Internal audit is a long-standing discipline. The primary focus is on evaluating whether the control environment of your company is at the correct level.
CorProfit assists you with risk-based auditing as it shows which risks are the highest and therefore where Internal Audit efforts should be focused.
Given the flexible nature of the KnowRisk® software, you can adapt and adjust the module over time to cater to your needs in the future, without having to call CorProfit to perform any specific customisation.
An outline of the CorProfit methodology:
However, in some regions where Risk Management is new, there may be a preference to start with an internal audit function.. The role of internal audit under this business strategy may also entail looking after the risk management function.
When the working environment is suitable, CorProfit assists you in developing and establishing a separate risk function and Internal Audit will step back from performing front-line risk management work.