The Institute of Internal Auditors defines risk based internal auditing (RBIA) as a methodology that links internal auditing to an organization's overall risk management framework. RBIA allows internal audit to provide assurance to the board that risk management processes are managing risks effectively, in relation to the risk appetite.
RBIA is at the cutting edge of internal audit practice. It is an area that is evolving rapidly and where there is still little consensus about the best way to implement it. Executing on true risk based internal auditing requires more than an annual risk assessment for the internal audit plan. It requires a pre-established methodology that includes defining the organization's risk appetite and risk tolerance utilizing measurements that include aspects of financial, compliance and operational metrics. In addition, internal audit must be ready to put aside their typical checklists and standard work programs. True risk based internal auditing goes far beyond setting the annual audit plan. It incorporates cascading the process through to each individual audit as well as the audit reporting process.
This course is the second of three risk based auditing courses. This course focuses on the establishment of a framework or methodology for risk based auditing and examining how to utilize risk based questions within the process steps.
Delivery Method: Self Study
Consultant, CPA, CGMA, CRMA, MBA, Past Chief Audit Executive
Business Consultant, Trainer, Author
Ms. Fountain has over 40 years of experience spanning public accounting, industry accounting and consulting. Sixteen years of that experience has been in the field of internal audit, risk managment and process improvement. She is well adept to assist your organization evaluate business strategy, perform risk assessments, establish a Sarbanes-Oxley process, synergizing internal audit processes or perform process improvement projects.
As a past corporate executive Lynn has a passion for working with professionals to enhance their processes and provide leading edge education. She has authored and delivered hundreds of training courses for accounting, finance and audit professionals. Her training is filled with not just theory but real world application.
Ms. Fountain has authored three technical publications:
-Leading the Internal Audit Function
-Raise the Red Flag
-Ethics and the Internal Auditor's political dilemma
Lynn is a recognized leader in the internal audit profession as well as a recognized business professional.
Ms. Fountain obtained her BSBA from Pittsburg State University and her MBA from Washburn University in Kansas. She has active, current CPA, CGMA, and CRMA credentials.