Internal audit risk assessment.

This research study is related with Internal Audit Risk Assessment and involves an extensive exploration about internal audit, internal control, risk assessment and other related processes and trends at the present time. The outcome of the study is to stick out the importance and value of internal auditing and internal control besides to present a methodology for risk assessment in an internal audit environment in order to distribute their resources in an optimal manner. The aim of this research is to provide a methodology for internal audit risk assessment, trying to establish all factors needed when the risk is assessed. In pursuing this objective it is necessary to develop a theoretical basis for supporting the analysis and as consequence, other collateral aims exist in the study which are: a) underline the importance and need of the internal auditing function and, b) provide an adequate framework for internal control system analysis. Therefore the first part is devoted to the internal auditing function underlying its definition, importance, objectives and new vision. The internal control issue is closely related with internal audit and the second part of the study is dedicated to establish concept, structure and components from different points of view. Here, is provided a frameworks comparison in order to clarify when, which, and what approach to use when evaluating risks. Tje third part of the study is the core of the work, and is devoted to the risk asessment process, establishing the theoretical basis necessary for the approach to the risk problem. A complete and detailed description of the proposed methodology for internal audit risk assessment is provided and also is indicated the feasibility of using comoputer advantages. Examples of application are provided in the next part and in the annexes. Finally it is important to emphasize that the proposed risk assessment methodology is aimed to be used as an aid for auditing planning work and must not be taken as a substitute of the internal auditor. The outcome of the risk assessment process can not be accepted blindly, it is necessary to evaluate the ranking order to assure that the result coincide with intuitive and professional judgment. If this type of critical review is not undertaken, there is danger that the process desribed could give impractical results.Available from STL, Prague, CZ / NTK - National Technical LibrarySIGLECZCzech Republi