THE ROLE OF INTERNAL AUDIT IN CORPORATE RISK MANAGEMENT AT THE FRAMEWORK OF COSO ERM 2017
COSO ERM 2017 ÇERÇEVESİNDE KURUMSAL RİSK YÖNETİMİNDE İÇ DENETİMİN ROLÜ

Author : Cem ÇETİN -Esin Nesrin CAN
Number of pages : 153-166

Abstract

Risk management, which has a high impact on organizations achieving their goals, has evolved over time into the concept of “Enterprise Risk Management (ERM)”. The revision of COSO in the Risk Framework in 2004 and the transition to the Corporate Enterprise Risk Management model integrated with Strategy and Performance in 2017 are an important step in this context. Providing a proactive risk perspective, the new model assigns important tasks to internal audit. In addition to providing assurance, the internal auditor should work in accordance with his / her position and standards, particularly in the process of advising during the transformation process. In this context, internal auditors are responsible for harmonization, promotion, training, management coaching, etc. in the establishment of ERM. However, internal auditors are required to refrain from any executive behavior, such as determining risk appetite, applying risk responses on behalf of management, or assuming responsibility. In organizations where ERM is established, internal auditors should focus on assurance activities.

Keywords

Internal Audit, Entreprise Risk Management, COSO ERM 2017 Framework

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