Independent risk based assessment of business policies, processes, controls and governance practices of your organization
The need to manage risks is increasingly recognized as essential to effective corporate governance and in maintaining an effective system of internal control. Independent audit of laid out businesses processes, plays a key role in providing assurance that risks to the organization are properly managed. Risk-based auditing links internal audit to an organization’s overall risk management framework.
Risk based audit calls for shift from traditional method of identification of audit areas and conducting audit. In case of risk based audits focus is directed towards processes with significant risks or material controls weaknesses that could prevent achievement of business objectives. Apart from adopting a risk driven approach, high end data analytics and audit tools are adopted in conducting risk based audits.