Employees from the National Audit Office (NAO) participated in an on-line regional training course on risk-based auditing in line with the Committee Of Sponsoring Organisations’ (COSO) initiative, organized by the State Audit Bureau of Qatar.
The 3-day course discussed the basics of identifying and assessing risks according to the COSO initiative, evaluating and improving the process of risk-based decision-making, designing and implementing a risk management program, in addition to designing an audit plan based on risk assessments, and implementing risk-based audit procedures in accordance with this initiative.
COSO was established in 1985 by five major professional associations headquartered in the United States: the American Accounting Association (AAA), the American Institute of Certified Public Accountants (AICPA), Financial Executives International (FEI), The Institute of Internal Auditors (IIA), and the National Association of Accountants (now the Institute of Management Accountants [IMA]).
There are three main areas within the concept of control according to the COSO initiative: internal control, its impact on individuals, and its relationship with the board of directors and senior management.
