2020 - Risk Based Internal Auditing (RBIA)

By using the RBIA approach, the organization’s internal audit should be able to conclude that:
Management has identified, assessed and responded to risks within and beyond the organization’s risk appetite
That the responses to risks are effective but not excessive in managing inherent risks within this risk appetite
Where residual risks are not in line with the risk appetite, action is being taken to remedy this
Risk management processes, including the effectiveness of responses and the completion of actions, are being monitored by management to ensure they continue to operate effectively
Risks, responses and actions are being properly classified and reported.