It's a Risky Business (2014 edition)

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Failings in patient care, child safety and the delivery of major changes to welfare programmes; failing to manage the letting of key transport infrastructure contracts; and administrative failings in passport applications and immigration control – all emphasise the need for government, health bodies and local government to get a grip on risk.

Internal auditors have a vital role to play in risk management. The Public Sector Internal Audit Standards (PSIAS) recognise this in the new definition of internal audit's purpose.

It remains the business of audit to keep a focus on risk and how well it is managed in their organisations. This publication provides practical guidance, using case studies and examples drawn across the sector, to meet the standards and to continue to make a valuable contribution to risk management.

This revision recognises the changes that have taken place since the previous version:

• developments in public sector governance, particularly a greater role for boards and audit committees in leading and championing risk management
• changes to the regulatory regime across the public sector
• greater expectations around ethical behaviour and codes of conduct for those who govern
• the economic downturn, reduced resources and the consequent need for public sector organisations to seek innovative ways to deliver more for less.

This edition enables auditors to learn from the best practice and to draw on up-to-date guidance so that they can:

• understand risk management and its relationship to good governance
• develop an audit strategy based on an assessment of their organisation's risk maturity
• take a risk-based approach to planning and delivering internal audit assignments.

This publication is available in hard copy and online.

The digital, online version is available as a bookmarked downloadable PDF. Customers will need to register and login to CIPFA’s website to access the publication.