Identified RiskAction TakenEvidence of Action Taken
Wrong audit results
  • Proper financial resources allocation-effective planning
  • Formulation of audit procedures
  • Continuous audit skills development
  • Proper human resources allocation and supervision
Loss of independence
  • Sensitization and effective communication to staff on the role and the mandate of the internal audit activity
False assurance/ reporting
  • Effective supervision of audit staff
  • Assigning the right audit staff to each engagement
Reputational
  • Re-enforce adherence to the internal auditors’ code of conduct requirement
Leakage of unprocessed audit findings by either the audit staff or the auditees
  • Re-enforce adherence to the internal auditors’ code of conduct requirement

Risk Based Audit Risk Management