ONLINE INSTRUCTOR-LED

Advanced Risk
Based Auditing
Two Days Training
August 18-19, 2022 9 CPE
CREDITS
10:00 am – 03:00 pm (GST)

Course objectives
The Institute of Internal Auditors in a professional guidance statement stated the
following:-
'Internal Audit are being asked to provide much greater assurance to Senior
Management than ever before. The Institute believes that the only way to
provide such objective assurance is by means of risk-based auditing'.
Most Internal Audit functions would say that their functions have adopted a risk-
based approach
However, has this process been fully embedded?
This course covers the latest developments. The course features a case study on
the step-by-step approach to a risk-based audit in the fast-changing business
environment.

In Collaboration with :
Course Director Business Risk
Phil Griffiths, FCA Management Ltd
CEO of Business Risk
Management Ltd.
A Chartered Accountant, he has
over 35 years’ experience in
Risk Management, Corporate
Governance, Internal Audit and
Fraud Prevention as
practitioner, professional
adviser, facilitator and trainer. .

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Advanced Risk
Based Auditing

AboutSIMFOTIX
SIMFOTIX is a trusted name in the executive education industry that offers cutting-
edge corporate training programs. SIMFOTIX focuses on creating value for both
learners and businesses through its varied program offerings. We, at Simfotix, hold
unique expertise in developing our programs based on the design- learning concept
that focuses on the key challenges of a learner and organization. Engagement,
relevance, and effectiveness are the hallmarks of our learning solutions. So far,
SIMFOTIX training programs are attended by over 5000 participants from over 1000
organizations operating MENAT region. Our clients regard their training experience
with us inspiring and transformative.

On the e-learning front as well, SIMFOTIX offers courses that result in serious
learning but in fun way, we adopt efficient gamification approach that is aligned
with clear learning goals that L&D teams want to see as the achieved objectives.
We also understand the ever-shifting corporate world challenges and even in online
programs, we carry our legacy of quality, relevance, and impact that’s why our
programs are conducted by learned faculty comprised of global thought- leaders
and top industry practitioners.

We also provide bespoke training solutions that are tailored and delivered in a way
that it surpasses your expectations.

Technologies Covered At A Glance:

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Advanced Risk
Based Auditing

Why Should Attend

• Audit managers and senior auditors
• Auditors responsible for developing or implementing a risk based approach
• Other assurance professionals such as those in Compliance and QA functions who are
wanting to develop their Risk based approach
• Managers and Directors of business functions – to aid their knowledge of a risk based
audit approach.

Course Level
• This is an intermediary level course and delegates should have at least 12 months
experience in Internal Audit (or other assurance roles) to attend
• Delegates should have a good educational standard and/or a professional qualification or
be in the process of studying for such qualifications
• No advance preparation is required
• Delivery method – On-line live (with exercises and case studies to provide practical
application of the tools and techniques)

After completing this course, you will be able to

• ENHANCE internal audit’s contribution to the business

• ENGAGE more positively with senior management
• DETERMINE a strategic audit plan which is flexible, but simple to explain to senior
management
• DELIVER more focussed audit plans through developing the appreciation of operational
risk
• PLAN assignments effectively to focus on the key risks
• CHALLENGE management’s evaluation of the residual risks
• PLAN risk based assignments efficiently and effectively
• COORDINATE your role with the other assurance providers
• AUDIT the Corporate Governance process

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Advanced Risk
Based Auditing

CPE credits
• Participants will earn 9 CPE credits ( 6 in the Auditing field of study and 3 in the
Management Advisory Services field of study)

Day One : Embedding a risk-based audit process

The Changing Risk Based Audit approach
• The principles of RBA
• Worldwide trends
• Trends (from GRC research and our Internal audit best practice database)
• The need to focus more audit attention on the operational risks
• The need to significantly refocus the Internal audit to meet the updated IIA standards :-
o Internal audit credibility and value are enhanced when auditors offer new insights
and consider future impact
o A higher level of assurance (coordinated with the work of the other assurance
providers) must be provided
o Internal Audit needs to add measurable value to the business.
o IA needs to be regarded as a strategic partner and advisor
o The function needs to enhance organisational value by providing stakeholders
with risk-based, objective and reliable assurance, advice and insight.
o IA must ensure that appropriate risk responses are selected that align risks with
the organisation's risk appetite
• How risk based audit has changed the face of auditing
• New 2020 Code of Conduct
• Helping the Board to protect the assets, reputation and sustainability of the
organisation.
• Internal audit should have the right to attend and observe all or part of executive
committee meetings
Exercise One - Challenges for Internal Audit

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Advanced Risk
Based Auditing

