APT Audit Process - How Agile is Your Audit Process? Risk Based Auditing 2020
Daniel Clark, CRCMP, CISRCP, SVP General Auditor at Washington Trust Bank
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Increasing demands on the audit profession by regulators, industry watchdogs and the IIA itself begs for new approaches and enhanced risk perspectives. BASEL requirements and COSO directives support even more risk based auditing activity while senior management expects auditors to not only understand risk and controls but to actively contribute in that same space as other risk experts.
This course will introduce participants to the first agile risk based audit approach available. Agility plus 10.1 (APT) is designed to ensure that while adhering to the standards of the Institute of Internal Auditors, audit teams can be flexible and risk focused. The days of traditional audit practices are behind us and those firms that do not learn to be more adept in audits risk becoming irrelevant. This course will help auditors and audit teams remain relevant to their organizations.
The key topics that will be covered in this two-day workshop include:
- Audit universe design
- The three tiered risk assessment methodology
- Retro cycling and how to ensure three year audit coverage of all audit areas
- Taking advantage of data analytics beyond sample selection
- Risk based reporting for audit committees and senior management
- Using risk perspectives to create a meaningful audit issue
- Leveraging the consulting aspects of audit to remain relevant
- Tips for educating the client on your new audit approach
The seminar has been structured with several beneficial components, such as:
- Tools that help establish a risk based audit process without the need for new software or dramatic changes to existing audit practices.
- Practical application of risk based auditing techniques impacting auditable entity design; tiered risk assessments, comprehensive continuous risk monitoring and examples of annual risk based reporting processes.
- Demonstration of how risk based auditing practices actually helps develop auditors for leadership positions in audit or the line.
- Mini workshops that demonstrate how to implement, sell and gain immediate value in risk based auditing.
- Learn how to complete a risk assessment on businesses you may know nothing about.
- Learn about the tiered risk assessment methodology that finally links risks of parent companies to subsidiaries and vice versa.
- Learn about retro cycling so you can ensure long term audit coverage and still be flexible enough to react to emerging risks.
- Explore new techniques in writing audit findings and audit reports that will focus on root causes and generate actionable issues for management to respond to with solutions that actually resolve the issue.
- Learn how the APT audit process develops auditors faster than normal audit processes and how to leverage your new found leadership skills within your audit group and business.
Who will benefit:
- Internal and external auditors
- Management team
- Business control units
- End-users responsible for applications that need to be audited
- Chief risk officers and risk management consultants,
- QA managers and personnel
- Information technology managers and personnel
- Validation specialists
- Bank regulators and examiners
- Small business owners
- Software engineers and developers
- Operational managers
- Board members especially risk and audit committee chairs and members
- Heads of market, credit, and operational risk
|Day One (8:30 AM – 4:30 PM)
||Day Two (8:30 AM – 4:30 PM)
Registration Process: 8:30 AM – 9:00 AM
Session Start Time: 9:00 AM
- Wall Ball Incorporated – (Case Study)
- Complete risk assessment of unknown company
- Learn techniques to determine risks and link to risk families
- Creating the Audit Universe
- Developing and designing auditable entities
- The value of alignment with management structure
- The depths of process –creating the audit process glossary
- Introducing the 3 Tiered Risk Assessment
- The risk profile
- The risk assessment
- The risk matrix
- The linkage
- Retro Cycles
- How they work and why they are the best model for tracking audit coverage
- Continuous Risk Monitoring (Case Study)
- Developing the plan
- Driving successful interaction
- Organizing the Team
- Constructing the Argument – Case Study
- What to do with the results of the audit
- Designing the story – communicating the theme not just the issue
- Fool proof preparations for successful audit communications
- Communicating Results
- Thinking it through
- Putting it in writing
- Writing in a Risk Based Audit Environment (Workshop)
- The report
- Audit Committee Reporting Techniques
- Educating the Client
- Tips on how to sell your new process to your clients, your audit team, and other stakeholders.
Meet Your Instructor
CRCMP, CISRCP, SVP General Auditor at Washington Trust Bank
Daniel Clark has over 25 years of experience in risk management and auditing having served in many senior auditing/risk roles culminating as chief auditor for midsize and large regional and global financial organizations. Mr. Clark has in-depth knowledge on how to integrate diverse processes into a seamless risk based audit approach that keeps audit on the cutting edge of development and value impact. His insights into the audit and risk world translate into meaningful guidance through a communication style that is fun, animated, and very participative. Mr. Clark has trained auditors and other business leaders for over five years.
