Here is the synopsis of our sample research paper on Risk Based Audit. Have the paper e-mailed to you 24/7/365.
Essay / Research Paper Abstract
This 3 page paper examines what is meant by risk based auditing, what it is, how it is used, the way it fits in with internal auditing and the value it can bring to a company. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEauditbr.rtf
Buy This Term Paper »
Unformatted sample text from the term paper:
control. One approach that is gaining in popularity that extends the potential role of an auditor is the risk based audit (McNamee and Selim, 1999). It can be argued that
in assessing a company the attitude and systems that are in place to monitor and measure risk and control it should have a place in any internal audit process.
The use of controls based auditing has been seen for many years, risk based auditing takes this a stage further and deals with issues that control based auditing cannot answer
(McNamee, 1997). Risk based audits can also improve the internal audit systems as well as help integration between internal processes and the governance elements of strategy and policy (McNamee, 1997).
Risk based auditing has to start with risk assessment. In any business there will be risks faced, internal auditing is a process that helps identify risk and prioritise
the risks that are faced with the risks where there is the ability to audit that risk. When the risks are identified the auditor can then design an audit process
for the compnay which will test the companys controls on those risks testing for their presence and for their rigor McNamee and Selim, 1999). Risk based auditing is therefore
an extension to the risk assessment tools and techniques a compnay uses, carried out independently of those that generally assess risk, and unlike a usual audit where business processes are
assess in the business context, there is a paradigm shift where the processes are assessed against an environment of risk (McNamee and Selim, 1999). This gives more a better picture
of a compnay than an audit that looks only to controls (McNamee, 1997). There has been some concern over the use of risk based audits, some seeing them
...