Richard Chambers, CIA, CGAP, CCSA, CRMA, shares his personal reflections and insights on the internal audit profession.
Generally speaking, I think internal auditors do a good job of assessing risks and developing risk-based audit plans. But there is always a danger that unfamiliar risks may be overlooked or that rapidly emerging risks will render even the best crafted audit plans obsolete. If you typically undertake risk assessments only once or twice a year, you may not have incorporated several risks that have suddenly burst onto the radar of management or the board of your organization.
Here are some areas that should be in our risk crosshairs in 2014: