Risk Based Internal Audit is arguably the best tool and management intervention that a modern-day Chief Executive can have to manage business risks effectively. As per RBI, an effective Risk-Based Internal Audit (RBIA) is an audit methodology that links an organization\’s overall risk management framework and provides assurance to the Board of Directors and the Senior Management on the quality and effectiveness of the organization\’s internal controls, risk management, and governance related systems and processes. RBI, SEBI, and IRDA have pronounced their intent to transform the internal auditing landscape in India from a traditional to a risk-focused one. The onus is on Boards, Audit Committees, CAEs, and Internal Auditors to implement Risk Based Internal Auditing framework in a sustainable and effective manner.
Happy to share the presentation material on Risk Based Internal Auditing delivered at the ICSI – WIRC program on the 23rd of May 2023. I would like to thank CS Amrita Nautiyal, Chairperson ICSI-WIRC Sanjay Nagar CS Sanjay Patare for inviting me to the ICSI WIRC program to share my views on the subject of Risk Based Internal Audit.
