Risk management: the reinvention of internal control and the changing role of internal audit
Spira, L. and Page, Mike (2003) Risk management: the reinvention of internal control and the changing role of internal audit. Accounting Auditing and Accountability Journal, 16 (4). pp. 640-661. ISSN 0951-3574 10.1108/09513570310492335Full text not available from this repository.
The publication of the Turnbull guidance represented a radical redefinition of the nature of internal control as a feature of corporate governance in the UK, explicitly aligning internal control with risk management. This paper explores this change, using sociological perspectives on risk and its conceptualisation to frame the debate about internal control and risk management within the UK corporate governance arena – the most recent manifestation of an ongoing competition for the control of economic and social resources. The paper demonstrates that developments in corporate governance reporting requirements offer opportunities for the appropriation of risk and its management by groups wishing to advance their own interests. This is illustrated by a review of recent changes in internal audit.
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