White Paper - Integrated Risk-Based Internal Auditing

Whitepaper

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Author

Frederick (Freddy) Beck

NDIA, BCom, CIA, CISA, CCSA, PFIIA

Date

2023

Topics Explored

Internal Audit, Internal Audit Management

Format

White Paper

Extract/Description

The aim and approach to integrated risk-based auditing is to cover extra ground during auditing and thereby be more effective and efficient. It requires a mindset change that can be difficult and challenging. It encourages auditors to spend more time on things that can make their organisation more successful.

Key Points

1. Integrated risk-based internal auditing is about agreeing what risks across a whole organisation or business unit are significant enough for attention, without having to agree on an exact rating.
2. An audit could include areas that management have identified and may include areas they know other stakeholders are concerned about.
3. The enhanced use of computers will reduce the risk of something slipping through unnoticed.