Certified Risk Based Audit Professional

A traditional audit would focus upon the transactions which would make up financial statements such as the balance sheet. A risk-based approach will seek to identify risks with the greatest potential impact. 

Strategic risk analysis will then include political and social risks such as the potential effect of legislation and demographic change.

In recent years, obstacles on the free movement of capital gradually decreased with increasing global developments and financial mobility has increased with help of its interaction and the convergence of markets. 

Presence of multinational companies parallel to the emergence of technological developments as a gripping force has further hardened the competition. 

Achieving a sustainable competitive advantage for the businesses has become dependent on eliminating the negative effects of risks occurring in this changing environment.

This course is targeted at financial auditors who have 3-5 years of experience in public sector audit, especially audit of financial statements. This course will also be useful to other public sector auditors who would like to get familiar with risk-based approach to financial audit

Benefits:

• Demonstrate familiarity with the concept of Risk-based approach to financial audit;
• Demonstrate the ability to identify the key activities in conducting preliminary engagement activities and to apply their knowledge to complete the given case study;
• Demonstrate an understanding of the various risk assessment procedures to be able to apply the knowledge of risk assessment in completing the given case study;
• Demonstrate an ability to discern sufficiency and appropriateness of audit evidence and the ability to differentiate between the tests of controls and substantive procedures;
• Demonstrate an understanding of the basis of the evaluation of misstatements in order to be able to discern when to give an unmodified opinion, modified opinion, an adverse opinion or a disclaimer of opinion; and
• Use appropriate financial audit practices in line with the risk-based approach, in conducting future audits