Effective Audit Planning and Engagement Risk Assessments

Seminar Overview

A One-Day Crash Course on the foundation for all field audits

Planning is the foundation for every efficient and effective audit. If audit teams take the time to build an effective audit risk assessment and plan the audit accordingly, the opportunity for a smooth and under budget increases exponentially. This one course will take attendees through the basics of audit level risk assessments and appropriate steps throughout the planning phase of an audit.

Learning Objectives
  • Attendees will learn how to identify audit risk and appropriate audit planning tools and techniques
  • Attendees will learn how to apply critical thinking skills to the planning and risk assessment phase to perform an effective audit
  • Attendees will discover the best techniques for team management
Who Should Attend
Financial, Operational, and Information Technology Auditors with less than two years of audit experience.


I. Overview – The End to End Audit Process
II. The Importance of Effective Planning
III. Positive vs. Negative Assurance
IV. The Engagement Risk Assessment Process
a. Hypothesis of Risk – Preliminary Objectives
b. Hypothesizing Preliminary Objectives and Root Causes
c. Inherent Risk
d. Residual Risk
V. Audit Preliminary Survey – Gathering of Information
a. Knowledge Gathering
b. Authoritative Research
c. Interview Management
d. Inclusion of Peer Interviews
e. Internal Controls
f. Walkthroughs
g. Ratio Analysis
h. What Else Can we Provide?
i. Updated Risk Hypothesis – Weighting of Preliminary Work
VI. Audit Interviews
a. Interview Techniques
b. Documenting an Interview
VII. Questionnaires
VIII. Developing Effective Audit Workprograms
IX. Managing an Audit Engagement
a. Managing a Budget and Schedule
b. Delineation of Duties
c. Coordinating Resources
d. Keys to Effective Audit Project Management