Explores the state of the art in internal auditing risk assessment techniques by reviewing professional requirements as stated in Statement of Internal Auditing Standards (SIAS) No. 9 and then examining and discussing currently available risk assessment techniques. Models explored in the study include the traditional risk assessment model and those by Wilson and Randon; Patton, Evans and Lewis; Boritz; and Siers and Blyskal. The results of the study indicate that professional standards are being met by all of the risk assessment techniques examined but none of the techniques is perfect for all users. Indeed, each has at least one flaw which seriously compromises its usefulness. Empirical research comparing predicted areas of high risk with actual areas could be used to determine the robustness of these models.
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