"risk audit" is a correct and usable phrase in written English.
It refers to a process of evaluating and identifying potential risks in a given situation or project. Example: Our company conducts a risk audit every quarter to assess any potential threats to our operations and finances.
That would help prevent overlap and gaps in the duties of the various board committees (e.g., risk, audit and compliance).
BNY Mellon Wealth Management performed the risk audit on the portfolio and the family moved their money to that firm.
When Enron and ensuing scandals occurred, questions arose as to whether the business risk audit was effective, or even appropriate.
This study examines the impact of the Business Risk Audit (BRA), a development in audit methodology implemented in the late 1990s, on actual audit practice and on practitioners.
These moves have been accompanied by the legitimation and embedding of Business Risk Audit in revised constructions of the market for audit, in abstract academic knowledges, reforms of professional education, and professional regulations.
Business Risk Audit (BRA) methodologies have been promoted by a number of the large audit firms in response, they claim, to the challenges of the information age and corporate clients' needs for assurance.
But Timothy E. Sheehan, senior director for business development at the firm, said the risk audits he did for clients were something anyone could do.
This research tests for understanding of the theory of business risk auditing.
Many feel strongly that the latter is more representative of the manner in which business risk audits were implemented.
However, the process of developing and implementing business risk audits was extremely difficult and may have run up against a number of unforeseen and unmanaged obstacles, particularly in regards to the existing rituals of the traditional audit.
Regulatory initiatives that followed from the aftermath of Enron, such as an increased focus on management incentives for fraudulent reporting and greater in-depth analysis of internal controls, may provide a viable foundation for reconsidering business risk methods and melding the best of traditional substantive audits with the best of business risk auditing.
