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Module Description

Study Method: Training Center Location
Awarding Body: CIPFA Fast Track

M3 – Risk Assurance & Audit Management
4 days

The aim of this module is to develop and enhance the internal auditor’s
knowledge and understanding of risk management, internal audit and corporate

The application of this knowledge provides the basis for enhancing the
quality of the assurance opinion provided to internal audit stakeholders.

The module raises the awareness and sensitivity of internal auditors to
broader strategic issues and how they may impact both upon the organisation and
the internal audit function.

Successful candidates will be able to:

Critically evaluate current control models and assurance frameworks that
support corporate governance requirements.

Analyse, appreciate and exploit the cultural and political environment,
particularly where organisational management and/or the board require an
informed judgement and opinion about corporate governance arrangements.

Understand the different stakeholder perspectives that underpin
effective risk management within an organisation.

Understand and assess the balance between managing risk and taking risks
as it affects the overall strategy of the organisation.

Evaluate the effectiveness of reporting in relation to risk management
and corporate governance.

Differentiate and apply the hard (processes and procedures) and soft
(skills and competencies) factors required to manage an internal audit

Apply the Professional Practices Framework and the ethical standards in
an organisational environment.

Understand the advanced theoretical concepts and best practice
requirements which underpin the assurance and consulting roles,
responsibilities, and management of internal audit.

Understand advanced IT risks and their impact on the organisation, and
how information systems may be used to help manage risk and providing assurance
across the whole of the organisation.

The module both uses and builds upon the knowledge and competencies
expected at Diploma level.

In particular, the application of knowledge and the critical analysis of
situations in the key subject areas will be expected.

The subject areas will cover all sectors and have information system
requirements embedded throughout

As a result, it is expected that students completing this module will
have greater skill and confidence in deepening their probing of, and making
judgements on, risk related issues.

Those who have successfully completed the module will be able to
demonstrate the following competencies:

  • understanding the global governance environment (past, present and future), and the application of relevant models, frameworks and guiding principles
  • explain the strategic importance of governance, risk and control, and evaluating the effectiveness of these arrangements
  • application of governance, risk and control best practice techniques and how to assess their use and limitations
  • analyse complex situations, particularly relating to governance, risk and control issues, as a basis for assessing the most appropriate role for Internal Audit
  • advise on governance, risk and control issues at all organisational levels
  • understand the skills and knowledge needed to be able to manage (and manage the risks associated with) an Internal Audit function
  • promote Internal Audit and its benefits as an independent provider of objective assurance and consultancy services
  • demonstrate how to contextually apply the theory and practice of internal auditing across all levels of any organisation
  • demonstrate how the Professional Practices Framework affects the work of Internal Audit.

  • The syllabus comprises four subject areas:
  • Corporate governance
  • Risk management
  • Role of internal audit
  • Audit management.

  • Including:
  • Apply deep insights into the management of internal audit and the role of the Head of Internal Audit.
  • Analyse different approaches for enhancing the quality of internal audit services provided.
  • Evaluate the strategic role of internal audit planning, delivery and management.

Module sessions

Date Month Location Price Enrol
17/03/2014 to 20/03/2014 March Cardiff £929
29/09/2014 to 02/10/2014 September Cardiff £929
03/03/2014 to 06/03/2014 March London £929
15/09/2014 to 18/09/2014 September London £929

Revision sessions

Date Location Price Enrol
21/05/2014 to 21/05/2014 Cardiff £209
07/11/2014 to 07/11/2014 Cardiff £209
19/05/2014 to 19/05/2014 London £209
03/11/2014 to 03/11/2014 London £209

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Accredited By

CIPFA Accredited
leadership management wales
chartered management institute approved
institute of consulting approved
institute of consulting premier practice
leadership management wales
institute of consulting approved

In Partnership With

institute of internal auditors

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Mark Barnes

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