Managing Risk and Ensuring Internal Audit Adds Value
Without effective risk assessment activities, the internal audit function has little assurance that its resources are effectively utilized. Internal audit must ensure that it is linked to the organization’s strategy, risk and objectives. Learn how the internal audit function at Wajax Corporation and WorkSafeBC plans and coordinates the risk assessment process. The risk assessment process includes: the annual audit planning, engagement planning and ongoing periodic audit planning. Learn how the internal audit function establishes measurement criteria and risk ratings and how these are linked to engagement/other audit reports and audit committee reports. Through effective collaboration with other functions, the ERM activities and the external auditors, internal audit is able to contribute to the organization’s success and add true value. Also learn how internal audit keeps stakeholders focused on the most important areas and risks.