OVERVIEW

Risk-based auditing ensures that internal audit activities focus on providing assurance and advisory services that address an organization’s most significant risks. By aligning audit priorities with key risk areas, internal auditors help executive management and the board evaluate the effectiveness of risk management processes, strengthen governance, and enhance organizational performance.

To achieve this, internal auditors must possess a solid understanding of risk management concepts, frameworks, tools, and techniques. This instructor-led training provides a comprehensive foundation in risk and risk management principles, equipping participants with the knowledge and practical skills needed to perform risk-based internal audits effectively.

The training begins with an introduction to the fundamentals of risk management including the nature of risk, risk sources and categories, as well as concepts such as risk appetite and tolerance. With an emphasis on both theory and practice, the course includes interactive case studies and real-life scenarios, enabling participants to apply their learning directly to their organization’s operations.

By the end of the course, participants will be well-prepared to contribute meaningfully to their organization’s governance and assurance processes through an informed, risk-based audit approach.

OBJECTIVES

Upon completion of this course, participants will be able to:

• Explain the role of the internal auditor in risk-based auditing.
• Discuss key risk and risk management concepts and principles.
• Identify both internal and external sources of risk.
• Categorize and evaluate different types of risk.
• Identify and apply well-known risk management frameworks.
• Differentiate between risk appetite and risk tolerance.
• Perform risk analysis using measurement and assessment criteria.
• Describe the nature of inherent and residual risk.
• Plan and execute a risk-based audit engagement using risk management principles.
• Conduct effective control evaluations within a risk-based audit context.
• Communicate findings and recommendations clearly and effectively.
• Develop practical solutions to address common implementation challenges in risk-based auditing.

CONTENTS

Module 1: Risk-based Internal Auditing: Overview

Module 2: Risk and Risk Management: Principles and Concepts

Module 3: Risk Frameworks

Module 4: Risk Assessment Criteria

Module 5: Engagement Planning and Risk Assessment

Module 6: Control Evaluation

Module 7: Communicating Results

Module 8: Implementation Challenges

DURATION

Total Course Duration: 2 Days

WHO SHOULD ATTEND

This course is designed for professionals involved in risk management, auditing, and organizational governance, including:

• Internal Auditors and Audit Managers
• Risk Management Officers and Analysts
• Compliance and Control Professionals
• Corporate Governance Practitioners
• Finance and Accounting Managers
• Public Sector Audit Executives
• Business Owners and Senior Management responsible for risk oversight

For more information or to register, please contact us at info@bicadvisory.com.ng.

OVERVIEW

Detecting and preventing internal fraud is one of the most critical responsibilities of today’s auditors. The ability to recognize red flags, assess risk indicators, and apply professional skepticism can significantly reduce the likelihood of financial loss and reputational damage.

The Auditing for Internal Fraud Training equips auditors and assurance professionals with the essential knowledge, tools, and analytical techniques required to identify and mitigate internal fraud risks. The course covers the fundamentals of fraud auditing — including the most common schemes, effective detection techniques, and preventive mechanisms against occupational fraud.

Participants will explore real-life fraud cases and learn to navigate the challenges auditors face in uncovering fraudulent activity within organizations. Through a combination of expert instruction, data-driven exercises, and interactive discussions, attendees will gain practical experience they can immediately apply in their audit engagements.

Objectives

By the end of this course, participants will be able to:

• Identify the types, costs, and warning signs of common internal fraud schemes, including financial statement fraud, bribery and corruption, and asset misappropriation.
• Recognize and address the common challenges auditors encounter when detecting fraud.
• Apply professional skepticism and overcome cognitive biases during audits.
• Utilize data analysis and analytical procedures to detect potential fraud.
• Understand auditors’ fraud-related responsibilities in compliance with professional standards.
• Assess an organization’s fraud risks effectively and design audit procedures to address them.
• Implement practical measures to prevent and mitigate occupational fraud.

Course Contents

Module 1: Introduction

Module 2: Understanding Auditors’ Fraud-Related Responsibilities

Module 3: Where Were the Auditors?

