Training Course on Audit and Risk Management

Program brief

Audit and Risk Management play a critical role in ensuring the integrity, efficiency, and sustainability of organizations. This course is designed to provide participants with a comprehensive understanding of both audit processes and risk management frameworks, emphasizing their interconnectedness in safeguarding an organization’s assets and reputation. Participants will explore key audit techniques, risk identification, assessment strategies, and the implementation of controls to mitigate risks. Through practical examples and case studies, this course equips learners with the tools to enhance governance, compliance, and operational performance across diverse industries.

Course Objectives:

• Understand the principles of auditing and risk management.
• Develop skills to identify, assess, and mitigate risks.
• Learn how to integrate risk management into the audit process.
• Gain knowledge of relevant regulations and standards.

Recommended For;

• Internal and external auditors.
• Risk management professionals.
• Compliance officers and finance professionals.
• Anyone involved in governance, risk, and compliance roles

Duration

5-Days

Course Outline:

Introduction to Auditing:

• Definition and purpose of auditing.
• Types of audits (internal, external, compliance, operational).
• The audit lifecycle: planning, fieldwork, reporting, and follow-up.

Fundamentals of Risk Management:

• Definition of risk and risk management.
• Importance of risk management in organizations.
• Types of risks: strategic, operational, financial, compliance, and reputational.

Risk Assessment Process:

• Identifying risks: tools and techniques.
• Analyzing risks: likelihood and impact assessment.
• Risk prioritization and classification.

Integrating Risk Management with Auditing:

• Aligning audit objectives with risk management strategies.
• Using risk assessments to inform audit planning.
• Designing audit tests based on identified risks.

Internal Control Frameworks:

• Overview of internal control systems
• Evaluating the effectiveness of internal controls.
• Testing controls and assessing control deficiencies.

Audit Procedures for Risk Management:

• Developing audit programs focused on high-risk areas.
• Conducting substantive testing and analytical procedures.
• Reporting on risk management effectiveness in audit findings.

Regulatory and Compliance Considerations:

• Understanding relevant laws and regulations affecting audits and risk management.
• Compliance audits and their significance.
• The role of external auditors in assessing compliance.

Reporting and Communication:

• Effective communication of audit findings and risk assessments.
• Preparing audit reports and risk management documentation.
• Stakeholder engagement and follow-up actions.

General remarks

• Customizable courses are available to address the specific needs of your organization.
• The participant must be conversant in English
• Participants who successfully complete this course will receive a certificate of completion from Lenol Development Center.
• The course fee for onsite training includes facilitation training materials, tea break and lunch.
• Accommodation and airport pick up are made upon request
• For any inquiries reach us through info@lenoldevelopmentcenter.com or +254 710 314 746
• Payment should be made to our bank account before the start of training