Assessing risks and setting the internal audit plan

​Internal audit functions in the financial services industry continue to be challenged to see what's coming around the corner and to focus on the right things. In order to meet this challenge, one must start with a robust risk assessment to drive the audit plan, rounded out by strong professional judgment. While there are a range of acceptable variations in practice, the following sets out considerations from several U.S. financial institutions that could be used.

Published Tuesday, August 27, 2019