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Courses/Audit & Assurance/Internal Audit

Audit Smarter, not Harder: Audit Universes & Entity Risk Assessments

Transform your audit strategy by building dynamic audit universes and performing entity risk assessments to maximize efficiency and identify high-risk areas

Created byElizabeth McDowellworkspace_premium
BeginnerUpdated Jul 6, 2026
Audit Smarter, not Harder: Audit Universes & Entity Risk Assessments

What You'll Learn

check_circleDefine and establish a complete audit universe for an organization.
check_circleApply a consistent methodology to evaluate inherent and residual risk across various entities.
check_circleMap internal controls to specific sub-entities to determine control effectiveness.
check_circleDevelop an audit frequency schedule based on calculated residual risk levels.
check_circleUtilize Excel to build a scalable, repeatable risk assessment template.

About This Course

Internal audit departments face constant pressure to deliver maximum value with limited resources, making strategic focus and efficiency essential. This course explores how to transform traditional, labor-intensive audit planning into a highly optimized, risk-driven process. It provides a comprehensive overview of developing, structuring, and maintaining an accurate audit universe that reflects the full scope of an organization's operations. Building upon this foundational mapping, the course delves into the mechanics of entity risk assessments, illustrating how to evaluate, score, and monitor risks across diverse business units and functions. By aligning the audit universe with dynamic risk environments, this overview demonstrates how audit teams can intelligently prioritize their efforts, allocate resources to high-impact areas, and execute a more agile, strategic, and effective audit plan.

Your Instructor

Elizabeth McDowell
Elizabeth McDowell

Audit Smarter, not Harder - with Elizabeth and Audie the Internal Otteror!

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star1,230 reviews

Elizabeth McDowell, CPA, CIA has over 20 years of audit experience and is the founder of Audit Forward, an innovative internal audit consulting and training firm. Elizabeth is passionate about advancing and advocating for the internal audit profession and was recognized as one of the 2023 Internal Audit Beacons by Richard Chambers. Elizabeth makes auditing and training fun (no, really!) with the help of her mascot, Audie the Internal Otteror. Elizabeth’s most recent industry experience was at Achieve, where she was Sr. Director, Audit Strategy; prior to that, she held internal audit leadership roles at Elevations Credit Union, Fidelity Investments, and Xcel Energy after first starting her career at Ernst & Young.

Credit Information

What Students Are Saying

5.0
Student's Choice
9 reviews

Frequently Asked Questions

We are a registered provider with 300+ associations and regulatory bodies worldwide. We operate across 27 global markets including Canada, the US, Australia, and the UK. Every course page clearly displays its specific accreditations. Upon completion, you receive a professional certificate that can be validated online. Our certificates include all necessary accreditation details, credit hours, and completion dates, and are formatted specifically to meet the submission requirements of most global regulatory bodies.

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