Advanced Risk Based Audit2016-10-11T04:30:44+00:00

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The course is case study driven supported by traditional lectures; this allows delegates to put into practice the theory presented to them and ensures maximum delegate involvement. At all stages of the course, “model” answers are supplied so that each delegate is brought up to a common level of achievement at all points in the course-work.


Essentials of Risk Based Audit

This course is designed to take an experienced Internal Auditor through the various disciplines needed to consolidate the Operational Risk activities in their business with those of Internal Audit. The three basic elements requiring consolidation are:

  1. Audit Planning
  2. Audit execution
  3. Audit reporting

All aspects of the consolidation challenge are covered, both from the point of view of the Risk Manager and the Internal Audit Manager.

Who should attend

  • Internal Audit Senior Managers
  • Managers in Internal Audit
  • Risk Managers
  • Finance Managers

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  1. Gain an awareness of tools and techniques for planning and performing value added, risk-based audits
  2. Learn how to develop risk-based audit tests at both compliance and substantive levels
  3. Learn how to link audit findings to the risk-based environment thus helping in selling your recommendations
  4. Learn about risk-based IT auditing, fraud detection and prevention
  5. Practice risk-based auditing techniques and control analysis using a generic case study
  6. Understand the concept of Corporate Risks and how the unique control environment they require for mitigation can be audited Contribute to controls improvement

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Day One

In the first part of the course, we will present the principles and methodology of Business Risk Management and Risk-Based Audit based on Best Practices. As several organisations have developed different Risk Based Audit methodologies, we will distinguish the several approaches and propose more relevant ones. Specifically, our approach will cover how we identify the audit universe, the related business objectives and risks that depict the audit areas of the audit universe and the determination of related risk factors.

Session 1

Introduction to Audit, Risk & Governance

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

Session 2

Business Risk Management Principles

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

Session 3

Business Risk Management Tools & Methodologies and the Relation to Risk Based Audit

  • 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

Session 4

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

Day Two

Recap of Day 1 with the opportunity to ask questions

During the second day of the course, the Risk Based Audit methodology will be analyzed and presented in detail using practical examples and case studies. Examples of Risk Based Audit Practices for several industries and various business cycles will also be presented. Also, we will describe the relevant steps to develop a comprehensive audit plan of different business & growth strategies.

Session 1

Identification of Business Objectives and Audit Universe

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

Case Study

Risk Categorization & Risk Priorities

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

Session 3

Risk Based Audit Planning

  • Audit planning development
  • Audits types and frequency
  • Special Issues
  • Audit examples focusing on Risk

Session 4

Other Issues

  • Strategy for transitioning Internal Audit department to a Risk-Based Audit function
  • Effective communication, staff keeping and productivity Improvement

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Course Director

Masood Pervaiz


Masood has over 15 years of experience in serving various roles in Internal Audit. He is one of the approved lead internal auditor for US Aid projects where his job is to conduct Financial Audit and recommend preventions and controls to avoid potential fraud and financial lapses.

He has served at one of the world’s leading (among top ten globally) Audit Firm, Crow Horwath for 4 years where he specialized in audit function. He is an international speaker and has conducted many training programmes in Financial Audit, Fraud and Risk Awareness. His most recent training was on Fraud and Risks in Dubai with overwhelming feedback of training participants. Masood is a Certified Internal Auditor (CIA) from the Institute of Internal Auditors USA. He is also a qualified Chartered Accountant from Institute of Chartered Accountants of Pakistan. He further strengthened his audit expertise by qualifying the exams of Certified Information System Auditor.

Masood is Managing Director of Centre Consulting and CEO SBM Group that includes a Business School, Chartered Accountancy firm and a Consulting Firm. He is ex-President of The Institute of Internal Auditors (USA) – Pakistan Chapter.


  • Chartered Accountant (CA) Pakistan 2004
  • Certified Internal Auditor (CIA) USA 2006
  • Certified Information System Auditor (CISA) USA 2009

Membership & Credentials

  • Associate member of ACFE, USA
  • Associate member of IIA, USA
  • Associate member of ICAP, PAK
  • Associate member of GARP, USA


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