The study aimed to identify the role of risk-based internal audit in achieving the optimal use of financial engineering tools. To achieve this goal, the researcher adopted a descriptive analytical approach. The questionnaire was used to collect data and was distributed to the study population by following the method of a simple random sample. (150) questionnaires were distributed among the sample, of which (138) were retrieved, for a rate of (92%). Statistical analysis of this data is done through structural equation modeling using factor analysis and path analysis through the AMOS program). The study concluded that the availability of risk-based internal auditing requirements helped to achieve the optimal use of financial engineering tools, and the application of risk-based internal auditing procedures contributed to achieving the optimal use of financial engineering tools. The study presented a number of recommendations, including an interest in applying risk-based internal audit procedures to improve the proper selection of financial engineering tools. Keywords: requirements, procedures, internal audit, risks, financial engineering tools.