Auditing the Risk Management Process by K. H. Spencer Pickett

By K. H. Spencer Pickett

Chance administration is part of mainstream company existence that touches all features of each kind of association. Auditors needs to concentration firmly on threat: danger to the company, the executives, and the stakeholders. Auditing the chance administration Process accommodates all of the newest advancements in hazard administration because it applies to auditors, together with the recent Committee of Sponsoring corporations of the Treadway fee (COSO) firm threat paper. Auditing the chance administration Process comprises unique chance maps and strategy types built via the writer, explaining the place and the way issues healthy inside of an total audit framework, all of the most recent advancements in threat administration because it applies to auditors, and perception into how firm possibility administration impacts the duties of either inner and exterior auditors.

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38 The importance of corporate culture can have a wide-ranging effect on the way risk is perceived and dealt with, as shown in the following example. CASE STUDY Working within the Culture In a listed company, risk management was applied without the use of the terms risk, control, or risk management. The driver was based around better business, and this focused on achieving better results and more responsive teams that managed their work proactively. A decision was made to apply risk concepts in a way that suited the way people worked and communicated with each other.

53. Australian/New Zealand Standard: Risk Management Guidelines AS/NZS 4360:2004, p. 22. 54. , p. 27. 55. Ibid. (extracts only), p. 11. 56. , p. 93. 57. Committee of Sponsoring Organizations, Enterprise Risk Management, September 2004, Foreword to the Executive Summary, p. 40. 2 DETERMINING RISK MANAGEMENT MATURITY Internal auditors should refrain from assessing specific operations for which they were previously responsible. Objectivity is presumed to be impaired if an internal auditor provides assurance services for an activity for which the internal auditor had responsibility within the previous year.

35. Institute of Internal Auditors, Glossary of Terms. 36. Committee of Sponsoring Organizations, Enterprise Risk Management, September 2004, Foreword to the Executive Summary, p. 56. 37. Australian/New Zealand Standard: Risk Management Guidelines AS/NZS 4360:2004, Foreword. 32 Auditing the Risk Management Process 38. , p. 74. 39. , p. 27. 40. Institute of Internal Auditors, UK & Ireland, Position Statement 2004, The Role of Internal Audit in Enterprise-Wide Risk Management, Conclusion. 41. Committee of Sponsoring Organizations, Enterprise Risk Management, September 2004, Foreword to the Executive Summary.

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