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The Changing Face of Risk

Three new IIA reports reflect on the evolution of internal audit’s role in risk

HOLLYWOOD, Fla. (Oct. 19, 2015) — Risk in all its forms is central to internal audit — driving annual audit plans, dictating staff make up, and influencing the profession’s relationship with management, audit committees, and stakeholders.

Three new reports from The Institute of Internal Auditors Research Foundation (IIARF) take a comprehensive look at how risk currently impacts business and internal audit’s evolving role in the organization. The reports, based on data from the Common Body of Knowledge (CBOK) Practitioners Survey, were released today at The Institute of Internal Auditors (IIA) All Star Conference.

The reports offer a comprehensive look at risk in a Core Report titled, Who Owns Risk? A Look at Internal Audit’s Changing Role, a Closer Look titled, Responding to Fraud Risk: Exploring Where Internal Audit Stands, and a Fast Facts article titled, Combined Assurance: One Language, One Voice, One View.

The reports are built on analysis of data gathered from more than 14,500 internal audit practitioners in 166 countries who responded to the CBOK survey, the world’s largest study of the profession.

“This suite of reports provides a deep look into risk and is something all practitioners and stakeholders can benefit from,” said IIARF Board President and IIA Vice Chairman of the Board-Research Frank O’Brien, CIA, QIAL. “The risk management recommendations in the Core Report alone offer great value for building better-prepared, nimble and adaptive internal audit functions.”

The Core Report, authored by former IIA Board Chairman Paul Sobel, CIA, QIAL, CRMA, lays out risk management trends, internal audit’s responsibilities, and identifies approaches and competencies necessary for advancing the profession’s role in risk management.

In the Closer Look, author Farah G. Araj, CIA, CPA, CFE, QIAL, examines the profession’s role in fraud prevention and detection, as well as its capabilities. If offers five ways to improve internal audits approach to fraud risk.

The Fast Facts article from Sam C.J. Huibers, EMIA, RO, CRMA, tackles the issue of combined assurance, an approach to risk management that brings together assurance reporting from management, internal audit, and external assurance providers.

The suite of risk reports are the latest in a series being produced by the IIARF based on CBOK data. More than two dozen reports are planned through July 2016. These and other CBOK reports can be downloaded for free at the CBOK Resource Exchange.