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Internal Audit Fundamentals Part 3: Risk, Value for Money

This course is the first part of a modular three-day programme. We recommend attending all three days, but each day is self-contained and can be taken separately.

This final part of the course looks at the remaining areas of the internal audit remit, in particular risk, operational auditing and consulting activities. Skilled and focussed work in these areas often enables internal auditors to maximise the impact that they bring to their organisations.


Learning Objectives

First of all the course addresses the key area of risk management, raising delegates’ awareness of what is meant by the term “risk”, how organisations seek to manage their risk today and the role of internal auditors in the risk management framework. Delegates will learn how internal auditors can prioritise their work most efficiently by taking a risk-based approach. The course then explores the area of operational auditing and looks at two demanding internal audit challenges: value-for-money auditing and auditing the supply chain. It concludes with a session on the consulting component of internal audit work. The course is highly inter-active throughout, combining practical tips and advice with quizzes and audit scenario exercises.

Course Content

  • Risk management essentials – what is risk, how is it measured and techniques to manage it
  • Operational risk and the modern risk management toolkit – how organisations set up an effective risk management process
  • Risk-based auditing in action – overview, planning, process
  • Operational auditing – an overview
  • Practical application – auditing the supply chain
  • Value for money auditing
  • How the internal auditor should operate as a valued consultant


The course is primarily aimed at people starting out as internal auditors. Equally, the course will also benefit experienced auditors requiring either an insight into audit theory and effective audit methodologies or else a refresher and update. The course is applicable to all business sectors.

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Online Courses

You may prefer an online course if you are looking for a flexible and cost-effective solution. Online courses allow you to study at your own pace, at a time that suits you.

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