How to Assess Risks and Evaluate Controls

    /Jonnie  /Keithspeaker of Training Doyensinvite
    Speaker: Jonnie Keith


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    Duration: 90 Minutes
    Product Code: 50716
    Level: Intermediate

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OVERVIEW

Every organization is set up to accomplish its primary business objective. Whether it is a “for-profit” organization or a “non-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 of risk and control assessment and of establishing controls to ensure 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 process. Each area is further subject to a more detailed review of their particular risks and controls.

WHY SHOULD YOU ATTEND

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. Attend this webinar to have an in-depth knowledge of internal audit and risk management.

AREAS COVERED

This webinar is designed to give you the basics of risk assessment process and evaluating controls. We will discuss the responsibilities of management and internal audit as it relates to risks and controls. We will do a case study to follow the process from beginning to end. We will also do some exercises to further strengthen your knowledge on risk and control assessment.

LEARNING OBJECTIVES

  • 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
    • Develop a risk-based annual audit plan
    • Conduct preliminary survey
    • Determine audit objectives
    • Internal control audit procedures
    • Determine audit scope
    • Conduct field work
    • Communicate the results
  • Related IIA Standards
  • Exercises to strengthen knowledge
  • Case Study

WHO WILL BENEFIT

  • Chief Audit Executives
  • Audit Directors
  • Audit Supervisors
  • Audit Managers
  • Staff Auditors
  • Government Auditors
  • Compliance Auditors
  • Internal Control Specialists
  • Public Accountants
  • Accounting Analysts
  • Business Analysts
  • Quality Control Specialists

SPEAKER

Years of Experience:  40+ years

Areas of Expertise: Process Reviews and Assessments, Internal Control Evaluations, Fraud analysis and Internal Audit Training

Jonnie Keith has been in auditing for over 40 years. He retired in 2012 as the assistant general manager (AGM) of internal audit with the Metropolitan Atlanta Rapid Transit Authority (MARTA) in Atlanta, GA. He served in that capacity for over 10 years and was responsible for administering their overall audit activities. He was also responsible for the review and approval of all internal audit correspondence including audit reports, executive summaries, internal and external correspondence, etc.

Prior to that, he worked at MARTA as the operational audit manager and senior contract compliance auditor. He also worked at Norfolk Southern Railway (Southern Railway) as a senior operational auditor and started his career at the Federal Reserve Bank of Atlanta as a bank examiner.

Mr. Keith received a BA degree in economics from Clark Atlanta University (formerly Clark College). His certifications include: Certified Internal Auditor (CIA), Certified Fraud Examiner (CFE), Certified Government Auditing Professional (CGAP), and Certified Internal Control Auditor (CICA).

He has been a volunteer seminar instructor for the National Office of the Institute of Internal Auditors for several years and has taught numerous subjects including: audit report writing, communication skills for auditors, advanced operational auditing, leadership skills for auditors, CIA review course, and more.

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