New survey of internal auditors lists top risk-assessment and audit-planning considerations
By Joseph McCafferty
October 12, 2016
As internal auditors begin the process of planning audits for 2017, they are also looking to refine that planning process, which, of course, depends a great deal on risk assessment. With an intense focus on adding value, risk assessment and audit planning are as important as ever. A new survey finds that internal audit departments are reviewing those process and looking to improve risk assessment and audit planning in a few critical areas.
According to the survey, by Walters Kluwer's TeamMate Solutions unit, the top priorities include moving to a more continuous risk-assessment process and addressing strategic and emerging risks. Other "key considerations" include considering the impact of macro risk factors, sharpening the organization's focus on cyber-risks, and making the audit planning process more dynamic so it can be updated as conditions change.