Enterprise risk management and the IA role

• Explanation of ERM and why it is not fully understood
• The current economic crisis and how ERM can help
• The role and responsibilities of directors and senior management with respect to ERM
• ERM roles and responsibilities
• Categories of risk.
• Selling the benefits to top management
• Surprises and risk
• Measurement of risk: probability and impact (or likelihood and consequences)
• Categories of risk
• The most common critical risks
Exercise Two - Analysing a disaster
Strategic Audit Planning
• Strategic audit planning
• How to decide which areas to audit and ensure more focus on operational risks
• The audit universe – new IIA guidance
• Determining the level of assurance
• IIA guidance – Production of the audit plan
• The RBA audit plan preparation
• Risk Based Internal Audit Plan Example
• A best practice audit risk planning model will be used (an electronic version will be
provided to all delegates)
Exercise Three - Developing a strategic audit plan using the model
Coordinating the IA role with the other assurance providers
• Ensuring your assurance providers roles e.g. Internal Audit, Compliance, Risk
Management, Insurance, Security are coordinated to avoid duplication of effort
• Why you should incorporate internal audit agreed actions in your risk register
• Ensure environmental risk is taken seriously (even if you are in a sector such as Financial
Services
• Ensure that your Business Continuity plan covers all eventualities and ensure it is fully
tested
• Identify new ways to benefit the least able section of the wider community you serve
• New guidance on coordinating RM & assurance
Exercise Four – Team exercise – the mystery

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Advanced Risk
Based Auditing

Day Two : Risk Based Auditing in Practice

Planning a Risk based audit
• Brainstorming the functional objectives
• Building a picture of the risks
• Consider threats and opportunities
• Building the details of the controls
• Planning the assignment
• Determining the types of test and techniques to use
• Determining the threats to success
Exercise Five - Audit topics will be chosen for the purpose by the
delegates and the functional objectives and risks brainstormed in groups
The Risk Based audit step by step
• A risk based program case study will be walked through
• Reviewing the business objectives
o Are the objectives comprehensive and SMART?
• Do the risks in the register relate properly to the objectives?
o Are they specifically linked to the objectives and recorded?
• Are the inherent risks correctly evaluated?
• Are any key risks missing?
• Are the causes of the event identified?
• Have mitigating actions been recorded for each risk?
o Is such mitigating detailed enough?
• Are there any actions in progress to deal with risk?
o Assess the status of such actions
o Are there any management decisions pending?
o Has a target risk been established?
o Assess confidence level in the potential for such actions to reduce the risk
required
o Is the target risk realistic?
• Audit testing
o Test each mitigating control by means of walk through tests
o Extend testing as required to obtain sufficient evidence
• Determining an audit risk and control assessment
o Evaluating and recording such assessments
o Presenting the evidence to management
o How to ensure consistency
Exercise Six - The RBA in practice – using audits selected by the delegates

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Advanced Risk
Based Auditing

Auditing the key risks of the Board

• The development of strategic objectives, are taken without due consideration of the
impact on the organisation
• Non-executive directors (NEDs)/independent members of the board are unable to give
independent, robust challenge
• The Board does not have sufficient, complete or timely information on which to base its
decisions.
• Committees set up by the Board may not fulfil their obligations or there are too many
committees
• The Board does not have sufficient oversight across the whole organisation.
• Policies, procedures and projects are not aligned to the organisation’s objectives.
• The culture of the organisation is not fully defined or does not support the organisation
in achieving its objectives.
• Risks are accepted or taken which are outside of the organisation’s risk appetite.
• The regulatory or legislation requirements are not adequately understood leading to
increased regulatory sanction or censure
Exercise Seven – Auditing the Board risks

Auditing IT Governance
• Global Technology Audit Guides (GTAG’s)
• The need to determine the boundaries
• Defining the IT audit universe
• Focus on high risk areas
• Assess IT vulnerabilities
• Target areas where you are focusing on process rather than technical aspects
• Use of audit frameworks such as CoBIT and ISO 27000
• IIA new standard on IT Governance
• Risk based audit of general controls (GAIT)
• IIA guidance re GAIT
• An ISO 27000 audit checklist will be shared
Exercise Eight – Challenges of IT Governance audit

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Advanced Risk
Based Auditing

About Course Director:

Phil Griffiths, FCA

Phil Griffiths is CEO of Business Risk Management Ltd
A Chartered Accountant, he has over 35 years’ experience in Risk
Management, Corporate Governance, Internal Audit and Fraud
Prevention as practitioner, professional adviser, facilitator and trainer.

