Organizations today face increased risk due to regulatory pressures. Reforms to risk management, compliance, and governance following this past decade's corporate failures have dramatically changed today's business environment. Organizations worldwide are coping with a proliferation of new regulations and standards. Yet the daily issues an audit team deals with on a daily basis are not new. Senior management and audit committees have always faced governance requirements, resource limitations, and risk of fraud and regulatory compliance failure. Increasing business from and with emerging markets, e-businesses, mobile technology significantly complicate objectives to audit programs.
Audit plays a pivotal role in this world. Like few others in the organization, audit understands the key risks, and is challenged to participate in the design and modernization of risk management programs. All this needs to be done while keeping the independent role of assurance provider.
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