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How to Assess Risks and Evaluate Controls

  • Accountant
  • CRMA
  • CPA/CFF
  • CFE
  • CGAP
  • CGFM
  • CIA
  • CMA
  • CPA (US)
  • CVA
  • IAP
  • QIAL
  • CBA/MCBA
  • CFIRS
  • CWS
  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Course Description

One of the primary objectives of every auditor is to assess organizational risks and evaluate the effectiveness of the controls established by management to mitigate those risks. The Institute of Internal Auditors has set forth the standards for auditors to use in accomplishing that objective  

 

Every organization is set up to accomplish its primary business objective. Whether it is a “for-profit” organization or a “not-for-profit” organization, there is always a primary business objective.  And whenever there is an objective, there is always the risk that the objective will not be achieved.  

 

Management has the responsibility to assess risks and establish controls to give reasonable assurance that business objectives are achieved.  Internal Audit has the responsibility to evaluate those controls to determine if they are adequate and effective.  

 

For the auditor, the process starts with the development of a risk-based annual audit plan to identify the various risk areas.  The risk areas are prioritized and subject to audit based on the high-level risk assessment. Each area is further subject to a more detailed review of its particular risks and controls.

 

There are certain Institute of Internal Auditors (IIA) standards that are required in the evaluation and communication of the risk and control assessment.  There are also other resources available to auditors to assist them in their evaluation of risks and controls.

 

Major topics covered in this CPE Auditing webinar:

 

  • Risk and control-related definitions
  • Relationship between risks and controls
  • Control loop
  • Broad risk categories
  • Types of controls
  • Control limitations
  • Management responsibility as it relates to risks and controls
  • Internal audit as it relates to risks and controls
  • Related IIA Standards
  • Exercises to strengthen knowledge
  • Case Study

Learning Objectives

  • To discuss the components to develop a risk-based annual audit plan.
  • To determine the preliminary survey process.
  • To determine the audit objectives based on the most significant risks.
  • To evaluate how to determine audit scope.
  • To review how to conduct the fieldwork.
  • To discuss the best practices to communicate the results to management.

Recommended For

  • This CPE course is recommended for CPAs, CMAs, Internal as well as External Auditors, Chief Audit Executives, Internal Control Specialists, Risk Managers, Controllers, CEOs, Managers, Compliance Managers, and Business Owners desiring to learn about the basics of assessing risks and evaluating controls.
  • This IIA Approved CPE course is recommended for CIA, CRMA, and all the titles governed by IIA.

Who Should Attend?

  • Auditors
  • Business Owner
  • CEO
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • Compliance Managers
  • Compliance Officers
  • CPA (Industry)
  • CPA - Large Firm
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Risk Managers
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 1.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 1.5 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1.5 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
  • 1.5 CPE Credit of Auditing for Certified Management Accountants (CMA)
  • 1.5 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1.5 CE Credit for Certified Wealth Strategist (CWS)
  • 1.5 General Credit for Accountant/Bookeeper
  • 1.5 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
  • 1.5 CPE Credit for Certified Government Auditing Professional (CGAP)
  • 1.5 CPE Credit for Certified Government Financial Manager (CGFM)
  • 1.5 CPE Credit of Auditing for Certified Valuation Analyst (CVA)
  • 1.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1.5 CPE Credit of Auditing for Certified Business Appraiser/Master Certified Business Appraiser (CBA/MCBA)
  • 1.5 CPD Credit of Auditing for Certified Financial Forensics (CFF)

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • Instructional Method :
    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 (Sponsor Id#: 143597) 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.org.

Presenter

About Presenter

Jonnie Keith, CIA, CFE, CGAP

Auditor, JonSherr Ent.

Mr. Keith has over 50 years of audit experience and served as the Chief Audit Executive for the Metropolitan Atlanta Rapid Transit Authority (MARTA) for 12 years before his retirement in 2012.  His other audit experience includes serving as Operational Audit Manager for five years and was a Senior Auditor in the Contract Compliance Audit Branch at MARTA.  He was also a Senior Auditor at Norfolk Southern Railway, and a Bank Examiner at the Federal Reserve Bank of Atlanta. 

As the Chief Audit Executive for MARTA, he was responsible for administering the overall audit activities for the Department of Internal Audit including:

  • Providing the Board of Directors, the GM/CEO, MARTA Senior Management and appropriate government entities with independent analysis, appraisals, and recommendations concerning operational, information technology, contract compliance, and financial audits.
  • Directing the day-to-day activities for three audit managers, 12 auditors and the audit coordinator.
  • Developing an annual risk-based audit plan to maximize audit resources in addressing MARTA risks.
  • Assisting the Audit Committee Chair with the quarterly Audit committee meetings.
  • Developing and operating within the approved audit budget; and
  • Assisting the Board, the GM/CEO, and Management in other areas as necessary and requested.

He was a volunteer seminar instructor for the Institute of Internal Auditors. Some of the courses taught included: 

  • Writing Effective Audit Reports
  • Tools and Techniques for the Beginning Auditor
  • Communication Skills for Auditors
  • Leadership Skills for the Auditor-In-Charge
  • Audit Project Management
  • CIA Review Course

He has written three IIA Magazine articles including:

  • Killing the Spider, April 2005
  • Producing Quality Audit Reports, August 2018
  • Write Effective Audit Objectives, June 2020

He has provided training for the Association of Certified Fraud Examiners Annual Conference:

  • 2018 Bulletproofing Your Fraud Reports
  • 2019 Writing Effective Fraud Findings

He currently teaches audit webinars, including:

  • How to Write Effective Audit Observations
  • How to Put the Quality in Audit Reports
  • What It Takes to Be the Auditor-In-Charge
  • Report Writing Techniques for Audit Professionals
  • How to Assess Risks and Evaluate Controls

He has a degree in Economics from Clark Atlanta University.  His certifications include Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), and Certified Government Auditing Professional (CGAP).

Mr. Keith has been married over 50 years.  He also co-authored a book with his wife on marriage entitled “Tied Together – The Marriage Trinity”.  He has two daughters and five grandchildren. 

Faq

FAQs content

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Ratings and Review

4.4

29 Ratings

Excellent

16

Very Good

10

Average

2

Poor

1

Terrible

0

J(M

Jehu (jay) Matos, CFE, CISA, CIA

Mar 25th, 2022

Very well explained. Excellent material for both the new auditor and the experienced.

JH

Jean Hess, CFE, CPA/CITP, CPA (US)

Feb 8th, 2022

Great presentation. Covered topics that I utilize everyday so great to see another experienced person’s perspective.

MD

Michele Dekle

Jan 26th, 2022

Another great webinar by Jonnie Keith. The use of real world examples, combined with breaking down the standards and concepts, makes Internal Audit so much easier to understand. Two thumbs up!

JC

Janet Cox, Accountant

Dec 23rd, 2021

some of his definitions were really clear, such that things that use to confuse me I now have a better understanding.

risk assessment and Evaluate Controls CPE course

$15

1.5 Credits

Subject Area

Auditing

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