Webinar Time: 1:00 PM to 3:00 PM (EST)
Advance Preparation: None
Field of Study: Auditing
This is a two-part webinar. Each session is independent of the other and you may register for one or both of the sessions. Please see the agenda below for the specific topics to be covered in Part 2.
No matter whether you are engaged in financial, compliance, IT, or operational engagements, every auditor should be able to answer three questions:
• Is the system/process/functional area operating as intended?
• If not, why not?
• If not, so what?
Root Cause Analysis (RCA) methods and approaches should be part of every internal auditor’s toolkit. RCA uncovers what happened, why it happened and which changes could (or should!) to be made to systems, processes, and functions that are not operating as intended.
Who Should Attend: Internal Auditors motivated to resolve persistent problems
What you will learn
Root Cause Analysis Context: We discuss the importance of:
Starting with great audit work
Employing systematic, disciplined approaches
Involving stakeholders from the beginning
Five Steps of Root Cause Analysis: The five steps are described as they relate to problem-solving and process-improvement. Also emphasized is the importance of maintaining auditor independence and objectivity, especially at step 5.Define the problem
Identify possible causal factors
Identify the Root Cause(s)
Recommend (and Implement) Solutions
Problem Solving Blocks and Biases: This section explores known “thinking problems” and where they might appear in the RCA process. We also talk about whether auditors and/or clients might be more vulnerable to these pitfalls.
Creative and Critical Thinking: We consider and contrast divergent and convergent modes of thinking.
Overview of Root Cause Analysis Techniques: More than a dozen RCA tools are reviewed or described. The instructor gives examples of how some have been used in audits. Participants are encouraged to give their own examples, as well.