Not Reporting Risks as Audit Issues – Will perform Advisory Instead?

One response

1. It sounds like you’re raising an important point about the distinction between Audit functions and advisory roles within organizations, particularly in relation to risk reporting. While audits are typically focused on compliance and identifying issues that need remediation, advisory services can offer a more forward-thinking approach by providing recommendations to mitigate risks before they escalate.

   That said, it’s crucial to ensure a balance. Ignoring risks because they aren’t categorized as Audit issues might lead to complacency and could undermine the organization’s overall risk management strategy. Effective communication between Audit and advisory teams can create a comprehensive understanding of the organization’s risk landscape and ensure that all potential issues are addressed proactively.

   In what contexts do you see advisory services being more beneficial than traditional audit reporting for risk management? Let’s discuss how we can enhance collaboration between these functions to better serve our organizations.

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