Risk & Control Matrix - Audit Tools and Techniques - Online Classroom

A Risk and Control Matrix (RACM) is an essential component in providing a systematic and thorough audit of a process, a system, a function, or project. It greatly helps the auditor to develop and provide a clear and concise visual representation of the business objectives involved, the related risks and mitigating controls, and the audit testing that validates control effectiveness or points to necessary improvement in control design or operation.

The RACM allows management to clearly see the links between business elements, risks and controls, to recognise current control effectiveness and where activities and resources might be most efficiently directed to address any control weakness. For the auditor, the RACM assists audit consistency, completeness, and visible audit analysis, thus adding to the quality of audit and assurance.

This online course comprises two half-day sessions. The course covers the steps, tools and techniques for creating a risk and control matrix to help in developing and documenting a given audit assignment. These encompass:

• Creating a risk and control matrix template for the audit assignment
• Understanding the given business process/function
• Identifying, reviewing and confirming the business/process objective
• Identifying and documenting the key risks to the objective
• Identifying and documenting the key controls
• Assessing and evaluating the risks to fully understand risk characteristics and relative priority
• Evaluating the adequacy of control design and operation both individually and collectively to understand precisely how they operate, what they do to the risk and to maintain risk within acceptable level
• Control testing
• Documenting the audit findings

Course participants will receive comprehensive reference notes and a copy of all course presentation slides.

Speaker: Shannon Buckley

Online Classroom
This full one day training program will be delivered in two 3 hour lessons (12:30pm - 03:30pm NZT) over two days on 30 and 31 May using Zoom.

Registrations will be strictly limited to 12 participants to allow maximum interaction in the online environment.

Register Here

IIA NZ Members: $563.64 AUD
Duration & CPE: 2 x 3 Hours, 6.00 Hours