Internal Audit's Involvement in Enterprise-Wide Risk Management
16 Pages Posted: 9 Mar 2021
Date Written: December 2020
Abstract
Drawing on data from a survey of 95 Australian Chief Audit Executives (CAEs) across a range of sectors, industries and size of organisations this report examines:
(i) the IAF’s involvement in assurance, consulting and management roles in ERM in Australia as well as expectations of how involvement in these roles might develop in future; and
(ii) perceptions of the current effectiveness of the IAF’s involvement in ERM.
The findings indicate diversity of practices including evidence of IAFs engaging in ERM-related management-type roles potentially leading to impairment of their independence and objectivity.
Overall, effectiveness of IAFs’ ERM-related roles was generally perceived to be limited.
Keywords: internal audit, risk management
JEL Classification: G34, M42
Suggested Citation: Suggested Citation