Fundamentals of Risk Assessment and Audit Plan

Risk assessment and audit planning form the foundation of an effective internal audit function. Without a structured approach to identifying, analyzing, and prioritizing risks, audit activities can become reactive, misaligned with organizational objectives, and unable to deliver meaningful assurance or value. Modern audit functions are expected to adopt a risk-based mindset that focuses efforts on the areas that matter most.

The Fundamentals of Risk Assessment and Audit Plan course provides a structured introduction to the concepts, principles, and practical steps involved in assessing risks and developing an effective audit plan.

As part of the professional development portfolio offered by BOOST, this program is designed for professionals who are new to internal audit, risk assessment, or audit planning and require a clear, practical foundation.

The course focuses on helping participants understand how risks are identified and evaluated, how risk assessments are translated into audit priorities, and how an annual or engagement-level audit plan is developed. Participants will explore key risk concepts, risk categories, risk assessment techniques, and the relationship between organizational objectives, risk exposure, and audit coverage.

Through simplified explanations, practical examples, and hands-on exercises, participants will gain the confidence to participate in risk assessment activities, support audit planning processes, and understand how risk-based auditing enhances governance, control, and organizational performance.
 

• Understand the purpose and importance of risk assessment in internal auditing
• Explain key risk management and risk assessment concepts
• Identify different types of organizational risks
• Understand the principles of risk-based auditing
• Apply basic risk identification and risk evaluation techniques
• Understand how risk assessments inform audit priorities
• Support the development of a basic audit plan
• Recognize the link between organizational objectives, risks, and audit coverage