Risks and Controls
The threat that an event, action or non-action will adversely affect an organization’s ability to achieve its business objectives and execute its strategies successfully
What is Risk?
Internal Audit reviews these when performing audits,
What is Business Processes?
First Year Internal Auditors work with this to identify risks and controls.
Management
Risks can be assessed by communicating with employees and by gathering this.
Data
Internal Audit evaluates the efficiency and effectiveness of these.
Internal Controls
This customer of Internal Audit is a team of people elected by a corporation's shareholders to represent the shareholders' interests and ensure that the company's management acts on their behalf.
Board of Directors
Assist with planning of this.
Audits
The process of identifying, monitoring and managing potential risks in order to minimize the negative impact they may have on the organization.
Risk Management Process
This is the process of extracting, compiling, and modeling raw data for purposes of obtaining constructive information that can be applied to making decisions in a business.
Data Analysis
Internal Audit assesses the effectiveness of safeguards to protect against what
Fraud and theft of the organization's assets.
Internal Audit provides management with this value
Advice and insight
Participating on this with management at all levels.
Interviews
Performing routine maintenance on your car is an example.
What is a control?
The internal audit department makes these on how to mitigate risks and improve operations.
Recommendations
Internal Audit reviews the organization's compliance with these that are relevant.
Laws and regulations.
This customer of Internal Audit is has senior managerial responsibility in a business organization.
Executive
First Year Internal Auditors develop audit reports for them.
What is Management and the Board of Directors?
Driving above the speed limit and possibly obtaining a speeding ticket, would be an example of this.
Risk
To improve internal controls, mitigate risks and comply with law/regulation, Internal Audit will provide these to management.
Recommendations
Recommendations are provide to improve what?
Existing Processes
The summer intern for Internal Audit.
Who is Caleb Heinisch?