This study text provides a
comprehensive introduction to the subject of corporate governance and risk management.
Corporate governance and the
role that risk management has to play in the direction and performance of organisations
for the public good are topics that are often only the focus of attention when they fail.
Yet for much of the time they succeed, bringing prosperity to organisations and their
stakeholders. The greater attention given to corporate governance since 1999 has also
explained and thereby reinforced the need for internal auditing. Internal auditors have
thrown themselves into the explicit documentation of management's response to risk and
have provided advice and challenge to management as well as independent assurance that
there, are processes adequate to and effective in reducing risk.
This study text begins by
examining the characteristics of corporate governance, its history and the influences on
organisations in the private, public and not for profit sectors. This includes the growing
emphasis on the need for sustainability if organisations worldwide are to continue to
build and enjoy prosperity. We are seeing an evolution toward greater responsibility,
accountability and governance despite the failures and excesses - for these can no longer
be tolerated as 'business as usual'.
From there the study text
explores the background and principles of risk management and explains how they are
deployed in a practical way in organisations so that they become embedded in their
operations. Far from internal auditors moving away from expertise in internal controls we
see how internal control can only really be understood in the context of risk management
and we learn how to develop audit plans which are based on the risks which really matter.
This study text has been
designed primarily for students enrolled on the Institute of Internal Auditors - UK and
Ireland Distance Learning Programme for its Practitioner Qualification (PIIA) but it is
suitable for other users too.
The text has four main user
groups:
For PIIA students it is the
main text for the Corporate Governance and Risk Management module of the Distance Learning
Programme (DLP). It contains all of the technical subject matter students will need for
complete coverage of the syllabus and it will help them prepare thoroughly for examination
success. It should be used in conjunction with the study guide for the relevant module.
DLP students should check their student handbook for an explanation of how the study text
and study guide should be used together, and where to make a start.
Students enrolled for the
PIIA qualification via one of the Institute's approved tuition providers can also make use
of this as their main study text. It is up to the tuition provider to explain how and when
the text should be used in conjunction with the tuition they provide.
Qualified and experienced
internal auditing professionals'can make use of this text as part of their continuing
professional development. Because the text provides up to date and technically sound
coverage of its subject, experienced professionals can use it to update or refresh their
knowledge and skills. The structure of the text, with its clear split into 20 study units,
and with each study unit split into further subdivisions (related to learning objectives),
makes it easy for busy practitioners to access topics of their choosing with minimum fuss.
Professionals in other
disciplines - such as accounting, finance, production, administration or marketing - can
also use the text as an introduction to the work of the internal auditor. Useful insights
into the concerns, skills and responsibilities of internal auditors, and the internal
audit function, can be gained through browsing or systematic study.
204 pages