Questions a Board may ask to understand how an organisation controls its risks
The holding of a position on a Board or in a control committee in an organisation is a considerable responsibility and may also lead to personal liability.
The most widely recognized and applied risk management framework in the world, Enterprise Risk Management – Integrating with Strategy and Performance addresses the evolution of enterprise risk management and the need for organizations to improve their approach to managing risk to meet the demands of an evolving business environment. This new version replaces Enterprise Risk Management—Integrated Framework from 2004.
While The IIA has provided standards and guidelines for the practice of internal audit through the International Professional Practices Framework (IPPF), internal auditors and chief audit executives (CAEs) continue to experience difficulties when attempting to balance the requirements of the IPPF with management expectations. The true challenge for any internal auditor is to appropriately apply the Standards while exerting adequate independence and objectivity in the face of management pressure.
Issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), this Fraud Risk Management Guide recommends ways in which governing boards, senior management, staff at all levels, and internal auditors can deter fraud in their organization.