ABSTRACT
Risk-based auditing, as hopefully author has demonstrated, provides the opportunity to: enhance the reputation of Internal Audit; work with management to help them manage risks; identify greater opportunities for the organisation. Certain Internal Audit functions adopting this wider brief have taken over direct responsibility for Health & Safety, Insurance, Security and Risk Management in addition to the audit role. Those functions which adapt to the challenges of risk and assurance will thrive and prosper. Those that continue to provide an inward looking, traditional compliance-based approach are unlikely to survive. Many such functions have already been outsourced to external organisations. The world is changing so rapidly, with the national and international barriers increasingly being removed that Internal Audit is flourishing in all corners of the globe. Environmental Auditing is developing as a hugely important brand of auditing, as is Corporate Social Responsibility Auditing.
