Risk management, which is an important part of the MBA program, is to ensure the sustainability of companies or businesses in the long run.
In recent years, the problems of trustworthiness of information in companies and the approaches and principles in the name of management and control in the world have been questioned, especially with Enron, Worldcum and Tyco International scandals living in USA. The Sarbanes-Oxley Act, the SEC and similar regulations are trying to prevent similar inconveniences. Both the conditions within the organizations have led to the search for new approaches that would increase the added value of internal audit, if not impossible, by the potential existing approaches that internal audit has.
In this process of change and shaping, the focal point and direction of internal audit has changed and a shift has been made from a classical internal audit approach to a risk-based audit approach, which focuses on priority high risk areas. Business activities are based on continuity. In particular, corporate insolvency in the US has made it necessary for investors to look beyond the profitability of the company with a new approach. This is the continuity of the business. In this context, it is of utmost importance to determine the risks that the company may face in the future and to manage these risks. It is only in the traditional audit process that the financial statements of companies are audited retrospectively. However, there is not enough information about the future (continuity) of the investor business by looking only at the financial tables. The development of policies that enable the operator to determine the level of risk within the enterprise and to ensure that the operator is free from the least harm is possible through risk management.
MBA Risk-focused internal audit activity is also a process that focuses on the principal risks of the business and the management of these risks. Undoubtedly, the vision, strategy, social responsibility, objectives, risk analysis of the company as well as the financial data are an integral part of the financial data. As a result of this development, the company has come up with new approaches to supervision that require both historical financial data and future risk estimates. Increasing the importance of risk management and playing an important role in the emergence of risk-based internal audit 2 approach has begun to see organizations as an important tool in achieving risk management. Organizations’ desire to effectively manage risks has led governments to add more value to internal audit. Internal audit has changed direction in this direction and has turned its face to the future by leaving the past and only concerned with the controls, and focusing on the risks that are waiting for the organization in the future.
This thesis, which is a work-related risk-focused internal audit, consists of three parts. “MBA Internal Control System and Internal Audit Function” titled first part of the internal control system and basic concepts relating to internal audit, the year in which first appeared in the internal audit are described legal regulations which are related to the evolution and the world passed since and internal auditing in world. In the second section entitled “Risk-Focused Internal Audit as an Enterprise Risk Management Tool“, basic information on risk, risk management and corporate risk management is mentioned and the conditions that create a risk-focused deadline are mentioned and the phases of risk-based audit are explained. In the third section entitled “A Study on Determining the Level of Financial Risk under Risk-Focused Internal Auditing in Companies Registered in the Manufacturing Industry Index”, a questionnaire study and analysis of the effect of risk-based internal audit on the level of financial risk of the companies was given.