I was recently privileged to receive a signed copy of Richard Chambers’ latest book, Trusted Advisors: Key Attributes of Outstanding Internal Auditors. Richard is the President and CEO of The Institute of Internal Auditors, a veteran of internal audit at the highest level, a friend, and an individual with whom I love to debate the practices of internal auditing and risk management. (I hope I am influencing his views on the imminent update of the COSO ERM Framework.)
The audit plan should reflect reality, not ivory tower beliefs. How confident are you that your audit plan addresses the risks as they appear in the front lines? Is that acceptable? If not, what are you doing about it?
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