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Risk-based auditing is one of the most critical elements in the internal and external auditing of all management systems. Its importance has grown for several reasons: management systems are now based on Annex SL, which demands a risk-based approach; ISO 19011, “Guidelines for Auditing Management Systems,” also demands a risk-based approach; and the fact that present business in highly risky. The challenges from the perspective of internal and external auditors are to have audited organizations consider emphasizing this competence, developing existing internal and external auditors to better perform such audits, and training them accordingly. In this session, the presenter will discuss why risk-based auditing is required and what considerations must be taken during a risk-based audit (e.g., auditor selection, audit planning, audit performance, audit reporting, and audit close-out).