Recap: Effective Risk-Based Auditing

In this participatory event, we focused on risk-based auditing. Two of our seasoned Auditopia community members, Winsome Condra and Jennifer (Kirwin) Koester, shared their experience to get the discussion going.

 

After watching the event recording, you’ll be able to:

  • Understand what is a risk-based audit
  • Create and streamline your risk-based audits
  • Prioritize your procedures using a risk-based audit assessment and ensure risks that matter to your organization are addressed.

Login or create free account to watch the recording and download the slide deck.

Winsome Condra is an Internal Auditor at Maryland Environmental Service (“MES”) and has over 12 years of experience in Audit, Risk, and Compliance in the government, non-profit, and private sectors, and 6 years of Sales Marketing, with vast knowledge in the transportation, manufacturing, and electrical distribution industries. She is currently implementing the audit function at MES and leading their efforts to continuous improvement.  She is currently pursuing her PMI and CFE certifications.

 

Jennifer (Kirwin) Koester is a Senior Manager of Internal Audit at Ricoh USA, Inc. She has over sixteen years of accounting experience with twelve years of forensic accounting at Deloitte Advisory, LLP. She has specialized experience in the areas of internal investigations, revenue and expense recognition, financial reporting, regulatory and contractual compliance, and complex accounting. Her focus at Ricoh is to continually enhance the company’s business processes, internal controls and compliance programs through the Internal Audit Function. Additionally, Jennifer is a Certified Public Accountant licensed in the state of Pennsylvania and a Certified Fraud Examiner.

 

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Share your thoughts on this topic with the community:

12 thoughts on “Event Registration Risk-Based Audits”

    1. Winsome
      Winsome Condra

      The risk-based audit approach is performed by the Auditor during the planning phase. There is also a risk assessment of the whole company which is typically performed by Internal Audit; however, it can be performed by the Risk Department, also. It depends on your company.

      1. Fred

        Hi Winsome thanks for your presention it was wonderful. Kindly if you can please share with me a copy of your planning memo. Just curious on how you go about it format & contents. Thanks Fred

    2. Waseem

      Risk based auditing is conducted by Internal Audit Function. At the planning stage, we, the auditors identify the risks which could potentially effect the objectives of management. Furthermore, these identified risks are tested against management’s established controls to evaluate the effectiveness of designed controls.

  1. MARLON

    Can you share some leading practices on:
    1. Monitoring for changes in risks and adjusting the audit plan accordingly;
    2. How to leverage off an exisiting ERM program to establish a risk based audit plan.

  2. Abdul Rahman

    Risk based auditing is done at the annual planning phase, engagement planning phase as well as at the execution level. I will really appreciate if more lights will be shed on the approaches to risk-based auditing at the various levels described above.

    1. Winsome
      Winsome Condra

      Hi Abdul, the risk-based approach covered in the webinar is for the individual audit, not the whole company. It helps to prioritize the testing performed in the testing phase by assessing the risks within the specific audit. I hope this helps.

Leave a Reply

12 thoughts on “Event Registration Risk-Based Audits”

    1. Winsome
      Winsome Condra

      The risk-based audit approach is performed by the Auditor during the planning phase. There is also a risk assessment of the whole company which is typically performed by Internal Audit; however, it can be performed by the Risk Department, also. It depends on your company.

      1. Fred

        Hi Winsome thanks for your presention it was wonderful. Kindly if you can please share with me a copy of your planning memo. Just curious on how you go about it format & contents. Thanks Fred

    2. Waseem

      Risk based auditing is conducted by Internal Audit Function. At the planning stage, we, the auditors identify the risks which could potentially effect the objectives of management. Furthermore, these identified risks are tested against management’s established controls to evaluate the effectiveness of designed controls.

  1. MARLON

    Can you share some leading practices on:
    1. Monitoring for changes in risks and adjusting the audit plan accordingly;
    2. How to leverage off an exisiting ERM program to establish a risk based audit plan.

  2. Abdul Rahman

    Risk based auditing is done at the annual planning phase, engagement planning phase as well as at the execution level. I will really appreciate if more lights will be shed on the approaches to risk-based auditing at the various levels described above.

    1. Winsome
      Winsome Condra

      Hi Abdul, the risk-based approach covered in the webinar is for the individual audit, not the whole company. It helps to prioritize the testing performed in the testing phase by assessing the risks within the specific audit. I hope this helps.

Leave a Reply

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