Internal audit and governance: the shift from control to risk

Reflects on how organizations that are acknowledged leaders in the field of risk management, have achieved pre‐eminent positions. Acknowledges risk‐based auditing is still in its formative stages and so identification of best practice is an inexact science — but there are three important trends: from control‐based to risk‐based auditing; use of scenario planning; and understanding that risks apply to soft assets. Uses a Table for extra emphasis and explanation.