Section 2: Risk and Control Knowledge Elements

Internal auditors must be proficient in each of the three activities namely, risk, control and governance.

Risk

• Identifying and evaluating significant exposures to risk
• Contributing to the improvement of risk management and control systems
• Monitoring and evaluating the risk management system

Control

• Evaluating the effectiveness and efficiency of controls
• Promoting the continuous improvement of the control environment

Governance

• Promoting appropriate ethics and values within the organization
• Ensuring effective organizational performance management and accountability
• Effective communicating risk and control information to appropriate areas of the organization
• Effectively coordinating the activities of and communicating information among the board, external and internal auditors and management