Module 4: Enhancing Skepticism and Overcoming Bias

Module 5: Conducting a Fraud Risk Assessment

Module 6: Finding Fraud Using Data Analytics

Module 7: Financial Statement Fraud and Corruption

Module 8: Asset Misappropriation

Module 9: Interview Techniques

Module 10: Prevention of Occupational Fraud

Duration

2 days

Who Should Attend

This course is designed for professionals involved in audit, assurance, and fraud risk management, including:

• Internal and External Auditors
• Risk and Compliance Officers
• Forensic Accountants and Investigators
• Finance Managers and Controllers
• Governance and Ethics Officers
• Public Sector Auditors and Oversight Professionals
• Senior Managers seeking to strengthen fraud controls in their departments

For more information or to register, please contact us at info@bicadvisory.com.ng.

OVERVIEW

Artificial Intelligence (AI) and Generative AI are transforming how organizations make decisions, manage data, and deliver services. As these technologies evolve, they also introduce new governance, ethical, and risk management challenges that internal auditors must be prepared to assess.

This practical, instructor-led training provides internal auditors with the essential skills, frameworks, and hands-on techniques needed to effectively audit AI systems. Participants will explore the core principles of AI governance, evaluate emerging risks, and learn how to design and execute risk-based audits for AI initiatives.

Using real-world case studies and interactive exercises, learners will apply the full AI audit lifecycle—from understanding AI models and data flows to evaluating control effectiveness and compliance with international standards such as ISO/IEC 42001 and the NIST AI Risk Management Framework.

By the end of this course, participants will have a clear roadmap for auditing AI systems responsibly, ensuring accountability, transparency, and alignment with their organization’s strategic and ethical objectives.

Objectives

By completing this course, participants will be able to:

• Define key AI concepts including Artificial Intelligence, Machine Learning, Generative AI, Large Language Models (LLMs), and Small Language Models (SLMs).
• Explain how LLMs generate responses and identify the risks of hallucination, inconsistency, and lack of explainability.
• Differentiate between traditional automation, ML models, and GenAI systems in terms of audit scope, risk, and control.
• Identify and assess core risks such as data bias, model drift, and overfitting.
• Describe the internal auditor’s role in reviewing AI initiatives and differentiating responsibilities from external audit functions.
• Compare key AI governance and assurance frameworks (e.g., NIST AI RMF, ISO/IEC 42001, EU AI Act, and GAIA).
• Apply AI risk and governance concepts using a practical, scenario-based LLM audit exercise.
• Identify key control points across the AI lifecycle for audit engagement.
• Distinguish roles and accountabilities among audit, IT, and data science teams in managing AI-related risks.
• Recognize audit implications of model degradation, drift, and ethical bias.
• Utilize prompt engineering as a tool for testing AI model reliability and documentation.
• Develop AI audit observations that support assurance, governance improvement, and reporting.

Course Contents

Module 1: Exploring AI and Generative AI Services

Module 2: How to Audit the Intricate Components of AI Applications

Module 3: Investigating Internal AI Usage – Governance and Oversight

Module 4: Redefining Audit Engagement Across the AI Lifecycle

Module 5: Executing AI Project Management Efficiently

Module 6: Monitoring AI Systems and Governance in Action

Module 7: Designing Governance in New AI and GenAI Applications

Module 8: Auditing AI Improvement Cycles and Profile-Driven Risk Tailoring

Module 9: Administering Trust and Accountability in Emerging AI Platforms

Module 10: Finalizing the AI Audit – Synthesis, Reporting, and Strategic Readiness

Duration
2 days

Who Should Attend

This course is ideal for professionals responsible for ensuring governance, compliance, and assurance over AI initiatives, including:

• Internal Auditors and Audit Managers
• IT and Data Auditors
• Risk and Compliance Officers
• Chief Audit Executives (CAEs)
• AI Governance and Ethics Officers
• Data Scientists collaborating with audit teams
• Regulators and Oversight Officials
• Enterprise Risk Managers and GRC Professionals

For more information or to register, please contact us at info@bicadvisory.com.ng.