Risk Based Internal Audit And The Role and Responsibilities

According to RBIA Risk Based Internal Audit is a process of identifying the risks of each and every area of a particular business, that is identified, measured, and controlled on priority basis. Another definition here is – understanding the roles and responsibilities of the Risk based internal audit function. The institute of internal audit offers the business organization with the following description.

                            Internal audit is an independent, objective assurance, and consulting activity designed to improve and add a value to the business organizations and improving their operations. It helps the business organizations to accomplish its objectives bringing  an systematic approach in order to improve its effectiveness and control the governance process. The major role and responsibilities of risk based internal audit include the following:

• Provides a major support to the company anti fraud programmes.
• Engages in continuous education and staff development.
• Evaluates regulatory compliance programme with consultation from legal counsel.
• Evaluates the organizations readiness case of business information.
• Maintains an open communication with management and audit committee.

A risk based internal audit is one of the best approach to ensure the practices of maximizing the impact of audit focusing on the major strategy, regulatory, finance and operational risks that would confront an organization. To know more about internal audit visit us at CAREweb.