Event details

Are you looking to learn the tools and techniques for creating a risk and control matrix to help in developing and documenting an audit assignment.

A Risk and Control Matrix (RACM) is an essential component in providing a systematic and thorough audit of a process, a system, a function, or project. It greatly helps the auditor to develop and provide a clear and concise visual representation of the business objectives involved, the related risks and mitigating controls, and the audit testing that validates control effectiveness or points to necessary improvement in control design or operation.

The RACM allows management to clearly see the links between business elements, risks and controls, to recognise current control effectiveness and where activities and resources might be most efficiently directed to address any control weakness. For the auditor, the RACM assists audit consistency, completeness, and visible audit analysis, thus adding to the quality of audit and assurance.

Learning Outcomes:

At the end of the training the participants should be able to 

• create a risk and control matrix template for the audit assignment
• understand the given business process/function
• identify, review and confirm the business/process objective
• identify and document the key risks to the objective
• identify and document the key controls
• assess and evaluate the risks to fully understand risk characteristics and relative priority
• evaluate the adequacy of control design and operation both individually and collectively to understand precisely how they operate, what they do to the risk and to maintain risk within acceptable level
• control testing
• document the audit findings.

Speaker: Chris Teniswood, Principal, Pinpoint Solutions