Internal Audit and Atypical Risks
Atypical risks are described as ”risks that are difficult to define and assess, or those very infrequent in occurrence.” The IIA’s 2019 North American Pulse of Internal Audit report (to be released in early March), data indicates that 7 in 10 chief audit executives (CAEs) are ”extremely, very, or moderately” confident about their audit function’s ability to identify and assess atypical risks. However, this confidence is somewhat contradicted by results showing less than half agree that management has similar capability. Nearly one-fourth of CAEs reported management was surprised by a risk in the previous 12 months.
Read the whole Jim Pelletier Blog of the preliminary information of North American Pulse of Internal Audit report and the case of the QuadrigaCX, one of 237 widely recognized public cryptocurrency exchanges worldwide from here.