Transcription of Practice Advisory 2110-1
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Practice Advisory 2110-1
Issued: April 2009 PA 2120-2 Revised: Page 1 of 4 2009 The Institute of Internal auditors Practice Advisory 2120-2 Managing the Risk of the Internal Audit Activity Primary Related Standard 2120 Risk Management The internal audit activity must evaluate the effectiveness and contribute to the improvement of risk management processes. Interpretation: Determining whether risk management processes are effective is a judgment resulting from internal auditor s assessment that: Organizational objectives support and align with the organization s mission. Significant risks are identified and assessed. Appropriate risk responses are selected that align risks with the organization s risk appetite. Relevant risk information is captured and communicated in a timely manner across the organization, enabling staff, management, and the board to carry out their responsibilities.
An inappropriate quality assurance and improvement program (Standard 1300), including procedures to monitor auditor independence and objectivity.
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