Improve Your Audit Plan With Key Risk Management Principles
Internal auditors don't have it easy. There is more to do than can realistically be done, and figuring out where to start an audit plan can be difficult. Because of this, internal auditors must view their management system audit plans with a risk management mindset. Risk management is about prioritizing. Identify the areas that require the most attention so that the necessary resources can be allocated. This is good news for internal audit, as you have a general understanding of risk management and compliance principles. Here are five key risk management principles to focus on:- Focus on Requirements First Various tests are required due to regulations, laws, or contracts such as BSA, SAFE Act, and ACH compliance. A good exam program ensures that the required exams are scheduled annually or as needed to ensure that the institute has adequate time and resources. Identify Areas of Higher-Risk The required audits are not the only ones that must be performed annually or o...