The Turnbull Report, Internal Control and Risk Management: the Developing Role of Internal Audit’ found that ‘no standard model of risk management had yet gained widespread acceptance’ but that the implementation of the Turnbull report had ‘raised the profile of internal audit’.
An ICAS statement said: ‘Turnbull has helped companies with well-established risk management processes to formalise them and companies with less well-established processes have been led to improve them.
‘Internal audit has played a significant role in introducing and implementing risk management in many companies and compliance checking and enforcement is no longer the major role of most internal audit departments.’
Co-author of the report, Mike Page, said: ‘Risk management is by no means as well understood as the Turnbull report might lead one to believe and nobody has got to grips with the big strategic risks.
‘We did not expect to find that continual change would be so important or that internal auditors would have such varied roles.’
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