ONLINE SELF-STUDY

Auditing Third-Party Risk

Image of laptop computer The Institute of Internal Auditors logo on the screen
Course Level
Basic
Delivered via
Online
CPE
1.8 Credits
Auditing Third Party Risk

Description

Using third parties invariably presents various risks for organizations, including strategic, reputational, regulatory, operational, financial, transactional, security, compliance and other risks. However, when utilized effectively, third parties can also provide tremendous value in terms of specialized knowledge, increased capacity, reduced overhead and more customized business solutions. Internal audit should be at the front of managing the risks associated with third parties by independently reviewing, evaluating and reporting on the related business practices.

This course provides an overview of third-party risk management, including governance structure and risk management processes. It also specifies the third-party relationship's contracting, monitoring and contract termination elements. Finally, the content defines the role of internal audit as it relates to various phases of the third-party management audit engagement, including planning, defining scope and objectives, testing and reporting.

Prerequisites

None

You Will Learn How To:

Recognize the elements and attributes of third-party risk management.

Recognize risks and controls associated with contracting third parties.

Recognize the areas where internal audit can monitor third parties.

Differentiate types of third-party risk management governance structures.

Differentiate key elements of Type 1 and Type 2 assurance reports for the operation of critical third-party organizations.

Differentiate the evaluation criteria for engagements of third parties.

Understand third-party due diligence policies and procedures.

Understand the testing phase and the need to determine the essential criteria element(s) for evaluating the organization’s third-party risk management framework and process.

Table of Contents

1 Elements of a Third-Party Risk Program
2 Third-Party Risk Management Process
3 Contracting
4 Monitoring
5 Internal Audit's Role
6 Performing the Engagement
7 Summary

CPE Information

CPE Credit: 1.8
NASBA Information: Auditing
Advance Preparation: None
Last Updated: December 2024
Delivery Method: QAS Self-Study

Policies

CPE Credit

Please note: To be eligible for CPE credit, you must complete the final exam within one year of purchase date. You may only claim CPE credit for a course once.

Online Self-Study Courses

Features:

  • 24/7 access to courses through your Internet browser
  • Save time and quickly earn CPE credits with instant access, grading and printable certificate
  • The flexibility to start or stop a course and pick-up right where you left off
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Learn more about accessing your online self-study course. 

System Requirements:

  • Internet access: High-speed connection recommended
  • Speakers required for video sound

The Association of Certified Fraud Examiners, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. 

 

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