The Department of Accounting Studies at the Post-graduate Institute for Accounting and Financial Studies at the University of Baghdad discussed the research titled(Risk-based Internal Audit Using PESTEL Model to Add Value to Company In light of International Standards of Professional Practice -Applied research)) for the student Ahmed Hamid Kadhim to obtain chartered accountant certificate, which is the highest professional certificate in the field of specialization, and its holder enjoys all the rights and privileges of a doctorate degree.
The study aimed to shed light on the risk-based internal audit methodology and the most prominent internal audit professional standards that presented the risks and thus the risks end up, and the most important controls regarding stakeholders and the company in general, as well as clarifying the external environment factors represented by (PESTEL) factors, which represent the letters The first includes political factors, legal factors, environmental factors, technical factors, social factors, and economic factors, to determine the work centers according to the degree of their exposure to risks, to control them, and reduce them to The level accepted by management.
The study concluded that the use of the risk-based internal audit mechanism makes the audit process more realistic by identifying all risks and their interaction with the factors surrounding the company, making it fail to achieve its goals, as well as directing the efforts of internal auditors to high-risk areas that, if not identified and occur, would threaten the lives of Company.
