Arising from the financial and corporate crashes from the 20th to the 21st century were several issues involving the accounting profession that eventually led to a few major changes in the accounting world. The collapses of these high profile companies were so great that they eventually caused unbearably financial losses to the stakeholders. Following the incidents, regulatory agencies around the world have started to focus on strengthening their measures to prevent more corporate collapse due to mismanagement on the Enron scale. Thus, risk management is becoming a high priority for large companies especially those operating in various countries. ERM is a concept of providing a principle based approach to risk management on aa company wide basis. It is a top-down integrated and comprehensive process for determining, evaluating, assessing, controlling, and monitoring all manner of risks faced by corporations. Nonetheless, the important issue worth investigating is whether the ERM could really improve shareholders’ wealth? and whether the internal auditors are able to perform their task in the ERM as proposed by the IIA Position Paper?