W2 - Internal audit and reporting for business Improvement

Question 1

What are some roles of internal auditors ?

Answer 1

• Assurance services, Risk management, Testing, Compliance, Consulting and Reporting

Question 2

How do internal auditors provide assurance services ?

Answer 2

Internal auditors provide assurance through analysing potential risks within the business against government standards and reporting back to directors/managers.

Question 3

How to internal auditors provide Risk management services ?

Answer 3

IA look to identify risks within the business and provide recommendations on how these risks can be mitigated to the directors.

Question 4

What is enterprise wide risk management ?

Answer 4

Enterprise wide risk management effects the company as a whole and threatens a companies ability to reach it’s objectives.

Question 5

Who is responsible for ensuring risk is managed ?

Answer 5

Risk management falls in the respoibility of management

Question 6

What are some benefits of enterprise wide risk management ?

Answer 6

• Objectives achieved
• Improved understanding
• Fewer surprises
• More informed decision making

Question 7

What are some activities included in enterprise risk management ?

Answer 7

• Determine risk apetite of the company
• Asses risk
• Risk response
• Communication of risk

Question 8

What three areas will internal auditors provide assurance in ?

Answer 8

Risk identification, Risk management, Reliable assessment