The current trend in Internal Audit -Risk Based Internal Audit (RBIA) requires that Internal Auditors (IA) be strategically and operationally linked to the business risk and assurance framework.
This requires that auditors understand the risk profile of their organizations and be able to prioritize and allocate resources to the most risk prone processes within the organisation.
The days of pre-audits are long gone. and the auditor is now more focused on adding value to the governance system in organizations through efficient and effective risk profiling of the institutions operations and making sure that audit resources have been geared towards strengthening internal controls and minimizing losses through systematic evaluation, monitoring and consulting services to help achieve organizational objectives and goals.