He has held top management positions with four international Groups, in roles embracing internal
audit, risk management, finance, IT and project management.
Phil is recognized as one of the world’s leading experts in Internal Audit and Enterprise Risk
Management
He has wide extensive international experience having trained professionals from over 2500
organisations across the world during the past 20 years

Phil has extensive experience of the GCC region having worked with over 700
businesses/Consulting/training in the Middle East and worked with all major sectors.
He is an accomplished author. His book ‘Risk Based Auditing’ is an international best seller and his
latest book ‘Enterprise Risk Management – The Key to Business Success’ is receiving global acclaim
Phil is known as an accomplished and charismatic facilitator, trainer and lecturer and is in continual
demand to speak at the most prestigious events on Risk Management, Corporate Governance,
Internal Audit and Fraud.

Below is a list of just some of the many testimonials given by Phil’s Participants:

Essentials of Internal Audit | Audit Committee Awareness | Risk based audit |

| Effective Audit Manager
Technologies Covered At A Glance:
"It is always my pleasure to attend your training courses and learn from your vast experience." Abu
Dhabi Health Authority

"Of all the courses I have attended, this was the best organised and the easiest to learn from"
Singapore Stock Exchange

"We really benefited from the risk based audit training and everyone, without exception, had good
words to say." Oman Oil

"It’s been a great honor meeting you and having this very interesting training
I would like to thank you very much for all your valuable information and experience shared with us."
Black Sea Trade & Development Bank

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Advanced Risk
Based Auditing

About Course Director:

"Excellent course - the breadth of knowledge shown was awesome." Oman International Bank

"Phil covered the topic thoroughly. The course was pitched at just the right level. It should be
mandatory for all new auditors." East Riding of Yorkshire Council
"I wish to express sincerest thanks and gratitude for conducting the Audit Committee Awareness
Session." Tamkeen (Bahrain)

Enterprise Risk Management (ERM)

"The feedback provided by the delegates was overwhelmingly positive. Mr. Phil Griffiths was able to
enhance our understanding on a wide range of ERM aspects and at the same illustrate how to
enhance our process by providing related real life scenarios." Emirates National Oil Company (ENOC)

"Thanks for all your wonderful guidance and support in the development of the ERM process."
Economic Community of West African States (ECOWAS)

"Thank you for delivering the in-house course last week. The feedback has been extremely positive."
Department of Agriculture, Food and the Marine (Ireland)

"It was a real pleasure having you visit us on campus at KFUPM this week and for delivering such an
insightful risk management workshop." King Fahd University of Petroleum & Minerals (Saudi
Arabia)

" Your workshop was fantastic and it gives us a broader perspective about Risk Management." TAIB
Islamic bank -Brunei

" Thanks a lot for the informative ERM training we received over the last 3 days." Saudi Arabian
Railways

Fraud The Invisible Enemy

"MyTechnologies Covered At
objectives of developing A Glance:
better awareness of internal fraud were fully met." Revenue
Commissioners, Ireland

"Thanks for the inspiring and entertaining course"Bank Negara (Central Bank of Malaysia)

Advanced Enterprise Risk Management

"Thank you so much for the comprehensive workshop. We've learn a lot from you."Hong Kong
Adventist Hospital

"Thank you once again Phil for sharing your expertise and wide experience." Central Bank of the
Solomon Islands

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Advanced Risk
Based Auditing

Some of SIMFOTIX Client Companies

ROCHE Middle East Etisalat DU Telecomm EITC Abu Dhabi National Exhibition
Council
Mubadala Group King Abdullah University
Emirates NBD Department of Culture and
(Business Management of Science and
Bank Tourism Abu Dhabi
Services) Technology , KSA
Fama Holdings The Executive Council of
Maersk Dar Al Riyadh KSA
Group KSA Dubai
Abu Dhabi Department of Economic
Al Hilal Bank MAF Retail (Carrefour )
Terminals Development Dubai
Federal Electricity & Ministry of Human Resources
Ghobash Group UAE Saudi Airline
Water Authority FEWA and Emiratization
Abu Dhabi Finance Dubai Electricity & Water
Sharjah Islamic Bank Al Tayer Group
(Mubadala Company ) Authority DEWA
Mashreq Bank Arab Bank UAE Abu Dhabi Ports Averda Saudi Company
SAVOLA FOODS,
Abunayyan Holding KSA Zain KSA Binzagr Company
SUGAR-KSA
Abdul Aziz Al
Imdaad Group Wartsila Power KSA Chedid Re KSA
Majid
AbuDhabi Customs ACWA Power HSBC Bank
Saudi Telecom SS Lootah International Securities and Commodities
Technologies Covered At A Glance: DHL Express
Company Investment Group Authority (SCA)
HSBC Emirates Group Aster Group United Al Saqr Group
Al Batha Group Global Foods UAE AXA Insurance Coca-Cola
Commercial Bank of Dubai Financial
Emirates Islamic Bank Schlumberger
Dubai Services Authority
Ministry of
Finance
Telecommunication Al Ghurair Group
HouseDubai
Oman

