Guidelines For Performing A Corporate Wide Internal Audit Risk Assessment

Performing a corporate-wide risk assessment can seem like a daunting task for an organization. In reality, it can be done using a template and brainstorming with internal auditors, certified fraud examiners, and business unit leaders throughout your organization. Understanding your company’s risk environment is key to having an effective internal audit organization, it helps to have significant experience in internal auditing and a mind for coming up with “what could go wrong” in any control environment. The corporate-wide risk assessment can be performed to maximize the efficiency and effectiveness of any organization with a diligent template and process for performing the assessment. This webinar will equip you with a methodology that has been utilized in a robust internal audit department for a billion-dollar revenue corporation.

• The key components of a risk assessment and management program
• The template for a risk assessment and examples of typical projects that may come up in various departments
• Brainstorming your industry and the unique types of projects that can be worthwhile
• The methodology for successful risk assessment process
• The steps involved in the risk assessment process
• Continual refinement of audit projects throughout the audit year

With an increased awareness of the effectiveness of internal audit organizations and the ongoing cost to organizations, an entity-wide risk assessment is imperative to all organizations to maximize the efficiency and effectiveness of an audit organization. Performing a corporate-wide risk assessment is manageable, and can provide internal audit and its organization a roadmap for the upcoming audit year and also provide peace of mind for having gone through the process. The methodology has been utilized successfully in billion-dollar industries, it is completed on an annual basis using templates that provide the mechanism for documenting the results of numerous meetings with Company Executives, and all levels of Management conducted during the risk assessment process.

• Internal audit personnel involved in performing the annual risk assessment
• Internal audit management interested in performing a risk assessment
• Professionals responsible for performing risk assessment duties
• Risk/Compliance officer any industry

Marna Steuart has been in the audit industry for over twenty years. Ms. Steuart began her career with a big four firm as an external auditor, then as an internal auditor in different capacities in various industries. Ms. Steuart has performed collective bargaining contracts, and construction contract audits of several third-party contracts. She has also performed vendor contract audits of purchase power contracts and third-party vendor contracts for services throughout her career as an internal auditor. She has firsthand knowledge of where to look in a contract for possible risks and of case studies that would save thousands of dollars’ for organizations.