Many organizations tout that they perform risk based auditing. However, often their concept of the approach stops at defining the annual audit plan. In today’s ever changing and global economy, true risk based internal auditing must be a dynamic and iterative process that continually evaluates the risks to the achievement of the organization’s objectives and then applies that assessment to the individual audit procedures. This session will build off of the first webinar on Risk Based Auditing – Establishing a methodology. We will delve into methods that take the methodology steps and apply them within individual audits. We will also further discuss the concepts of risk tolerance and risk appetite and the impact to those measurements when applied at the individual audit level. Field of Study: Auditing