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Risk-based Audit
Risk-based auditing is a style of auditing which focuses upon the analysis and management of risk. In the UK, the 1999 Turnbull Report on corporate governance required directors to provide a statement to shareholders of the significant risks to the business. This then encouraged the audit activity of studying these risks rather than just checking compliance with existing controls. Standards for risk management have included the COSO guidelines and the first international standard, AS/NZS 4360. The latter is now the basis for a family of international standards for risk management — ISO 31000. A traditional audit would focus upon the transactions which would make up financial statements such as the balance sheet In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business .... A risk-bas ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Analyzer
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, environment, finance, information technology, health, insurance, safety, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Definitions of risk Oxford English Dictionary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Auditing
An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, roll forward prior year working papers, and evaluate the propositions in their auditing report. Audits provide third-party assurance to various stakeholders that the subject matter is free from material misstatement. The term is most frequently applied to audits of the financial information relating to a legal person. Other commonly audited areas include: secretarial and compliance, internal controls, quality management, project management, water management, and energy conservation. As a result of an audit, stakeholders may evaluate and improve the effectiveness of ri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk
In simple terms, risk is the possibility of something bad happening. Risk involves uncertainty about the effects/implications of an activity with respect to something that humans value (such as health, well-being, wealth, property or the environment), often focusing on negative, undesirable consequences. Many different definitions have been proposed. One ISO standard, international standard definition of risk is the "effect of uncertainty on objectives". The understanding of risk, the methods of assessment and management, the descriptions of risk and even the definitions of risk differ in different practice areas (business, economics, Environmental science, environment, finance, information technology, health, insurance, safety, security, security, privacy, etc). This article provides links to more detailed articles on these areas. The international standard for risk management, ISO 31000, provides principles and general guidelines on managing risks faced by organizations. Defi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Turnbull Report
''Internal Control: Guidance for Directors on the Combined Code'' (1999) also known as the "Turnbull Report" was a report drawn up with the London Stock Exchange for listed companies. The committee which wrote the report was chaired by Nigel Turnbull of The Rank Group plc. The report informed directors of their obligations under the Combined Code with regard to keeping good "internal controls" in their companies, or having good audits and checks to ensure the quality of financial reporting and catch any fraud before it becomes a problem. Revised guidance was issued in 2005. The report was superseded by a further FRC guidance issued in September 2014. See also * UK company law * Corporate Governance * Cadbury Report (1992), ''Financial Aspects of Corporate Governance'', on corporate governance generally. Pdf filhere* Greenbury Report (1995) on director remuneration. Pdhere* Hampel Report (1998), review of corporate governance since Cadbury, pdhereand online with the EGC* Myne ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Governance
Corporate governance refers to the mechanisms, processes, practices, and relations by which corporations are controlled and operated by their boards of directors, managers, shareholders, and stakeholders. Definitions "Corporate governance" may be defined, described or delineated in diverse ways, depending on the writer's purpose. Writers focused on a disciplinary interest or context (such as accounting, finance, corporate law law, or management) often adopt narrow definitions that appear purpose specific. Writers concerned with regulatory policy in relation to corporate governance practices often use broader structural descriptions. A broad (meta) definition that encompasses many adopted definitions is "Corporate governance describes the processes, structures, and mechanisms that influence the control and direction of corporations." This meta definition accommodates both the narrow definitions used in specific contexts and the broader descriptions that are often presented as au ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Risk Management
Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (security), threats) including uncertainty in Market environment, international markets, political instability, dangers of project failures (at any phase in design, development, production, or sustaining of life-cycles), legal liabilities, credit risk, accidents, Natural disaster, natural causes and disasters, deliberate attack from an adversary, or events of uncertain or unpredictable root cause analysis, root-cause. Retail traders also apply risk management by using fixed percentage position sizing and risk-to-reward frameworks to avoid large drawdowns and support consistent decision-making under pressure. There are two types of events viz. Risks and Opportunities. Negative events can be classified as risks while positive events are classifi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Committee Of Sponsoring Organizations Of The Treadway Commission
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 2013), COSO published the ''Internal Control – Integrated Framework'', commonly used by businesses in the United States to design, implement, and conduct systems of internal control over financial reporting and assessing their effectiveness. History In 1985, COSO began as a private sector initiative to investigate the causal factors that lead to fraudulent financial reporting as a result of a number of accounting scandals in the 1970s and mid-1980s. This initiative was termed the National Commission on Fraudulent Financial Reporting; the first president of the Commission was James C. Treadway, Jr., a former Commissioner of the US Securities and Exchange Commission, and therefore the initiative was commonly called the "Treadway Commission". ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Accreditation System Of Australia And New Zealand
Joint Accreditation System of Australia and New Zealand (JASANZ) is an independent, third party accreditation body that provides internationally recognised accreditation services. JASANZ was established by International treaty titled ''Agreement between Australia and New Zealand concerning the Establishment of the Council of the Joint Accreditation System of Australia and New Zealand (JASANZ)'' signed in Canberra on 30 October 1991, to strengthen the trading relationship between the two countries and with other countries. Accreditation adds value to the ever growing and increasingly complicated market chain in many ways, including by providing a symbol of assurance that certifiers and inspectors are independent and competent to perform their duties. JASANZ accredits the bodies that certify or inspect organisations, products or people. They do so by developing the assessment criteria certifiers and inspectors must meet to become accredited under these themes: * Business and Inno ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
ISO 31000
ISO 31000 is an international standard that provides principles and guidelines for risk management. It outlines a comprehensive approach to identifying, analyzing, evaluating, treating, monitoring and communicating risks across an organization. The goal of these standards is to provide a consistent vocabulary and methodology for assessing and managing risk, addressing long-standing ambiguities and inconsistencies in how risk has traditionally been defined and described. They are designed to be compatible with and integrated into existing management systems, supporting a unified and systematic approach to risk across all organizational functions. Introduction ISO 31000 was published as a standard on 13 November 2009, and provides a standard on the implementation of risk management. A revised and harmonized ISO/IEC Guide 73 was published at the same time. The purpose of ISO 31000 is to provide a guideline on managing risk faced by organizations Using a common approach for any ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Balance Sheet
In financial accounting, a balance sheet (also known as statement of financial position or statement of financial condition) is a summary of the financial balances of an individual or organization, whether it be a sole proprietorship, a business partnership, a corporation, private limited company or other organization such as government or not-for-profit entity. Assets, liabilities and ownership equity are listed as of a specific date, such as the end of its financial year. A balance sheet is often described as a "snapshot of a company's financial condition". It is the summary of each and every financial statement of an organization. Of the four basic financial statements, the balance sheet is the only statement which applies to a single point in time of a business's calendar year. A standard company balance sheet has two sides: assets on the left, and financing on the right–which itself has two parts; liabilities and ownership equity. The main categories of assets are ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
