Trends in Audit, Risk Management, and Compliance:
What We Are Hearing
1
Staffing Insufficient resources to perform work required by audit program Lack of experience, knowledge and skills of staff members Lack of certification in Trust Audit, Compliance & Risk Management
2
Lack of knowledge on behalf of audit committee members Lack of resolution and follow-up on audit findings Lack of independence of audit committee Audit Committee
3
Failure to cover all significant activities Scope lacks depth and breadth Sample sizes are too small Audit Program
4
Lack of a continuous audit protocol Improper third-party vendor management review Failure to perform a risk assessment for use in designing audit program Systems
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