Audit Risk Management is a practice guide for ensuring internal audit’s success. The strategic risk management principles explained in this book will help you to become successful in achieving the objectives of your audit function. Apply the fundamental audit risk management principles and a successful career as CAE is easily attainable.
Companies lose more than $100 billion a year due to corporate scandals. Where were the internal auditors? Think about the VW diesel emissions scandal, the Yahoo hacking scandal, the BP oil spill scandal, or the Petrobras corruption scandal. When the first and second lines of defense failed to prevent these scandals, could the third line of defense, the internal auditors, have prevented these? The answer can be yes if they managed their audit risks.
The Beumer Audit Risk Management Model© shows the strategic audit risk management framework for audit risk identification, measurement, and mitigation. The model connects 60 audit risks in six audit risk categories and 30 audit objectives. Depending on the audit risk appetite and the audit risk prevention, the CAE can apply up to 66 audit risk mitigation measures for reducing the audit risks to an acceptable level.
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