit engagements.
- Acquire knowledge in selecting and applying risk-based audit procedures aligned with business context, objectives, and controls.
- Improve the effectiveness of audit execution by aligning efforts with strategic risks and high-impact process areas.
- Learn best practices in risk-based audit frameworks, including audit universe development, risk mapping, and engagement reporting.
- Strengthen the linkage between internal audit activities and overall enterprise risk management through integrated approaches.
- Build confidence in applying theoretical frameworks into practical audit assignments across industries and sectors.
- Gain insight into risk-focused auditing for internal auditors, improving the ability to deliver credible assurance on control design and operational effectiveness.
Course Content
Module 1: Introduction to Risk-Based Internal Auditing
- Definitions, purpose, and scope of risk-based internal auditing training course
- Transition from traditional audit to risk-focused internal audit models
- The auditor’s role in providing independent assurance on risk management
Module 2: Internal Audit Fundamentals and Standards
- Overview of internal audit fundamentals training principles and professional frameworks
- Key components of an internal audit lifecycle: planning, fieldwork, reporting, and follow-up
- Internal auditing standards and their application in risk-based approaches
Module 3: Risk Management and Internal Audit Integration
- Risk management concepts relevant to internal auditing
- Overview of enterprise risk management frameworks
- Effective integration of internal audit and risk management course practices
Module 4: Risk Assessment and Audit Planning
- Techniques for performing risk assessment in internal auditing course
- Developing audit objectives based on risk prioritisation
- Tools for internal audit planning based on risk evaluation
Module 5: Risk-Based Audit Methodology and Frameworks
- Core components of risk-based audit methodology course
- Determining audit scope and resource allocation based on risk exposure
- Applying control risk ratings to develop risk-driven audit programs
Module 6: Implementing Risk-Based Audit Procedures
- Detailed execution of risk-based internal audit approach training
- Control testing and documentation aligned with identified risks
- Implementing risk-based audit procedures to assess control design and operational effectiveness
Module 7: Documentation and Communication of Results
- Best practices in working papers and audit documentation
- Reporting findings with emphasis on risk implications and management impact
- Following up on audit recommendations and tracking resolution
Module 8: Internal Controls and Assurance
- Understanding the relationship between internal control systems and auditing
- Role of internal audit in reviewing and improving internal controls
- Applying the foundations of risk-based internal control review
Module 9: Audit Quality and Performance Monitoring
- Measuring the effectiveness of internal audit functions
- Key performance indicators for audit performance and stakeholder satisfaction
- Incorporating feedback into continuous improvement of audit processes
Module 10: Strategic Audit Planning and Risk Alignment
- Developing long-term internal audit strategies aligned with enterprise risk management
- Building a dynamic audit universe that reflects changing risk profiles
- Ensuring excellence in performance through risk-based internal auditing