MASTERING THE FUNDAMENTALS OF A RISK-BASED INTERNAL AUDIT

16^th– 18^th February, 2026                                                                                                  27^th– 29^th April, 2026

1st-3rd July, 2026                                                                                                              7^th– 9^th October, 2026

Introduction

Internal auditing training is designed to provide individuals with the skills and knowledge required to conduct effective internal audits. The training covers various internal auditing topics, such as its principles, techniques, best practices, relevant laws, regulations, and industry standards.

Training begins with the fundamentals of governance, risk management, internal control, compliance, fraud, and risk management. The program then advances to highly effective engagement management, planning, supervision, administration, and monitoring to ensure impactful implementation. At the end of the program, auditors will have learned the technical, analytical, organizational, and communication skills necessary to effectively discharge their duties as key relied-upon assurance professionals for organizations. 

Internal auditor training courses give a thorough understanding of internal auditing. These courses stress that effective audits need a comprehensive, structured approach to issue solutions. Through classroom discussion and practical activities, they assist participants in developing functional problem-solving abilities.

This course prepares new internal auditors to become effective participants in performing risk-based internal audits. It includes interactive activities based on real-life scenarios that participants can apply to their own organization.

Internal Auditor Training Learning Outcome

·       Learn how to set objectives for, plan and perform an internal audit

·      
Conduct informal opening and closing meetings

·      
Gain the ability to report findings and take corrective action confidently

·      
Understand the implications of employee behaviour on management systems audits

·       Describe the role of the internal auditor in risk-based auditing

·      Discuss key risk and risk management concepts and principles

·       Identify internal and external risk

Course Outline:

Module One: Risk-based Internal Auditing: Overview

• Definition of internal auditing
• Internal audit standards
• What is risk-based internal auditing?
• Value-added benefits of risk-based internal auditing
• The role of the internal auditor

Module Two: Risk and Risk Management: Principles and Concepts

• Risk overview
• Risk definitions
• Risk management definitions
• Risk management misconceptions
• Objectives
• Uncertainty
• Internal and external risk influences and risk categories
• Other risk considerations

Module Three: Risk Frameworks Governance, Management and Control

• The purpose of risk management frameworks
• Major control and risk frameworks
• COSO Internal Control – Integrated Framework
• COSOERM – Integrating Risk with Strategy and Performance
• ISO31000 – Risk Management Guidelines

Module Four: Risk Assessment Criteria

• The importance of risk assessment criteria
• Risk appetite definition and concepts
• Integrating risk appetite with risk assessments

• Risk tolerance definition and concepts
• Likelihood and impact
• Other risk assessment criteria

Module Five: Engagement Planning and Risk Assessment

• Risk-based audit engagement
• Internal audit standards related to planning
• Risk-based audit engagement
• Risk maturity
• Risk identification
• Risk assessment – causes and effects
• Risk and control matrix

Module Six: Control Evaluation

• Managing risk
• Internal audit standards
• Types of controls
• Control evaluation phase
• Tools for evaluating controls

Module Seven: Communicating Results

• Internal audit standards
• Communicating an audit observation
• The purpose of communication

Duration: Three (3) days                                                                                                                                           Fee: N250,000