Abstract

http://ssrn.com/abstract=483743
 
 

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Risk Management: The Reinvention of Internal Control and the Changing Role of Internal Audit


Laura F. Spira


Oxford Brookes University - Business School

Michael Page


Portsmouth Business School


Accounting, Auditing and Accountability Journal, Vol. 16, No. 4, pp. 640-661, 2003

Abstract:     
The publication of the Turnbull guidance represented a radical redefinition of the nature of internal control as a feature of corporate governance in the UK, explicitly aligning internal control with risk management. This paper explores this change, using sociological perspectives on risk and its conceptualisation to frame the debate about internal control and risk management within the UK corporate governance arena - the most recent manifestation of an ongoing competition for the control of economic and social resources. The paper demonstrates that developments in corporate governance reporting requirements offer opportunities for the appropriation of risk and its management by groups wishing to advance their own interests. This is illustrated by a review of recent changes in internal audit.

Number of Pages in PDF File: 37

Keywords: Risk management, Internal control, Internal auditing, Corporate governance, United Kingdom

JEL Classification: G34, M41, M45, M49

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Date posted: January 5, 2004  

Suggested Citation

Spira, Laura F. and Page, Michael, Risk Management: The Reinvention of Internal Control and the Changing Role of Internal Audit. Accounting, Auditing and Accountability Journal, Vol. 16, No. 4, pp. 640-661, 2003. Available at SSRN: http://ssrn.com/abstract=483743

Contact Information

Laura F. Spira (Contact Author)
Oxford Brookes University - Business School ( email )
Oxford, OX33 1HX
United Kingdom
+44 (0)1865 485981 (Phone)
+44 (0)1865 485830 (Fax)
Michael James Page
Portsmouth Business School ( email )
Richmond Building
Portland Street
Portsmouth, PO1 3DEJF
United Kingdom
(+44) 02392 844 148 (Phone)
(+44) 02392 844 037 (Fax)
HOME PAGE: http://www.port.ac.uk/departments/academic/ams/staff/title,1396,en.html
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