Audits Role in ERM

Welcome to myCPE

Audits Role in ERM

Reviewed

January, 2024

Learning Objectives

To analyze why ERM is important.
To discuss regulations around what audits can and cannot do
To analyze practical tips as to how to accelerate ERM growth in their organizations.
To discuss how to start the dialogue about ERM and its requisite functions.

Course Description

Enterprise Risk Management is a new and somewhat confusing process. Though valuable, it needs to be running as anticipated to truly benefit a company. But isn’t risk the job of an audit? After all, they are the experts.

The audit is an integral part of the process because they cannot own Enterprise Risk Management.

Both audit and enterprise risk management (ERM) functions focus on an organization’s risk profile and areas of great risk importance and exposure, but the two often take different approaches.

An audit serves as the assurance arm of risk management, answering the question: Are you doing what you said you were going to do to manage risk? This function maintains independence to be objective in the review and analysis of risk.

ERM proactively works with the business to understand, assess, and report on risk. This function seeks to understand potential areas of risk focus and work with the business to develop and implement an adequate risk response if needed.

To create stronger risk practices and build a strategic relationship between ERM and audit, it's crucial to increase collaboration between the two. Ongoing monitoring of risks and related controls is especially important to ensure there is a constant feedback loop between risk management and audit.

If approaches between ERM and audit teams are not coordinated, there will be issues. It can lead to inconsistent priorities and strategic messaging, greater burdens on all stakeholders, and increased reporting needs and documentation requests.

This CPE Audit course will explain how audits can help and make a difference.

This course covers the following Major Topics:

Why ERM is important?
Who owns the risk?
Risk management
What is ERM?
The 3 Cs
Managing key risks
Cooperation in action

Overview

What is Risk?

7 mins
Why ERM is important

9 mins
Strategic risks

17 mins
The 3 CS

28 mins
Consulting roles

40 mins

Webinar Qualifies For

1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
1 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
1 CPD Credit of Auditing for CPA in Canada
1 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
1 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
1 CPE Credit of Enterprise risk management for Certified Management Accountants (CMA)
1 CPE Credit of Enterprise risk management for Certification in Risk Management Assurance (CRMA)
1 CPD Credit of Auditing for Certified Financial Forensics (CFF)
1 CPD Credit for Association of Chartered Certified Accountants (ACCA)
1 CPE Credit of Auditing for Certified Government Financial Manager (CGFM)
1 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
1 CPD Credit for Chartered Accountant - ICAEW
1 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
1 CPE Credit of Risk Management for Certified Internal Controls Auditor (CICA)
1 CPD Credit for Chartered Accountants - Scotland
1 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
1 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
1 CPD Credit for Chartered Accountants - Ireland (CAI)
1 CPD Credit for CPA - Ireland
1 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
1 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)
1 CPE Credit of Risk Management for Certified Controls Specialist (CCS)

About Instructor

Denise Cicchella

Founder & CEO, Auspicium

Denise Cicchella is a recognized expert in construction audit, protecting owners from the overpayment of construction costs due to error, negligence or fraud.

Dense is a Certified Internal Auditor, Certified Fraud Examiner, Certified Construction Auditor, Project Management Professional and Fellow of the Life Management Institute. She holds an MBA in International Business from Fairleigh Dickinson University and a BBA in Accounting from Loyola University. She is the Founding President of the New York/New Jersey Chapter of the National Association of Construction Auditors. She has audited and led audit teams for small construction project as well as multi billion dollar projects.

She is an experienced trainer and can often be seen teaching domestically and internationally.

Additional Information

Duration

1 Hour

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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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.

Ratings and Review

4.2

Excellent

Very Good

Average

Poor

Terrible

Kristina Rose, CIA

The training was informative and useful. This training will be utilized to implement and ERM within my current organization.

Alaa Almunayer, CIA

Good course

Cindy Driest, CFE, CIA

Excellent

Jason Salgado, CFE, CIA

Always good to hear new ideas about Audits role in ERM.

Herbert Kwizera, CRMA, PMI-RMP

Average

1 Credit

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Subject Area

Auditing

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Audits Role in ERM

Course Details

Learning Objectives

Course Description

Overview

Qualifies for

Webinar Qualifies For

Presenter Details

About Instructor

Denise Cicchella

Other Details

Additional Information

1 Hour

Basic

QAS Self Study

None

None

FAQ’s

NASBA APPROVED

Ratings and Review

4.2

Kristina Rose, CIA

Alaa Almunayer, CIA

Cindy Driest, CFE, CIA

Jason Salgado, CFE, CIA

Herbert Kwizera, CRMA, PMI-RMP

Subject Area

Unlimited Access Plan

Inclusions

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