What is the difference between Internal Auditing and Risk-Based Internal Auditing? Sheryl Vacca believes that is not the question to be answered. Effective audit and monitoring activities will assist in the identification of weaknesses in controls, management’s action to correct those weaknesses, and follow-up to ensure that timely mechanisms have been put in place to strengthen controls for mitigating the business risks.
According to Vacca, effectiveness in the development and execution of the risk-based audit and monitoring plan will be determined by the integrity and characteristics of the overall audit and monitoring process.
Read this article and improve your knowledge about the current best practices in Risk-Based Internal Auditing, or simply Internal Auditing.