Discussion

Richard Feynman is one of the most brilliant physicists of all time. He was a member of the commission investigating the Challenger space shuttle disaster. Scan his appendix to the commission's report. What are some of the lessons for internal auditors regarding management of risk?

http://history.nasa.gov/rogersrep/v2appf.htm

Discussion

You are an internal auditor at State University. State University generates a lot of revenue from their basketball program. The university is concerned about the potential loss of revenue as well as damage to their reputation if the basketball program is violating NCAA rules. List some of the key risks you would want to assess.