Certified Risk Based Auditor (CRBA)

Why select this training course?

The risk-based auditor course is an important course that focuses on areas of the organization that can compromise the attainment of its objective in its field. It involves identifying and understanding the risks that face organizations. This course will give participants the insights and skills required to apply risk-based auditing to practically identify and manage risks. Some of the things they learn involve risk-based auditing, an audit approach, and dealing with risk exposure in the real world.

What is risk-based auditing?

The normal and other audit plans draw all the attention to the existing controls while determining their success. On the other hand, risk-based auditing focuses on carefully examining the organization’s inherent risks as identified by management or any other relevant professionals such as directors and then finding ways to ensure they control the risks according to the urgency levels and loss levels of the risks. This method is mainly based on the enterprise risk management (ERM) technique because it will focus on the entire organization while undertaking the audit rather than the departments.

What are the benefits of risk-based auditing?

Risk-based auditing has numerous benefits over the traditional audit technique. Some of them include the following:

• Consistency: the approach is comprehensive, making it easier and more profitable for any organization to adapt to new developments by simply adjusting the audit schedule.
• Specificity: the process identifies specific areas in the organization that require attention and funds and, therefore, creates a tailor-made solution rather than depending on external recommendations.
• Transparency: the approach allows the management to employ the proper controls to ensure the best performance by providing an improved understanding of risk.

The Certified Risk Based Audit (CRBA) Training Course by Rcademy will equip the trainees with the necessary tools and techniques that are up to international standards to develop and design risk-based auditing plans and effectively communicate the plans to the management board. It will give them hands-on training on professional planning and effective execution of risk-based audit engagements in any organization. It will enforce the necessary and advanced knowledge of the existing and developing concepts in risk management. After taking the course, assessing and identifying business risks from the management and audit prospects will be easy.

This Rcademy course will prepare the participants to handle real-world problems using modern tools and techniques that are well-designed to improve and cut the losses to any organization caused by the traditional auditing approach. It will also place the participants on the path to success in their careers and give them the ability to take on higher-level responsibilities due to their high knowledge and experience gained from this course.

Who should attend?

The Certified Risk Based Audit (CRBA) Training Course by Rcademy is ideal for:

• Directors and managers of any business organization to improve their risk-based audit approach.
• Risk management professionals.
• Audit managers who intend to be the best in their field.
• Assurance professionals that comply who wish to develop knowledge of risk-based approaches.
• Chief audit executives
• Senior auditors to update their knowledge.
• Auditors of all levels are responsible for assessing, identifying, and developing counter-risk plans.
• Audit committee members.
• Anyone tasked with analyzing the risk of any organization’s dealing that involves risk exposure might be negative to the organization.

 What are the course objectives?

The participants of The Certified Risk Based Audit (CRBA) Training Course by Rcademy will be able to:

• Define and analyze existing risk management policies.
• Develop better risk-based plans.
• Successfully plan audit processes and engagements.
• Identify and correctly assess risk from audit prospects.
• Understand and correctly define risks and the risk universe.
• Develop better audit strategies that are relevant to a particular organization.
• Describe the risk management process.
• Communicate and improve the audit plans.

 How will this course be presented?

The certified risk-based auditor course developed by Rcademy is designed to produce wholesome professionals with practical skills to solve existing auditing problems. The presentation methodologies will be unique to the right content presented in this course with real hands-on challenges and examples. The methods will involve projects, group discussions, lectures, presentations, and case studies. Rcademy understands that the main aim of this course is not only to get participants certified but also to thoroughly prepare them for the complex and challenging world of business. In this regard, Rcademy has emphasized the practical nature of this course through its presentation by utilizing the industry’s best professionals and experienced facilitators.

What are the topics covered in this course?

The topics below are requirements for the participants to become certified professionals.

Module 1: Introduction to Auditing

• The “big picture” in any organizational business
• The auditing environment
• The traditional auditing approach
• Types of audits
• The auditing world
• Professional and international standards in auditing
• Frameworks used in auditing
• What auditing entails
• Understanding risk, compliance, and performance of audits
• The risk-based audit framework

 Module 2: Auditing Process

• Risk identification process
• The risk management assessment process
• Strategies used in an organization’s risk maturity
• Developing and designing the risk-based audit plan
• Risk assessment issues
• Planning risk audits
• Approaches in risk audit
• Risk management policies
• Updating the existing risk management policies

 Module 3: Auditing Context

• The risk appetite level
• Inherent and residual risks
• Risk identification process
• Risk capacity
• Measuring risk
• Risk tolerance
• Internal controls in an organization

 Module 4: Processing Risk

• Understanding the risk-assessing culture
• Objectives and strategies in a risk
• Criteria used in analysis and best practices
• Understanding risk stakeholders
• Internal and external risk
• Risk, rewards, and Compliance Relations
• Threats, opportunities, and requirements
• Responding to risks: tolerance, transfer, terminating, or treating

 Module 5: Risk Standards

• ISO 31000
• OCEG GRC Capability
• COSO Enterprise risk management
• Fraud and its effects
• Developing the audit universe

Module 6: Risk and Fraud Detection Process

• Risk language issues
• Identifying and assessing fraud risks
• Relationship between risk and internal audit
• Elements in an effective fraud detection program
• Internal auditing of fraud and risk management

 Module 7: Audit Model

• Risk-based model
• The History of audit models
• The Future of audit models
• Traditional model
• Three lines of defense

 Module 8: Risk-based Audit Overview

• Operational auditing methodologies
• Value cost improvement (VCI)
• Reporting operational audit results
• Process in business controls level