The shifting focus of Internal Audit towards corporate and business goals, strategies and risk management processes needs to be complemented by replacing legacy audit systems with the next generation internal audit technology. The replacement will require Audit to adopt a risk-centric mindset and a conceptual approach to audit, risk assessment, and risk management that goes beyond the traditional approach of control based assurance model. In addition, the upgrade also involves developing and maintaining technical competencies and enabling technology necessary for coping with the challenges of Internal Audit in transition.
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Added by metricstream on February 7, 2011