IIA-Australia Factsheet - Internal Audit and Risk Management Functions Working Together

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Author	IIA-Australia
Date	2023
Topics Explored	Internal Audit
Format	Factsheet
Extract/Description	Internal audit does not manage risk but it does provide information in the form of assurances and advice to management of an organisation. This information reduces the uncertainty faced by management and therefore contributes to management of risk.
Key Points	Both risk management and internal audit contribute to the management of risk within an organisation, although neither of these functions directly manage organisational risk.
Relevant Industries	All
Level of Assumed Knowledge	Intermediate