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)