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

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1. It seems like you’re raising an important point about the distinction between reporting risks as Audit issues and addressing them through advisory services. While audits are often focused on assessing compliance and identifying deficiencies, advisory services can provide a more proactive approach to risk management.

   Reporting risks as Audit issues is crucial because it brings attention to areas needing improvement, holding the organization accountable for addressing these concerns. On the other hand, an advisory role allows for a more collaborative and strategic discussion, offering tailored recommendations to mitigate risks before they escalate.

   It’s essential to find the right balance between these two approaches. While advisory services can help in developing effective risk management strategies, Audit findings should still be documented to ensure that risks are recognized and adequately managed. Both functions should ideally work together to enhance governance and strengthen internal controls.

   What specific risks do you think should be prioritized, and how can the collaboration between audit and advisory services be optimized?

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