Transcription of Risk Based Internal Audit in Banks - Bulentsenver.com
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Risk Based Internal Audit in Banks - Bulentsenver.com
Risk Based Internal Audit in Banks March 9, 2015 Page 2 Agenda 1. Principles of Risk Based Internal Audit 2. Methodology 3. Risk Assessment 4. Annual Plan 5. Audit Engagement 6. Reporting 7. Benefits of Risk Based Audit Page 3 1. Principles of Risk Based Internal Audit Risk: The probability of occurring an event having effects on achievement to objectives. Risk has 4 components: q Event q Effect q Likelihood q Result Risk Management: The process of identification of potential cases, assessment, managing and controlling in order to realize institution s objectives, for providing acceptable assurance.
1. Principles of Risk Based Internal Audit Risk Assessment Process! A “risk assessment” is an effort to identify, measure, and prioritize risks organization faces, so that internal audit activities are focused on the auditable areas with the greatest significance. ! Through the risk assessment process, it is able to develop a
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