The risk management and internal auditing relationship: developing and validating a model

Hypothesized relationships between internal auditing and risk management have been the subject of anecdotal evidence for a long time. This paper reports the results of a study carried out in 29 organizations spanning Europe, the USA, Canada, Australia and New Zealand. A model describing the interface between internal auditing and risk management was developed through careful review of the literature and in-depth interviews in 15 organizations in both the private and public sectors. The model was then validated through a second set of interviews in a different group of organizations (14 in this case)