Risk Based Audit Risk Management

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