What are the various methods of risk minimization or elimination in the parlance of internal audit?

Internal Audit will apply a systematic approach to risk minimization and elimination in the following manner:

1. Ensuring that policies and procedures put in place by management are strictly adhered to thus meeting organisational goals and objective.

2. Ensuring that operational and strategic plans are properly evaluated for effective and efficiency.

3. Ensure that transactions are proactively evaluated.

4. Assessing various options in order to avoid, share, eliminate risk through performance management and assessment.

5. Ensure accurate data processing and reporting in assurance function.