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Advanced Risk
Based Auditing

SIMFOTIX Client Testimonials

It was more interactive , more concentrating on the practical side rather than theory.
Good Trainer | Professional and having good communications. Trainer’s attention to details is great |
Well Managed the Training Session | Was very resourceful | Very Good, Clear and Direct instruction
and focus | New knowledge . The content was extremely informative and useful. | Interactive and
informative. Smart, Collaborator and can deliver the information clearly the presenter is very well
educated easy to explain the subject. Emirates Post Group Participants

Excellent trainer from SIMFOTIX. | I learned a lot spend very good and it helped me. | Really
professional trainer and her sessions was clear and easy and fun. | She explained everything in a
easy and beautiful way. | She have good ways to conveying the information to us and we don’t
feeling bored . Mubadala Group , MDC BMS

Simfotix Trainer bear a Persuasive approach in training and the company is professional in the
arrangement of training till end to make it a memorable experience. The In-house session and the
follow-up session is excellent approach. The Executive Council of Dubai

Informative, engaging | New tools to be used for the growth for our organization | brainstorming
and Good knowledge of the subject. Sharjah Airport Authority

The detailed Explanation & Excellent trainer by SIMFOTIX. Powerful clear course & excellent
instructor. Provided the necessary information perfectly. Overall, best training & course. Etihad
Water & Electricity

Targeted learning should be at the top of your L&D agenda. Thank you Simfotix for being an agile
partner in our learning Journey. Roche Middle East.

Excellent courses delivered by SIMFOTIX to our team. Easy to understand trainer and well managed.
I liked its interactive nature, and Mr Ahmed's examples of common phrases. DEWA

MyTechnologies Covered
team was positive At Awith
and happy Glance:
the deliverables of MS Excel Training, and they think this
session increased their knowledge and efficiency. “Ministry of Human resources & Emiratization”

Simfotix In-House training on MS Excel is well organized and our team learned lot of new things. We
consider this as a value addition and meeting our objectives. Road & Transport Authority Dubai
RTA.

A combination of learning and sharing through activities and self presentations. Learning Art of
Public Speaking with Simfotix Training is truly a good experience. Abu Dhabi Terminals

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Advanced Risk
Based Auditing

SIMFOTIX Client Testimonials

InHouse session was best from SIMFOTIX. The trainer is excellent, and has a good knowledge on his
craft. DP World

Excellent Training conducted by Simfotix Professional Development. The whole day was full of fun
and learning. Department of Economic Development, Dubai

Since last two years My Company is working with Simfotix, and every time it is great learning
experience. MS Excel is one of the most recommended Program with distinctive methodology and
valuable deliverables. ADNEC “Abu Dhabi National Exhibition Centre”

The in-house training met the desired objectives for improvement in the Finance function. Group
work throughout the two days and team presentation on various analytics put thing in the focus
learning direction. Good output Simfotix. Team Imdad Group.

Easy way of transferring knowledge makes the learning more digestible. Great work Simfotix for the
in-house session. Emirates NBD Bank

Simulation Board Game training is one of the great training course and materials. Super helpful for
connectivity and engagement among our departments to upscale productivity. Thank you!
Ghobash Group

Our team attended MS Excel Training with Simfotix and it was never so much learning before in this
course. All skill levels on the course fully catered for with a very patient approach, it’s worth
attending. DU Telecomm

Inhouse Training with Simfotix Training for Credit Transformation Program goes with a Wonderful
learning experience of our Credit Risk Team. Looking forward to engage them in other upcoming
training. Finance House Abu Dhabi

Technologies
Thank you SimfotixCovered At A Glance:
for a comprehensive and value training to our Saudi Arabia Finance Team. Case
Study and exercises were the key element of this workshop. As Learning & Development we are
satisfied to work with them in future. GM Learning & Development , MAF Carrefour International.

The Power Bi session was engaging and informative. Overall program outcome is what we agreed
and delivered to our functional departments. We would like to do more programs with Simfotix.
Mashreq Bank

Reference to the specific people in respective companies can be furnished on request.

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Advanced Risk
Based Auditing

REGISTRATION DETAILS

Regular Fee: USD 630 Per Participant (Plus VAT)

Team Offer: Pay for 2 and register 3rd for free.

Technologies Covered At A Glance:
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: Hiba Haneena

Mobile: +971 56 106 5106; Email: [email protected]

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