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If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.

Purpose -By conducting the 2006 global Common Body of Knowledge (CBOK) study, The Institute of Internal Auditors (The IIA) attempts to better understand the expanding scope of internal auditing practice throughout the world. The purpose of this review of recent internal auditing literature in The Americas is to document how the internal audit function is changing in response to the shifts in global business practices. Design/methodology/approach -The literature in The Americas is reviewed with a focus on developments that have implications for the expanded scope of internal auditing and the changing skill sets of internal auditors. This focus has implications for CBOK 2006. Findings -The literature indicates a paradigm shift in the activities performed by internal auditors. The increasing complexity of business transactions, a more dynamic regulatory environment in the USA, and significant advances in information technology have resulted in opportunities and challenges for internal auditors. Although in 2004, The IIA responded to the changing organizational environment by updating the professional practices framework, more work needs to be done to prepare internal auditors for the expanded set of skills and knowledge required to perform audits of the future. Originality/value -By presenting an overview of past literature in The Americas and discussing the shifting demands on internal audit services, the researchers hope to motivate further research in the field.

If you would like to write for this, or any other Emerald publication, then please use our Emerald for Authors service information about how to choose which publication to write for and submission guidelines are available for all. Please visit www.emeraldinsight.com/authors for more information. About Emerald www.emeraldinsight.comEmerald is a global publisher linking research and practice to the benefit of society. The company manages a portfolio of more than 290 journals and over 2,350 books and book series volumes, as well as providing an extensive range of online products and additional customer resources and services.Emerald is both COUNTER 4 and TRANSFER compliant. The organization is a partner of the Committee on Publication Ethics (COPE) and also works with Portico and the LOCKSS initiative for digital archive preservation.

PurposeThe purpose of this paper is to discuss the objectives of enterprise‐wide risk management (ERM), the Committee of Sponsoring Organizations (COSO) ERM Framework, and outline a method to implement ERM in organizations.Design/methodology/approachThis paper delineates ten steps organizations can use to develop a viable ERM system for any organization.FindingsIt is highly recommended that a high‐level risk officer with visible support from senior and board level executives has a separate function to oversee the development of an ERM department.Practical implicationsAlthough the internal audit department has a large role in evaluation and monitoring the ERM system, it is management's responsibility to develop a strong ERM function that ties corporate strategy, the budget, controls, and the entity's performance measurement systems to risk management.Originality/valueThe cost to the entity of implementing and maintaining of an ERM system is grossly out‐weighed by the results and knowledge gained in evaluating, assessing, and overseeing risk to insure achievement of strategic objectives over the short‐ and long‐term life of the organization.