Question 1

What is the difference between internal audit and risk management?

Accepted Answer

Risk management means analysing an organisation's operational, financial and strategic risks and building protective safeguards around them. Internal audit shows whether the control mechanism built against those risks is working, and it is also a development tool that improves operational efficiency. Together they form the basis of sustainability.

Question 2

What is a risk matrix and why is one built?

Accepted Answer

A risk matrix is a tool that prioritises potential risks through likelihood and impact analysis. It allows an organisation to direct its resources towards the risks with the highest likelihood and impact.

Question 3

What is examined during a process audit?

Accepted Answer

A process audit analyses existing workflows for efficiency and compliance. That analysis surfaces both redundant steps and points that conflict with legislation or internal policy.

Question 4

What measures are taken against internal fraud?

Accepted Answer

Under fraud audit, control points are strengthened to protect corporate assets. Strengthening those control points makes fraud harder to commit and easier to detect early.

Question 5

What size of company needs an internal audit function?

Accepted Answer

Internal audit is meaningful for organisations of any size that carry operational, financial or strategic risk, because sustainability in modern business depends on managing risk properly and maintaining a sound internal audit function. VA Partners sets the scope of the audit according to the organisation's risk profile.

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