Which framework is commonly used for risk management in internal auditing?

The COSO Framework is widely recognized as a fundamental framework for risk management within internal auditing. Developed by the Committee of Sponsoring Organizations of the Treadway Commission, this framework provides a comprehensive structure for organizations to effectively identify, assess, and manage risks that could impact their ability to achieve objectives. It emphasizes the importance of integrating risk management into the overall governance and control processes of an organization, supporting the development of a culture that prioritizes risk awareness at all levels.

By leveraging the COSO Framework, internal auditors can ensure that their audits are aligned with the organization's risk appetite and risk management processes. This allows for a more robust assessment of how risks are managed and whether internal controls are effective in mitigating those risks. Additionally, the framework's focus on aligning risk management with strategic objectives helps auditors to provide relevant insights and recommendations to improve the organization's risk posture.

In contrast, while the other frameworks mentioned have their own applications—such as ISO 9001 for quality management, the Sarbanes-Oxley Act focusing on financial reporting and compliance, and the NIST Framework primarily addressing cybersecurity risks—they are not specifically designed or recognized as a comprehensive framework for risk management in internal auditing like the COSO Framework.