Abstract:
Organisations are faced with risks that can hinder them from meeting their objectives: these risks are both
expected and unexpected and could include ‘black swans’. The internal audit function assists management by
providing assurance regarding the effectiveness of its risk management processes. By applying a risk-based
audit approach internal auditors could enhance the risk management process. However, the literature
indicates that the internal audit function may not be playing the role in risk management that its stakeholders
require. Interviews were conducted with four groups of stakeholders in the risk management process in the
mining industry to identify the expected role of internal audit. The research found that internal audit was
performing in line with expectations, but must in future play a bigger role in determining the organisation’s
strategic direction by challenging risk identification and assumptions, thereby promoting sustainability. This
requires enhancing their technical skills in understanding operational risks specific to mining.
