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How to Assess Risks and Evaluate Controls

  • Accountant
  • CPA (CA)
  • CRMA
  • CISA
  • CIA
  • CMA
  • CPA (US)
  • CA - ICAEW
  • IAP
  • QIAL
  • ACCA
  • CA - Ireland
  • CA - Scotland
  • CPA - Ireland
  • CFIRS
  • CWS

Published: November, 2021

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Before starting this self study program, please go through the instructional document.

  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Risk and control related definition
    6 mins
  • The relationship between risk and controls
    16 mins
  • Management's responsibilities as it relates to risks and controls
    35 mins
  • Conduct a preliminary survey of the selected area
    52 mins
  • Examples of audit objectives vs audit program step
    63 mins

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 their 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 audit CPE 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 for 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)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 1.5 CPD Credit for Chartered Professional Accountant (CPA Canada)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1.5 CPE Credit for Certified Management Accountants (CMA)
  • 1.5 CPE Credit for Certified Internal Auditors (CIA)
  • 1.5 CPE Credit for Certification in Risk Management Assurance (CRMA)
  • 1.5 CPE Credit for Certified Information Systems Auditor (CISA)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1.5 General Credit for Accountant/Bookeeper
  • 1.5 CPD Credit for CA - ICAEW
  • 1.5 CPD Credit for Chartered Certified Accountants (ACCA)
  • 1.5 CPD Credit for Chartered Accountants - Ireland (CAI)
  • 1.5 CPD Credit for Chartered Accountants - Scotland
  • 1.5 CPD Credit for CPA - Ireland

Additional details

  • Course Level :
    Basic
  • Credits :
    1.5
  • Instructional Method :
    QAS Self Study
  • 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

4.6

41 Ratings

Excellent

27

Very Good

10

Average

4

Poor

0

Terrible

0

LM

Linda Moore, CRMA, CFE, CIA

Mar 25th, 2022

very informative and useful topics

CR

Chance Rush, Others

Feb 25th, 2022

Thank you

DF

David Fix, CFE, CPA (US)

Dec 3rd, 2021

Knowledgeable instructor

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