Financial integrity is fundamental to the stability and sustainability of global financial systems, requiring robust internal audit mechanisms, comprehensive risk assessment models, and effective governance frameworks. This paper explores the role of an advanced internal audit risk assessment and governance model in enhancing financial integrity, addressing key challenges in financial oversight, and mitigating risks associated with fraud, regulatory non-compliance, and unethical financial practices. It begins by examining the theoretical foundations of internal auditing and governance, highlighting key models and frameworks that shape financial oversight practices. The paper then delves into the evolution of risk assessment methodologies, emphasizing the integration of artificial intelligence, predictive analytics, and data-driven auditing techniques to enhance risk detection and mitigation. A critical aspect of this study is the development of a sophisticated internal audit risk assessment model that leverages technological advancements to strengthen financial oversight. The paper outlines essential components of an effective risk assessment framework, emphasizing the role of data analytics, automated compliance monitoring, and industry benchmarks in improving financial transparency. Additionally, it presents case studies and industry best practices that demonstrate the effectiveness of enhanced risk assessment models in preventing financial irregularities. The governance framework proposed in this paper underscores the importance of corporate transparency, ethical leadership, regulatory compliance, and strong internal controls in ensuring financial integrity. It evaluates the impact of regulatory policies, including the Sarbanes-Oxley Act, Basel Accords, and anti-money laundering frameworks, on corporate governance structures. Furthermore, the study highlights the role of cybersecurity risk management and blockchain-based audit mechanisms in strengthening financial accountability. Future research opportunities in audit risk assessment and governance are also discussed, with a focus on AI-driven audit systems, blockchain transparency solutions, behavioral governance models, and global regulatory harmonization. The paper concludes by providing strategic policy recommendations for financial institutions, regulatory bodies, and corporate entities, advocating for the integration of advanced analytics, enhanced whistle-blower protections, stronger cybersecurity governance, and cross-border regulatory cooperation. By implementing these measures, organizations can fortify financial integrity, mitigate systemic risks, and build a more transparent and resilient financial ecosystem.