Internal Audit

Internal Audit

Risk management should be embedded within the culture of the organization.

Risk management should be embedded within the culture of the organization.

The traditional view of internal audit, being a tool to review compliance with internal and external regulations, no longer holds.

In the current environment, internal audit has to bring true added value for an organisation, such as identifying potential areas for reducing undesired or unanticipated costs arising from ineffective risk management and reducing losses caused by low-quality project management, improper processes and inaccurate management information for decision making.

Today, internal audit has to be much closer to management and has to become more involved in top level strategic and internal risk decision making. Internal audit, in cooperation with the management of the company, should continuously monitor and measure the exposure to risks, helping to ensure they are appropriately managed.

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