One-Day Practical Training Programme for Internal Auditors, Accountants, and Public Sector Officers
Improve Audit Effectiveness by Focusing on High-Risk Areas
Modern internal auditing is no longer focused solely on checking transactions and compliance. Organizations are increasingly adopting a risk-based approach to auditing, which focuses audit resources on areas that pose the greatest risk to achieving organizational objectives.
Risk-Based Internal Auditing (RBIA) enables internal auditors to provide greater value to management by identifying significant risks, evaluating controls, improving governance processes, and supporting organizational success.
This practical training programme is designed for internal auditors, accountants, finance officers, administrative officers, directors, and managers working in government institutions, ministries, provincial councils, local authorities, universities, and state-owned enterprises.
Why Risk-Based Internal Auditing is Important
Public sector organizations face numerous risks including financial risks, procurement risks, operational risks, compliance risks, information technology risks, and fraud risks. Traditional audit approaches may not adequately address these evolving challenges.
A risk-based auditing approach helps organizations:
- Focus on critical risk areas
- Improve resource allocation
- Strengthen internal controls
- Support effective governance
- Improve audit efficiency
- Reduce fraud and irregularities
- Enhance organizational performance
- Provide value-added recommendations
Who Should Attend?
This programme is suitable for:
- Internal Auditors
- Chief Internal Auditors
- Accountants
- Chief Accountants
- Finance Managers
- Administrative Officers
- Directors
- Risk Management Officers
- Audit Committee Members
- Compliance Officers
- Provincial Council Officers
- University Administrative Staff
- State Corporation Officers
- Ministry and Department Officials
Learning Objectives
At the end of the programme, participants will be able to:
- Understand the principles of Risk-Based Internal Auditing
- Identify and assess organizational risks
- Develop risk-based audit plans
- Prioritize audit activities effectively
- Evaluate risk management frameworks
- Strengthen governance and control systems
- Prepare risk-focused audit reports
- Improve audit effectiveness and value
Course Content
Introduction to Risk-Based Internal Auditing
- Evolution of Internal Auditing
- Traditional vs Risk-Based Auditing
- Benefits of Risk-Based Auditing
- International Internal Audit Standards
- Role of Internal Auditors in Risk Management
Understanding Organizational Risk
- What is Risk?
- Types of Risks in Public Sector Organizations
- Strategic Risks
- Operational Risks
- Financial Risks
- Compliance Risks
- Procurement Risks
- Information Technology Risks
- Fraud Risks
Risk Management Framework
- Enterprise Risk Management (ERM)
- Risk Governance
- Risk Appetite and Tolerance
- Risk Ownership
- Risk Monitoring and Reporting
Risk Identification Techniques
- Interviews and Discussions
- Process Mapping
- Workshops and Brainstorming
- SWOT Analysis
- Document Reviews
- Historical Audit Findings
Risk Assessment Methodology
- Assessing Risk Likelihood
- Assessing Risk Impact
- Risk Rating Models
- Risk Prioritization Techniques
- Risk Assessment Matrices
Developing a Risk-Based Audit Plan
- Audit Universe Development
- Risk Ranking of Audit Areas
- Annual Audit Planning
- Resource Allocation
- Audit Scheduling
Evaluating Internal Controls
- Internal Control Frameworks
- Control Design Assessment
- Control Effectiveness Reviews
- Preventive Controls
- Detective Controls
- Corrective Controls
Conducting Risk-Based Audits
- Audit Scope Definition
- Risk-Focused Testing
- Sampling Techniques
- Audit Evidence Collection
- Root Cause Analysis
Audit Reporting
- Reporting Significant Risks
- Communicating Audit Findings
- Risk-Based Recommendations
- Executive Summaries
- Reporting to Audit Committees and Management
Fraud Risk Auditing
- Identifying Fraud Risks
- Fraud Indicators
- Fraud Prevention Controls
- Investigating Control Weaknesses
- Reporting Fraud Risks
Risk-Based Auditing in the Public Sector
- Procurement Risk Audits
- Revenue Collection Risks
- Asset Management Risks
- Project Management Risks
- Information System Risks
- Financial Management Risks
Practical Exercises and Case Studies
Participants will work through practical examples on:
- Risk Identification
- Risk Assessment Matrices
- Audit Universe Development
- Risk-Based Audit Planning
- Internal Control Evaluation
- Audit Reporting
- Procurement Risk Reviews
- Fraud Risk Assessments
Common Audit Challenges Discussed
The programme addresses challenges such as:
- Limited audit resources
- Large audit coverage areas
- Weak risk management systems
- Poor internal controls
- Procurement irregularities
- Asset management weaknesses
- Compliance failures
- Repeated audit findings
Benefits of Attending
Participants Will Learn How To:
✔ Develop effective risk-based audit plans
✔ Focus audits on high-risk areas
✔ Improve audit efficiency and effectiveness
✔ Strengthen organizational governance
✔ Evaluate internal controls systematically
✔ Identify significant organizational risks
✔ Reduce audit findings and operational weaknesses
✔ Add greater value to management and stakeholders
Why Choose PRAG Institute?
PRAG Institute has extensive experience in conducting internal audit, governance, risk management, procurement, and financial management training programmes for government institutions and public sector organizations throughout Sri Lanka.
Our programmes combine practical applications, real-world audit experiences, case studies, and current best practices to ensure participants gain knowledge they can immediately apply in their workplace.
Frequently Asked Questions
Is this programme suitable for new internal auditors?
Yes. The programme covers both fundamental and advanced concepts of risk-based auditing.
Will practical risk assessment methods be discussed?
Yes. Participants will learn proven techniques for identifying, assessing, and prioritizing risks.
Is this training relevant to government institutions?
Absolutely. The programme focuses heavily on public sector risks and governance requirements.
Will audit planning be covered?
Yes. Participants will learn how to prepare risk-based annual audit plans and prioritize audit engagements.
Register for the Risk-Based Internal Auditing Training Programme
Develop the skills needed to identify key risks, strengthen governance, improve audit effectiveness, and support organizational success.
Contact PRAG Institute
Phone: 0777 889838
Email: info@pragservice.com
Website: www.pragservice.com