RISK BASED
INTERNAL AUDIT
CONFERENCE
2-Day Conference
23-24 MAY 2017
Kuwait
Jumeirah Hotel
Contact us for more information
(965) 5037-0763
(965) 5160-9448
(965) 2246-1445
CONFERENCE OVERVIEW
The primary role of internal audit is to review and assess independently the adequacy of the system of controls in place which identify and manage key business risks, and in a financial climate where oil prices are low, it is even more important than ever to improve the effectiveness of the internal audit function to ensure that the adequacy of the system of controls in place.
Kuwait Risk Based Audit Conference will be organized during the period 23 – 24 May 2017 in Kuwait as a fully dedicated event for the Internal audit professionals from the Oil & Gas, Banking, Insurance, Telecommunications, Government and other sectors, from Kuwait and GCC countries.
The conference will provide a forum for attendees with an opportunity to debate internal auditing issues in depth with other practicing professionals, internal audit and risk management professionals to seek input on specific work challenges, and for experienced internal auditors to share their knowledge with others who are newer to the profession.
Furthermore, the conference offers participants with the understanding of the importance of corporate governance and enterprise risk management, while learning to identify risks, perform risk assessments, develop a risk-based assurance plan, understand entity-wide controls, and plan a risk-based engagement.
Phil Griffiths
Co-founder and Managing Director
Business Risk Management Ltd – UK
KEY TOPICS
- Understanding risk-based audit reporting and how to use it successfully in your audit plan
- Developing a risk-based auditing and monitoring plan from the identified risk priorities
- Optimizing audit planning using a strategic risk based approach
- Redefining the audit Process for a risk bases function
- Developing a risk based auditing toolkit
- Refocusing the audit role to embrace risk for an effective audit plan
- Evaluating the auditor’s readiness to adopt a risk based approach
- Addressing the audit role and relationship with the board audit committee
WHO SHOULD ATTEND
This conference will be beneficial to:
- Board members, especially risk and audit committee chairs and members
- Chief Risk Officers
- Chief Audit Executives (CAEs)
- Heads of market, credit, and operational risk
- Head of Risk Management
- Chief Compliance Officers
- Actuaries
- Treasurers
- Auditors (External & Internal)
- Bank regulators and examiners
- Risk management consultants
- Chief Internal Auditors (CIAs)
- Audit committee
- Chief Financial Officers (CFOs)
- VPs, Directors, Division Heads, Senior
LEARNING OBEJCTIVES
By using the RBIA approach, the organization’s internal audit should be able to conclude that:
- Management has identified, assessed and responded to risks within and beyond the organization’s risk appetite
- That the responses to risks are effective but not excessive in managing inherent risks within this risk appetite
- Where residual risks are not in line with the risk appetite, action is being taken to remedy this
- Risk management processes, including the effectiveness of responses and the completion of actions, are being monitored by management to ensure they continue to operate effectively
- Risks, responses and actions are being properly classified and reported.
RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively, in relation to the risk appetite. However, every organization is different. There are different attitudes to risk, different management and organizational structures, different processes and procedures, and the need to subscribe to and comply with different conventions and regulations. Experienced internal auditors need to adapt these ideas to the structures, processes and language of their organization in order to implement RBIA. Implemented correctly, RBIA offers tremendous advantages to the organization. RBIA allows internal audit to provide the Board of Directors with the assurance that it needs on three areas:
- a Risk management processes – their design and how well they are working
- a Management of those risks classified as ‘key’ – including the effectiveness of the controls and other responses to them
- a Complete, accurate and appropriate reporting and classification of risks
MASTERCLASS (A)
Developing a strategic audit plan using a risk based approach
Phil Griffiths
Co-founder and Managing Director of Business Risk Management Ltd
Workshop Objective
Audit functions that are able to focus their efforts towards the significant risk in their organisations are able to concentrate their limited resources on the issues which drive business goals and aspirations. In consequence audit plans are directed at the issues, which really matter.
The difficulty is to decide which topics to audit and how often. This also leads to questions about what to leave out and how to convince the Board and the Audit Committee about the reasons for this workshop will enable you to produce an effective strategic audit plan (and resource requirements for its delivery) based on a structured repeatable process.
MASTERCLASS (B)
Project Risk – The role of risk based internal auditors
Nasser Barakat | Director
MBA in Professional Accounting
BS Degree in Banking and Finance
Certified Public Accountant
Certified Control Self Assessment Practitioner
Workshop Objective
Today’s business environment requires organisations to be agile and customer focused. While business embarks on major projects including process improvements, infrastructure builds, and adoption of new technology and innovation, many projects fail for a number of reasons including poor planning and inadequate delivery capability.
Establishing robust processes significantly improves projects in terms of value and quality. Successful projects require substantial commitments of time and resources. Internal Auditors need to understand how the establishment and execution of robust processes can significantly improve project outcomes. They can use their project and commercial experience to help their organisation focus on the major elements to improve the success of projects.
