As defined by The Institute of Internal Auditors, internal auditing is “an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.” Conversely, risk management is a function that includes a set of procedures, actions and resources that enable managers to keep risks at an acceptable level for the organisation. Formidable internal controls and risk management ensure the effectiveness in curtailing fraud and mitigating risks faced by organisations.

This report was a matter of discussion during the 2021 edition of our online forum "Shaping Malta's Future."