As regulatory demands, stakeholder expectations, and organisational complexities continue to rise, the role of internal auditing has evolved into a strategic function that directly contributes to risk governance and performance assurance. The Advanced Risk-Based Internal Auditing Fundamentals Training Course, delivered by Oxford Training Centre, provides a structured and in-depth exploration of advanced tools, methodologies, and techniques for strengthening internal audit functions through risk-based approaches. This programme forms an integral part of high-level Quality and Productivity Training Courses, designed to develop professionals into strategic contributors to enterprise-wide risk mitigation and control improvement initiatives.
The course builds upon the foundational knowledge of auditing by focusing on strategic and operational aspects of risk-based internal auditing techniques, offering a framework for planning and executing audit engagements that are aligned with organisational risk profiles. Participants will examine advanced topics such as risk prioritisation models, key risk indicators (KRIs), audit universe structuring, and enterprise risk management (ERM) integration. This knowledge enables auditors to design and implement internal audit programmes that support long-term value creation and compliance assurance.
The curriculum covers comprehensive techniques for developing advanced internal audit programs using practical tools, including control frameworks, risk heat maps, and scenario planning. The course also emphasises aligning internal audit with enterprise risk, enabling professionals to operate as trusted advisors in organisational governance structures. Whether working in the public or private sector, participants will gain mastery in strengthening internal audit performance through the practical application of risk-aligned principles, data analytics, and forward-looking methodologies.
Objectives
- To provide an advanced and practical understanding of the Advanced Risk-Based Internal Auditing Fundamentals Training Course, focusing on modern frameworks and strategic integration.
- To develop participants’ ability to implement complex and scalable risk-based auditing fundamentals course approaches across audit engagements.
- To train participants in designing advanced internal audit planning training methods that reflect organisational risk tolerance and control maturity levels.
- To build expertise in risk profiling, risk scoring, and prioritisation for targeted assurance activities.
- To demonstrate the use of risk-based internal auditing frameworks and practices in aligning audit scope, frequency, and focus with enterprise objectives.
- To explore advanced tools and techniques in risk-based auditing, including automation, data-driven auditing, and risk modelling.
- To enhance participant competencies in integrating internal auditing with governance, risk management, and compliance (GRC) systems.
- To explain how to structure and manage an effective internal audit methodology and risk management course, including reporting to senior stakeholders.
- To foster strategic thinking around risk-focused internal audit fundamentals, especially within dynamic regulatory and business environments.
Target Audience
- Senior internal auditors, audit managers, and audit team leads responsible for applying advanced risk-based internal audit training in large or complex audit environments.
- Risk management professionals seeking to deepen their integration with internal audit functions and enhance synergy across assurance lines.
- Professionals involved in governance, compliance, or corporate oversight who require advanced capabilities in risk-based internal auditing techniques.
- Internal control officers and enterprise risk specialists participating in cross-functional audit and risk initiatives.
- Individuals preparing for or currently involved in the leadership of audit functions requiring robust understanding of strategic risk-based internal auditing course practices.
- Consultants and advisors delivering advisory or outsourced services in auditing, governance, and risk functions.
- Public and private sector professionals involved in designing and delivering audit programmes for regulated environments.
- Participants of prior internal audit advanced training courses seeking further development in applied methodologies and strategic planning.
How Will Attendees Benefit?
- Gain in-depth knowledge of the Advanced Risk-Based Internal Auditing Fundamentals Training Course, focusing on high-level methodologies and strategic application.
- Understand how to use structured frameworks to design, deliver, and monitor internal audit programmes that are aligned with enterprise risks.
- Enhance the ability to apply advanced risk-based internal auditing frameworks and practices that elevate audit relevance and organisational impact.
- Learn to develop audit universes and risk-scored audit plans using KRIs, ERM systems, and stakeholder input.
- Improve skills in using risk mapping, control environment assessments, and gap analyses for developing targeted internal audit procedures.
- Build capacity to execute advanced approaches to risk-based internal audits using scenario analysis, predictive analytics, and root cause frameworks.
- Strengthen knowledge of audit reporting, communication strategies, and follow-up mechanisms in strategic assurance delivery.
- Improve organisational decision-making by contributing to risk-informed governance through audit findings and recommendations.
- Gain exposure to global best practices and current trends in internal auditing, including digitalisation and automation in assurance processes.
- Position oneself as a trusted advisor to executive management and audit committees by aligning audit strategies with organisational priorities.
Course Content
Module 1: Introduction to Advanced Risk-Based Auditing Concepts
- Evolution from traditional to advanced risk-based internal audit approaches
- Key components of risk-focused internal audit fundamentals
- Link between internal audit, corporate governance, and risk strategy
Module 2: Risk Profiling and Prioritisation in Audit Planning
- Establishing and scoring enterprise-wide risk registers
- Linking audit objectives with organisational risk appetite
- Developing audit universes using risk-weighted metrics
Module 3: Internal Audit Methodology and Risk Management Integration
- Designing a comprehensive internal audit methodology and risk management course
- Using ERM systems to inform audit scope and content
- Integrating internal controls evaluation with strategic objectives
Module 4: Designing Audit Plans Using Risk-Based Methodologies
- Framework for designing audit plans using risk-based methodologies
- Scenario planning and dynamic audit planning in volatile environments
- Ensuring audit responsiveness to emerging and residual risks
Module 5: Risk-Based Internal Audit Execution and Fieldwork
- Conducting audit fieldwork with risk-weighted sampling and testing
- Documentation of findings and use of control frameworks (COSO, COBIT)
- Adopting advanced internal auditing skills course tools and analytics
Module 6: Strengthening Audit Impact through Communication
- Best practices in audit reporting and communicating with stakeholders
- Developing dashboards for tracking and visualising audit outcomes
- Strengthening board and management engagement through meaningful insights
Module 7: Advanced Internal Control Auditing Techniques
- Techniques for training in advanced internal control auditing
- Evaluating control design and effectiveness in complex operations
- Using control self-assessments and assurance maps
Module 8: Strategic Alignment and Audit Function Maturity
- Positioning internal audit as a driver of strategic alignment
- Maturity models for internal audit function development
- Aligning internal audit with ESG, cybersecurity, and third-party risks
Module 9: Risk Management Integration in Internal Audit Functions
- Role of internal audit in supporting ERM implementation
- Identifying control gaps through risk management integration in internal audit functions
- Enhancing collaboration with risk owners and compliance stakeholders
Module 10: Technology and Innovation in Risk-Based Auditing
- Use of data analytics, automation, and AI in audit planning and testing
- Leveraging audit management software for planning, execution, and reporting
- Case studies in technology-enabled internal auditing