By Phil Griffiths
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Monetary accounting is present process a interval of unparalleled switch. The FASB and IASB were operating jointly to factor converged accounting criteria that might dramatically swap key reporting components, and extra often have sought to converge accounting criteria over the years. In past due 2011, the SEC will announce its choice on even if huge public businesses within the U.
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Extra info for Risk-Based Auditing
A mechanism therefore is needed to track movements in those risks. To this end a set of Key Risk Indicators (KRI) will be identiﬁed. For each KRI a standard level of performance will also be agreed, through discussion, against which actual performance can be measured. Wherever possible this data will be drawn from existing management information. The analysis of this data, together with other risk information that might be identiﬁed, will enable regular reports to be designed to show how the risks are changing.
STAGE 1 PLANNING • • • • • • • ﬁnalisation of assignment brief with relevant Director, with input from and agreement of Risk Management Steering Group; preparation of timetable in consultation with key personnel; meetings with Chief Executive, Deputy Chief Executive, Director of Finance and Chairman of the Risk Management Steering Committee to get their perspectives and outline the process; establishment of speciﬁc milestone dates; agreement of contacts, speciﬁc format of workshops and attendees; establishment of workshop dates and so on; determination of reporting mechanisms.
The deﬁnition in this standard is: The chance of something happening that will have an effect on business objectives. In addition to the beneﬁt of being a simple and readily understood deﬁnition, the word ‘chance’ is a very good one as chance can be positive or negative. This is a very good way of being able to deﬁne risk. Another good explanation particularly looking from an Internal Audit point of view is that risk can be seen as the pulse of the organisation. This is a very good analogy, and auditors, to continue the analogy, are there to take the pulse.
Risk-Based Auditing by Phil Griffiths