CAE Briefing E21: 2019-10-20

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This last week I did a webinar on risk-based internal auditing, so this week’s video is a little about how to develop a truly risk-based audit plan. I get a lot of questions on this topic and find when I dig a little deeper there are a lot of people who think they are taking a risk-based approach, but actually are not.

If you missed the webinar, you can listen to it through the cRisk Academy on-demand platform here: https://ondemand.criskacademy.com/p/establishing-or-improving-a-risk-based-audit-approach/

I have a follow up deeper dive Q&A session scheduled on the topic on Thursday, October 31, 2019 · 9:00 AM PDT.

https://www.bigmarker.com/crisk-academy/Deeper-Dive-Risk-Based-Audit-Approach-with-Questions-and-Answers-Q-A

Transcript

00:00
welcome to another edition of the chief
00:02
Aden executive briefing
00:04
hey this last week I actually did a
00:08
webinar on risk based internal auditing
00:11
and had a huge amount of people that
00:14
signed up for the webinar a lot of
00:16
interest in this particular area so I
00:20
wanted to share with you this week and
00:23
maybe a little bit next week just a
00:25
little bit more about risk based
00:27
internal auditing now as the chief out
00:29
of the executive I’m sure you might be
00:31
thinking well I already understand that
00:32
but here’s what I find when I talk with
00:37
organizations is usually organizations
00:41
fall into one of three different
00:44
categories okay the first one is they’re
00:47
just not doing risk-based auditing at
00:50
all they’re they’re really doing kind of
00:53
traditional compliance auditing maybe
00:56
some financial or financial control
00:58
related things and they don’t even worry
01:01
about or try to say that they’re doing a
01:03
risk-based approach they may try to
01:06
prioritize what they’re doing but they
01:09
openly and honestly admit they’re not
01:11
really doing a risk-based approach okay
01:14
so that’s one category there’s another
01:17
category of people where they’re doing
01:20
risk based auditing and they want to try
01:22
to improve its using what they’re
01:26
actually doing and so they they are
01:28
taking that approach but they just want
01:31
to kind of get better as they’re going
01:34
along now the third group is the group
01:38
that thinks that they’re doing risk
01:40
based auditing but when you dig in a
01:42
little bit deeper they’re actually not
01:45
and so I find that actually a lot of
01:48
people fall into that particular
01:50
category they’re developing an audit
01:53
universe their ranking yet they’re
01:55
thinking that they’re picking things
01:57
that are higher risk but ultimately when
02:02
you start your audit universe with
02:07
things that do not relate to risk or to
02:10
the key objectives of the organization
02:13
you’re ending audit plan will never
02:15
altima Talebi risk-based because
02:18
risk-based auditing is focusing on those
02:21
risks that relate to key objectives in
02:25
the organization and so like I said I’ve
02:28
seen lots of lots of people usually kind
02:31
of fall into that third camp they think
02:33
they’re doing risk based auditing but
02:35
they’re really not so that was one of
02:37
the reasons why I did the webinar now if
02:39
you miss that I’m including the link
02:42
down below so you could go back and take
02:43
a look at that recording and kind of see
02:46
what I what I talked about there because
02:48
I can obviously go in much more depth
02:50
than I can in just a couple minutes here
02:54
but the other thing that I wanted to
02:56
make sure that you’re aware of is if you
02:58
miss the first webinar I’m doing a
03:00
follow-up deeper dive on that particular
03:03
topic on October 31st
03:06
so even if you missed the first one you
03:08
can go ahead and register for this
03:09
upcoming webinar and it’s free so I’ll
03:12
again include the link down below as
03:15
well so that you can register and hop on
03:18
to that one now in that particular
03:21
webinar I’m gonna go deeper in on
03:24
certain topics based on questions that
03:27
people have about a risk-based internal
03:30
audit approach so if you have questions
03:33
about that as well go ahead and reply to
03:35
this email let me know what those
03:37
questions are so I can try to address
03:40
those during the webinar the other thing
03:43
is we’re gonna do a live
03:44
question-and-answer session as part of
03:46
this so again as part of it you can
03:48
actually submit your questions directly
03:51
on the webinar as well and will take
03:54
time to answer that so it’s going to be
03:57
an hour-and-a-half format so a little
03:58
bit longer to make sure that we can
04:00
answer everybody’s questions so that’s
04:03
what I want to talk a little bit about
04:04
this week is risk-based internal audit
04:07
and I’ll talk to you on the next edition
04:10
of the chief audit executive briefing
04:13
have a great rest of your week

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