Overview

Workshop Overview:

Understanding through practical examples of the application of Business Risk Management and Risk-Based Audit best practices in the modern enterprise Improving risk assessment, audit planning and Internal audit working practices skills improving verbal and written risk-based audit Communication skills.

Course Director:

Zaid Zeeshan

• 20+ years of experience in USA, MENA & Pakistan
• CPA, CISA, CGMA, & Six-Sigma Green Belt
• Approved trainer with IIA – UAE

He’s Certified Public Accountant (CPA) as well as a Certified Information Systems Auditor (CISA) and a Chartered Global Management Accountant (CGMA), from the USA. He is also a certified Six Sigma Green Belt. He has over 20 years of experience in auditing, accounting, finance, taxation and inventory management as well as extensive experience in conducting focused in-house training courses in USA, UAE and Pakistan. He is currently the CEO of Inclusive Consulting, which is a management consulting company based in UAE. He uses his varied experience and knowledge base to adopt a very practical approach in conducting training courses, providing participants easy to use tools / tips. He is approved trainer with The Institute of Internal Auditors – UAE Chapter since 2015.

He started his career in public accounting in USA where he spent more than 6 years specializing in auditing and accounting services to various high-profile clients including governmental and not-for-profit entities. He was associated with Baker Tilly Virchow Krause and Deloitte & Touche in USA. He has also worked in Pakistan with Engro Corporation, one of the largest private sector conglomerate in Pakistan. He spent 8 years with them in various different roles being associated with the parent company as well as multiple business subsidiaries including fertilizer manufacturing, rice manufacturing, consumer goods and commodity trading. He served as Head of Finance for consumer goods subsidiary and CFO of their commodity trading and rice manufacturing companies. Zaid is a member of American Institute of Certified Public Accountants (AICPA), Information Systems Audit and Control Association (ISACA) and Association of International Certified Professional Accountants.

Practical Application of the Risk-Based Audit & Risk Assessment

Course Outline

What is Risk?

• Uncertainty or a surprise?
• Something that can go wrong or failure to get things right?
• Risk cultures and the impact on project delivery
• Brief on Enterprise risk management
• Why projects often fail
• The role of risk champions

Introduction to Audit, Risk & Governance

• Corporate Governance update
• Business Risk Management current trends
• Internal Audit modern approaches
• Summary of key points

Case Study:

• ABC Manufacturing Ltd.
• Internal Audit Department
• Perceived Risk and Activity Areas

Business Risk Management Principles

• Categories of risk and business risk models
• Business risk assessment
• Risks external to the company
• Risks per business cycle

Business Risk Management Tools

• Tools of measuring and assessing business risks
• Strategy and methodology for managing business risks
• Internal Control Systems and systems for business risk management
• Risk-Based Audit principles
• Case Studies

Group Work:

• ERM Risk Register
• ERM Organization Updates
• Risk Heat MAP Inherit & Residual

Risk Based Audit Methodology Overview

• Overview
• The role and responsibilities of Internal Auditor in Risk Based Audit
• Risk Based Internal Audit Methodology compared to Traditional Audit approaches
• Legal and regulations impact on Risk Based Audit
• Impact of Business Ethics in corporate Auditing
• Summary of Key Points

Identification of Business Objectives and Audit Universe

• Strategic Planning and Business Objectives
• Identification of the Audit Universe – Linkage with the Business Objectives
• Key Considerations
• Summary of Key points

Audit Bingo Exercise:

• Residual Risk Rating on Sample Audit Report

Risk Categorization & Risk Priorities

• Identification of relevant risks
• Business Risk Models – Risk Categorization
• Risk Priorities
• Risk Factors (Custom Measures)
• Communication techniques
• Risk related reporting
• Summary of key points

Exercise:

• Criteria for Determining Rating of Audit Report
• COSO Component to Evaluate Internal Controls

Risk Based Audit Planning

• Audit planning development
• Audits types and frequency
• Special issues
• Audit examples focusing on Risk
• Case Studies

Group Work on Audit Reports:

• Insurance Coverage Report Rating
• Bank Reconciliation Report Rating
• Dental and Medical Reimbursements Report Rating
• Payroll Changes / Processing Report Rating
• Fixed Asset Accounting Report Rating
• Local Purchasing Report Rating

Course Objective

• Building on what is necessary to make your audit function risk-based
• Knowing the best practices in internal auditing today
• Learning how to place a risk-based approach that is truly business-oriented
• Gaining the skills necessary to review and improve your corporate auditing structure

Workshop Instructions

• 24-25 October, 2021 10:00 am - 02:00 pm (UAE)
• Regular Fee: AED 850 Per Participant (Exclusive of VAT)
• Team Offer: Pay for 2 and register 3rd for free
• Includes: Courseware, and SIMFOTIX Certificate
• For registration (s) send us your Name, Designation, Organization, and Mobile Number to [email protected]
• For More Information please contact: Qazi Waqas Ahmed Mobile: +971 56 309 0819; Email: [email protected]

Who Should Attend

• Heads of audit, audit managers and senior auditors
• Auditors responsible for developing or implementing a risk-based approach Other assurance professionals
• Managers and directors of business functions