A new study finds that internal audit teams may be dedicating too few resources to some of the top risks that organizations face and that the misalignment is likely to continue into the future. The report, 2024 Focus on the Future, conducted by AuditBoard, a provider of cloud-based platforms for Read More
GUEST BLOG POST: I am a huge believer, as are most leading internal audit practitioners, in enterprise risk-based auditing. That means that the audit plan is designed to provide assurance, advice, and insight on the more significant sources of risk to the organization and the achievement of its objectives. It Read More
In today’s lightning-fast business environment, the ability to effectively manage risks on the fly is crucial for the long-term success and sustainability of any company. Traditionally, companies have relied on conducting periodic risk assessments, often on an annual or semi-annual basis. With the dynamic nature of risks in today’s business Read More
GUEST BLOG POST As the saying goes, you can’t audit what you don’t understand. And for auditing complex risk management processes, that idea can hit home for many internal auditors. That doesn’t mean you have to be an expert with years of experience as a risk practitioner to audit risk Read More
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the Association of Certified Fraud Examiners (ACFE) jointly announced the release of the Fraud Risk Management Guide: Second Edition, a new publication that offers a blueprint for helping organizations establish an overall Fraud Risk Management Program. The Guide updates Read More
We recently sat down with Norman Marks to talk about the recently proposed updated draft of the Institute of Internal Auditors’ professional practice standards. In March, the IIA released a draft version of an overhaul of its International Standards for the Professional Practice of Internal Auditing, generally referred to as Read More
GUEST BLOG POST Assessing the level of any business risk is not nearly as simple as most appear to make it. Just look at any risk register or heat map (or “risk profile” in COSO language, which is the same thing) and you will see a single point for each Read More
In the wake of a global pandemic, organizations are working to assess potential risks with a renewed urgency, given the disruption and severity that COVID-19 inflicted on businesses and society in general over the past few years. One of those organizations, the World Economic Forum, released its Global Risks Report Read More
GUEST BLOG Editor’s Note: The views expressed by the author do not necessarily reflect the views of Internal Audit 360°, as we seek to bring varied and provocative ideas to our readers. The idea that audit plans should be risk based is so old and widely accepted that we rarely Read More
GUEST BLOG Over my long career, I have often heard, in one form or another, the phrase: “You just can’t audit that!” The first time I heard it came when I was an internal audit manager for a financial institution. The senior vice president for human resources said she was Read More
