Changing the Risk Paradigm for Internal Audit.

• Position: Business Briefs

CHANGING THE RISK PARADIGM FOR INTERNAL AUDIT Characteristics Old Paradigm Internal audit focus Internal control Internal audit response Reactive, after-the-fact, discontinuous observers of strategic planning initiatives Risk assessment Risk factors Internal audit tests Important controls Internal audit methods Emphasis on completeness of details, controls testing Internal audit recommendations Internal control: * strengthened * cost-benefit * efficient/effective Internal audit reports Addressing functional controls Internal audit role in Independent appraisal organization Characteristics New Paradigm Internal audit focus Business risk Internal audit response Real-time, continuous monitoring...