RISK BASED INTERNAL AUDIT AND CORPORATE GOVERNANCE NORTH-WEST UNIVERSITY RECOGNISED COURSE Page 1 of 8
COURSE OBJECTIVES
The objective of this course is to present an opportunity for forthcoming internal auditors and practitioners currently working as internal auditors to receive training to enable them to: Obtain a holistic view of risk management and risk-based internal audit; be able to conduct a basic risk-based internal audit; be able to explain internal audit and risk management in the context of their organisation; share experience of good practices and practical lessons learned from the risk management from their organizations to the other participants partaking in the course; and share their own experiences of managing and implementing risk management and internal audit at their own organisation.
WHO SHOULD ATTEND The target group for this course consist of the following individuals:
Individuals working in the field of risk-based internal auditing with limited formal academic training in risk-based internal auditing or internal auditing;
Individuals who want to update their knowledge and their skills with regard to risk-based internal auditing; and
Individuals that have interest in obtaining the skills to conduct a basic risk-based internal audit.
ADDITIONAL BENEFIT Each student will be provided with an Eight Dimensional Profile that will assist you to: •
Improve your level of creativity and performance in your work;
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Apply your thinking preferences in your work to make your work more enjoyable;
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Resolve conflicts; and
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Improve customer service.
ADMISSION REQUIREMENTS
A Senior Certificate; or
An equivalent NQF Level 4 qualification; or
BCom Hons Accounting (or equivalent) with three years experience in audit practice and / or teaching of auditing at tertiary level.
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COURSE OUTLINE
MODULE A: THE CONCEPT OF RISK AND RISK MANAGEMENT Learning Outcomes:
Define and explain the concept of risk;
Define the elements of risk;
Identify the elements of risk within a specific industry;
Explain possible reasons for the elements of risk being present;
Define and explain the concept of risk management;
Name the tasks with regard to actual or potential risks within the risk management process;
Name the objectives of risk management;
Explain the several objectives of risk management;
Name the advantages and disadvantages of risk management;
Explain how the advantages of risk management minimize the risks that an organization may face; and
Explain how the disadvantages of risk management impact the risk management process of an organization.
Assessment criteria:
Define and explain the concept of risk;
Define the elements of risk;
Identify the elements of risk within a specific industry;
Explain possible reasons for the elements of risk being present;
Define and explain the concept of risk management;
Name the tasks with regard to actual or potential risks within the risk management process;
Name the objectives of risk management;
Explain the several objectives of risk management;
Name the advantages and disadvantages of risk management;
Explain how the advantages of risk management minimize the risks that an organization may face; and
Explain how the disadvantages of risk management impact the risk management process of an organization.
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MODULE B: LEGISLATION, GUIDANCE AND ROLES AND RESPONSIBILITIES Learning Outcomes:
Explain the legislative and other guidance requirements with regard to risk management within organization;
Name the different role-players within the risk management process of an organisation;
Distinguish between and name the various responsibilities of the various role-players within the risk management process of an organisation; and
Explain how the roles and responsibilities of each role-player impact that risk management process.
Assessment criteria:
Explain the legislative and other guidance requirements with regard to risk management within organization;
Name the different role-players within the risk management process of an organisation;
Distinguish between and name the various responsibilities of the various role-players within the risk management process of an organisation; and
Explain how the roles and responsibilities of each role-player impact that risk management process.
MODULE C: THE RISK MANAGEMENT PROCESS Learning Outcomes:
Name and define the elements underlying the risk management process;
Explain how these elements impact the risk management process;
Name the steps in the risk management process;
Name the various actions to be performed within each step in the risk management process;
Explain the various activities to be performed within each step in the risk management process; and
Evaluate the risk management process of an organization.
Assessment criteria:
Name and define the elements underlying the risk management process;
Explain how these elements impact the risk management process;
Name the steps in the risk management process;
Name the various actions to be performed within each step in the risk management process;
Explain the various activities to be performed within each step in the risk management process; and
Evaluate the risk management process of an organization.
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MODULE D: THE INTERNAL AUDITOR AND RISK MANAGEMENT Learning Outcomes:
Explain and understand the role of internal audit within the risk management process;
Name and explain the two parts of providing assurance on adequacy and effectiveness of the risk management framework of the organisation;
Define the concept of internal audit activity’s plan;
Name the required content to be included in the internal audit activity’s plan;
Explain the concept of a risk index;
Develop a risk index;
Explain the concept of a risk matrix;
Develop a risk matrix;
Explain the concept of risk-based internal audit;
Name the steps of performing a risk-based internal audit;
Name the activities to be performed in each step of a risk-based internal audit;
Perform a simple risk-based internal audit; and
Evaluate the risk management process of an organization.
Assessment criteria:
Explain and understand the role of internal audit within the risk management process;
Name and explain the two parts of providing assurance on adequacy and effectiveness of the risk management framework of the organisation;
Define the concept of internal audit activity’s plan;
Name the required content to be included in the internal audit activity’s plan;
Explain the concept of a risk index;
Develop a risk index;
Explain the concept of a risk matrix;
Develop a risk matrix;
Explain the concept of risk-based internal audit;
Name the steps of performing a risk-based internal audit;
Name the activities to be performed in each step of a risk-based internal audit;
Perform a simple risk-based internal audit; and
Evaluate the risk management process of an organization.
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DURATION This course is presented over four (4) months. The sessions are spread over four (4) Saturdays. Each session is 8 hours. At the end of the course, the participants hand in a portfolio of evidence collated over the duration of the course
Module A: Unit 1, Unit 2, Unit 3, and Unit 4.
Session 8h; Reading 8h; and Portfolio assessment 10h. Total: 26hours.
Module B: Unit 1 and Unit 2
Session 8h; Reading 4h; and Portfolio assessment 10h. Total: 22hours
Module C: Unit 1 and Unit 2
Session 8h; Reading 4h; and Portfolio assessment 5h. Total: 17hours.
Module D: Unit 1, Unit 2, and Unit 3
Session 8h; Reading 6h; and Portfolio assessment 5h. Total: 19hours
CERTIFICATION
Certification by North-West University.
PRESENTATION FORMAT
The course is practical therefore participants are expected to complete several self-assessment exercises and group activities which will be followed up with group discussions. Participants will also be required to complete portfolio assignments for inclusion in the final portfolio which will be graded by using a set marking rubric assessing the specific learning outcomes.
ASSESSMENT / EVALUATION This course consists of several assessments that take place at the beginning, throughout and at the end of the course. These include the following:
Diagnostic assessment: Assessment before commencement of the course;
Formative assessments: Self-Assessment exercises and feedback after group activities; and
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Summative assessment: Completion of portfolio assignments to be included in a final portfolio of evidence.
NQF LEVEL & CREDITS •
Level 5 – 8 Credits (credit bearing course);
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The North-West University is a multipurpose public provider. Universities report to the Council of Higher Education. Under the guidance of the HEQC (the HE sector’s ETQA), we are obliged to implement a quality assurance system for short courses as well. Short courses are approved by the Institutional Committee for Academic Standards (ICAS) of the institution; and
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These courses have met the approved standards from the Committee and have been approved at the Committee meeting held on 4 November 2010.
DISCLAIMER The organizers reserve the right to cancel or change the published date or venue due to unforeseen circumstances.
Scheduled training will commence on due dates only if sufficient enrolments have been received.
