Risk based internal auditing
Let’s go back to basics:
Risk based internal auditing starts with all the risks of the organization and aims to provide assurance that these risks are being reduced down to an acceptable level by internal controls.
Internal audits are carried out in many ways and it is therefore difficult to say how risk based internal auditing differs from ‘normal’ internal auditing. However, there are two common types of internal audit:
The problem with these types of audits is that they may not be checking for internal controls which reduce the biggest risks threatening the organization's objectives. So risk based internal auditing starts with the all the risks threatening the achievement of the organization s objectives.
There are more details about the differences in Book 1
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