Best practices in risk-based internal auditing

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.

Author

Sheryl Vacca

Sheryl Vacca is the senior vice president/chief compliance and audit officer at the University of California (UC). Previous to UC, she served as the West Coast practice leader and national lead for internal audit, life sciences and healthcare. She was also the vice president of internal audit and corporate compliance officer for a large healthcare system in northern California. Vacca has published and presented nationally in the fields of healthcare compliance and internal audit to professional organizations such as the Institute of Internal Auditors, Health Care Compliance Association, Healthcare Financial Management Association, and the Practising Law Institute.