Following the passage of Sarbanes-Oxley and its strict corporate governance and accountability provisions, developing better risk management techniques is becoming more important to help meet higher audit committee expectations. This guide is organised into two parts: risk management based auditing and case studies. The first part provides a broad understanding of corporate governance, ERM principles, different auditing approaches and also provides step-by-step instructions on how to execute risk management-base audit. The second part includes ten detailed case studies illustrating methods and tools that can be used in different scenarios. The companion CD ROM provides an electronic version of the work programs, checklist and other tools illustrated in the text.