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ALARM CONFERENCE - MURRAY WARNS AGAINST MERGING AUDIT WITH RISK

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Internal auditors must not be allowed to take responsibility for risk management within councils, Zurich Municipal ...
Internal auditors must not be allowed to take responsibility for risk management within councils, Zurich Municipal managing director John Murray warned the conference.

In a speech on corporate governance in the public sector, Mr Murray insisted it was fundamentally wrong for internal audit and risk management functions to be mixed because it raised the question of who audits the auditors. He said it was the job of internal auditors to ensure procedures were being followed and not to develop risk management strategies.

Mr Murray said corporate governance guidelines for the private sector, as contained in the Turnbull report, would soon apply to the public sector.
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