IIA_Risk_based_internal_auditing_tool
10 February 2006
New guidance published by the Institute of Internal Auditors – UK and Ireland (IIA), helps organisations comply with key corporate governance regulations such as the Turnbull Guidance and the Code of Corporate Governance. The publication entitled "An approach to implementing Risk Based Internal Auditing": gives organisations a better idea whether they are meeting corporate governance best practice by encouraging them to focus on the effectiveness of risk management systems.
The IIA believes that internal audit departments should work in partnerships with their organisations to help them manage risk. This can best be achieved by ensuring that internal audit positions its work in the context of the organisations own risk management framework. This approach is generally known as Risk Based Internal Auditing (RBIA).
The guidance explains:
Why RBIA should be introduced
How RBIA can be implemented; and
The advantages of RBIA.
Jackie Cain, Technical Director of the Institute comments, "RBIA is at the cutting edge of internal audit practice. As a result, it is an area that is evolving rapidly, and where there is still little consensus about the best method of implementation. We hope that our publication will stimulate further debate and spur organisations into action to improve their risk management processes."
A copy of the publication has been distributed free of charge to all members of the Institute. It is available to non-members at a cost of £45, and members can purchase extra copies at a discounted price of £15. To purchase a copy please call 020 7498 0101 or email kay.gillard@iia.org.uk