The business environment is more complex, more connected, and delivers more formidable risks. Organizations expect internal auditors to take on a new and holistic approach, and improve on the effectiveness of risk management, control, and governance processes as they face the top risks of 2018.
The report includes valuable advice, objectives and actions for CAEs to consider as new risks emerge and suggests that audit plans should be viewed as frameworks that will change as events occur, including those that are disruptive.
“Risk opens the door for failure to achieve an organization’s mission and strategic objectives, and threatens an organization’s overall value. Therefore, internal audit’s responsibility — as a trusted advisor to assist risk management, control, and governance processes — requires the consideration of all risk opportunities and making the right recommendations,” the report notes.
