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Driving Internal Audit With Risk Assessments

Dan Swanson | August 8, 2006

For an internal audit function to be effective, its efforts must be risk-based and must meet the organization’s long-term assurance requirements. Members of the board, the audit committee and executive management look to internal audit to cover the entire spectrum of risks and issues facing the organization; that is, they expect internal audit to assess the significant risks to the organization and provide timely assurance that adequate controls are operating effectively to mitigate those risks.

It is a huge responsibility.

Most organizations have numerous potentially auditable entities (corporate initiatives, business lines, systems, regulatory requirements; the list is endless) and internal audit must decide which of these entities they are going to tackle first. The audit risk assessment works to bring at least a semblance of order to the audit universe, evaluating the various possibilities and attempting to address the potential risks...

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