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New York, NY, Local Attractions
Phoenix, AZ, Local Attractions
Statue of Liberty
A short boat trip brings you from Manhattan to the Statue of Liberty, a gift from France for the centennial of America's Independence which now symbolizes the USA and New York in particular.
The Brooklyn Bridge, built between 1869 and 1883, connects Brooklyn with Manhattan. The bridge is one of the most magnificent landmarks in all of New York City.
Bryant Park is a small but pleasant park located next to the NY Public Library and surrounded by interesting architecture such as the historic Bryant Park Hotel and the modern Bank of America Building.
Central Park was the first large city park in the United States. The design by Olmsted and Vaux has been copied all over the world. Originally situated in a sparsely populated area, the park is now surrounded by highrises.
Coney Island is a seaside resort in Brooklyn famous for its historic Ferris Wheel and roller coaster, the Cyclone. Long past its heyday, it is still a popular tourist attraction.
Now home to the immigration museum, Ellis Island was the immigrant gateway to America. More than 12 million people arrived here on the way to their new life in a new country.
Grand Army Plaza
Not as famous as its Brooklyn namesake, this plaza sits at the edge of Central Park. The square features a large gilded statue of general William Sherman as well as the Pulitzer fountain.
Lincoln Center is a large complex devoted to music, dance, and theater. The most famous building at the center is the Metropolitan Opera House, designed by Wallace K. Harrison.
New York Public Library
One of the world's most acclaimed libraries is housed in a beautiful Beaux-Arts building, designed by architects Carrère and Hastings. The building was completed in 1911 after 9 years of construction.
This posh, mostly residential street is lined with many historic buildings like the Waldorf Astoria Hotel, Lever House, Helmsley Building, Seagram Building and Ritz Tower.
Downtown Phoenix offers something for everyone including, museums, performing arts venues and a thriving art scene as well as a large sports presence. Chase Field is home to the Arizona Diamondbacks and the US Airways Center is home to the Phoenix Suns, the Phoenix Mercury, the Arizona Rattlers and the Phoenix Roadrunners.
METRO Light Rail Transportation
METRO is now open and operating with traffic in the cities of Phoenix, Tempe and Mesa. At any time of the day or night, you can find yourself near an operating light rail vehicle or a METRO train consisting of two or three vehicles connected together.
MLB Spring Training
The Cactus League has been an Arizona tradition for over a half-century. What began as a two-team league in 1947 has grown to twelve Major League Baseball teams playing in seven cities throughout the state. The league's popularity is at an all-time high with games scheduled every day in March. The Cactus League offers baseball enthusiasts an excellent opportunity to enjoy their favorite teams in fan-friendly, state-of-the-art ballparks.
Be sure to bring your camera as the desert offers spectacular sunsets and beautiful scenery year round.
Red Rock State Park in Sedona (110 miles) is an open-sky theatre of fabulous rock formations. Sprawled across 286 unspoiled acres, this popular park is the perfect starting point for hiking, picnicking, bird watching and photography.
Cathedral Rock in Sedona is 110 miles away and offers a great hiking trail for the adventurous. Cathedral Rock, also known as 'Lovers', was thought to be created by the Great Spirit. A couple of lovers, who always argued, were asked by Him to look around at the beautiful surroundings and count their blessings. The couple was believed to never argue thereafter and stands in perfect harmony.
Camelback Mountain draws thousands of visitors with its sheer red sandstone cliffs and its telltale hump. Hiking to the top is not for beginning hikers -- the two summit trails are strenuous climbs over sometimes-tricky trails. Some easier trails allow close-up exploration around Camelback's base.
Located 90 miles north of Phoenix, you can marvel at the 1,000 year old legacy of the Sinagua as you explore the ruins at Montezuma Castle National Monument. A paved, 1/3 mile loop trail takes you through a tranquil sycamore glade and past the ancient cliff dwellings of a people surprisingly similar to us.
Prickly Pear Cactus
Prickly pear cactus are found in all of the deserts of the American Southwest, and are abundant in the mountains around Tucson and offer a beautiful site when they flower in the spring.