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Risk Assessment for Government Auditors: A 5‑Step Framework 1.5 Credits

Risk Assessment for Government Auditors: A 5‑Step Framework 1.5 Credits

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Learning Objectives

  • Discuss the five-step risk assessment process in detail.
  • Identify key components of an effective risk universe.
  • Analyze the role of control evaluation in risk reduction.
  • Explain how to calculate inherent and residual risks.
  • Differentiate between risk response strategies with examples.

Course Overview

In an increasingly complex governmental environment, understanding risk is no longer optional—it’s essential. Internal auditors must go beyond simply checking boxes to actively identifying and managing risks that could threaten organizational objectives. This CPE course offers a practical, accessible framework for auditors to assess, evaluate, and respond to risk using a structured five-step approach that works even for small audit shops with limited resources.

Participants will explore how to build a risk universe, assess likelihood and impact, map internal controls, and determine both inherent and residual risks. Through real-world examples and simplified explanations, attendees will gain confidence in using risk assessment tools and applying critical thinking to their evaluations. You'll also examine how government auditing standards influence risk practices, and how residual risk should be recalibrated through professional judgment— not just calculations, and how risk response strategies like avoidance, acceptance, mitigation, and transfer can guide better-informed audit recommendations.

Major Topics:

  • Risk Identification Best Practices
  • Likelihood and Impact Assessment
  • Internal Control Mapping Strategy
  • Evaluating Control Effectiveness Clearly
  • Calculating Residual Risk Accurately

Whether you're refining an existing methodology or starting from scratch, this CPE course delivers tools, techniques, and insight to help government auditors audit smarter, not harder. Join us to elevate your audit function and confidently navigate the ever-evolving risk landscape.

For more CPE Auditing (Govt.) Courses, Click here.

On Demand Credits for All Qualifications

License details Credits Status
Auditing (Govt.) for Certified Public Accountants (CPA-US) 1.5 CPE Approved
Internal Auditing for Certified Internal Auditors (CIA) 1.5 CPE Eligible
Auditing for Certified Government Financial Manager (CGFM) 1.5 CPE Eligible
Auditing (Govt.) for Delaware Licensed Public Accountant (DE-LPA) 1.5 CPE Eligible
Auditing for Internal Audit Practitioner (IAP) 1.5 CPE Eligible
Auditing for Certified Internal Controls Auditor (CICA) 1.5 CPE Eligible
Auditing for Certified Government Auditing Professional (CGAP) 1.5 CPE Eligible
Auditing for Qualification in Internal Audit Leadership (QIAL) 1.5 CPE Eligible
Auditing (Govt.) for Iowa Licensed Public Accountant (IA-LPA) 1.5 CPE Eligible
Auditing (Govt.) for Maine Licensed Public Accountant (ME-LPA) 1.5 CPE Eligible
Auditing for Certified Controls Specialist (CCS) 1.5 CPE Eligible

Additional Information

Credits

1.5

Course Level

Basic

Instructional Method

QAS Self Study

Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.com.

Take your CIA career to the next level with MYCPE ONE’s online CIA CPE courses. Earn essential CIA CPE credits while building your skills and knowledge—anytime, anywhere. Dive into a variety of topics tailored to your field and stay ahead of the latest developments. With expert-led courses and flexible scheduling, MYCPE ONE makes learning simple and impactful. Join us today and let us help you achieve your professional goals with confidence!

About Instructor

Elizabeth McDowell

Elizabeth McDowell

Founder and Chief Audit Enthusiast, Audit Forward

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Elizabeth McDowell, CPA, CIA has nearly 20 years of audit experience and is the founder of Audit Forward, an innovative internal audit consulting and training firm. Elizabeth is passionate about advancing and advocating for the internal audit profession and was recently recognized as one of the 2023 Internal Audit Beacons by Richard Chambers. Elizabeth makes auditing and training fun (no, really!) with the help of her mascot, Audie the Internal Otteror. In addition to training and consulting, Elizabeth is an adjunct Professor of Accounting at Front Range Community College. 

Elizabeth’s most recent industry experience was at Achieve, where she was Sr. Director, Audit Strategy; prior to that, she held internal audit leadership roles at Elevations Credit Union, Fidelity Investments, and Xcel Energy after first starting her career at Ernst & Young.  

Elizabeth prides herself on bringing agile audit techniques to organizations. Elizabeth is a dynamic, engaging, and enthusiastic public speaker who presents virtually and in-person to IIA chapters, Association of Certified Fraud Examiner chapters, governmental groups, and more.  

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

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