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Questions for understanding risk management

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 aim of this guidance is, through the presentation of a set of questions, is to give the board a better understanding of the most important risks which can impact an enterprise and how these can be managed.

Download: Questions a Board may ask

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20 Questions Directors Should Ask about Internal Audit

  • the mandate of the internal audit function
  • effective relationship building between internal audit professionals, stakeholders and board members
  • optimizing organizational design and resources
  • reporting risk and control issues
  • evaluating the internal audit function while ensuring compliance with international standards

The questions and responses comply with The Institute of Internal Auditors (IIA)’s International Standards for the Professional Practice of Internal Auditing (IIA’s Standards), as well as leading internal audit practices.

Download: 20 Questions Directors Should Ask about Internal Audit

Source: www.cpacanada.ca