Temat: 20 key risks to consider by Internal Audit before 2020

20 key risks to consider by Internal Audit before 2020

Are you aware of the risks concerning Internal Audit today and in the near future.

An effective and sound risk-based Internal Audit plan is one of the most critical components for determining IA’ssuccess as a value-adding and strategic business partner.

The Institute of Internal Auditors (IIA) Standard “2010 – Planning” states that “the Chief Audit Executive must establish a risk-based plan to determine the priorities of the internal audit activity, consistent with the organization’s goals”.

This publication aims at assisting Chief Audit Executives (CAE) during their annual audit planning process. Whether provoking thought or facilitating discussions, this publication should assist your governance function to consider a broad range of key risks potentially impacting your organization within the next two years.

In order to allow for a comprehensive strategic assessment, it is key to profoundly understand the underlying risk drivers as well as the potential consequences or impact on the organization. It enables the CAE to determine whether a risk is considered key to the organization or if it’s something of a “nice to have”. Once the key risks have been established, this publication provides further insights on how internal audit should tackle the topic, how it can help the organization during an audit and what the required crucial skillsets and expertise are in order to ensure an
effective, efficient and value-adding outcome by your internal audit team.

As further guidance we have mapped the top 20 risks on a Risk Radar (refer to page 5). The Radar presents two spectrums:
1. Established key risks that should be known by the IA function by now vs. emerging risks which are not yet fully visible regarding magnitude;
2. Non-standard/exceptional risks that should be considered for a one-time audit vs. risks that should be considered on an ongoing basis and form a recurring part of the strategic audit plan
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