Download or read book Risk Identification and Assessment in a Risk Based Audit Environment written by Michelle Chandler Diaz and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk based audit (RBA) approaches represent a major trend in current audit methodology. The approach is based on risk analysis used to identify business strategy risk. The RBA has created a new set of research issues that need investigation. In particular, this approach has important implications for risk identification and risk assessment. The success of the RBA approach is contingent on understanding what factors improve or interfere with the accuracy of these risk judgments. I examine how budget constraints and decision aid use affect risk identification and risk assessment. Unlike previous budget pressure studies, I cast budget constraints as a positive influence on auditors. I expect more stringent budget constraints to be motivating to the auditor as they provide a goal for the auditor to achieve. I also expect budget constraints to induce feelings of pressure leading to the use of time-pressure adaptation strategies. When auditors have use of a decision aid, they take advantage of these motivational goals and/or use beneficial adaptive strategies. Overall, I find that auditor participants tend to be more accurate when identifying financial statement risks compared to business risks. Budget constraints have no effect on risk identification for financial or business risks; they also have no effect on financial risk assessments. On the other hand, business risk assessments are improved by implementing more stringent budget constraints, but only when a decision aid is also provided. Budget constraints can affect performance through a goal theory route or a time-pressure adaptation route. I investigate the paths through which budget constraints improve business risk assessments under decision aid use. I find that budget constraints directly affect performance, supporting a goal theory route. However, I do not find that budget constraints are mediated by perceived budget pressure as expected. Auditors appear to use a positive adaptive strategy to respond to perceived budget pressure, however perceived budget pressure is not induced by providing a more stringent budget.
Download or read book Audit Risk Assessment Made Easy written by Charles Hall and published by . This book was released on 2021-08-07 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Teaches auditors how to use risk assessment to plan their engagements.
Download or read book Risk Based Auditing written by Phil Griffiths and published by CRC Press. This book was released on 2016-04-08 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of internal audit is changing. The Sarbanes-Oxley legislation in the US and the Combined Code for Corporate Governance in the UK focused on the need to demonstrate the active management of risks and report on this subject to shareholders. Boards of Directors are therefore increasingly requiring their Internal Audit functions to provide a much higher level of assurance in this regard. Phil Griffiths' Risk-Based Auditing explains the concepts and practice behind a risk-based approach to auditing. He explores the changing environment in both the private and public sectors and the associated legislation and guidance. The book then provides a blueprint for refocusing the internal audit role to embrace risk and to help plan, market, undertake and report a risk-based audit. The text includes a detailed risk-based audit toolkit with 14 sections of tools, techniques and information to enable a risk-based approach to be adopted. This is an essential guide for internal and external auditors seeking to manage the realities of the audit function in the turbulent and fast-changing business environment that has emerged since the end of the last century.
Download or read book Audit Guide written by AICPA and published by John Wiley & Sons. This book was released on 2016-11-07 with total page 576 pages. Available in PDF, EPUB and Kindle. Book excerpt: Want to ensure effective and efficient execution of the Risk Assessment Standards? AICPA has the resources you need: Audit Risk Assessment Tool (available online only) Assessing and Responding to Audit Risk in a Financial Statement Audit - AICPA Audit Guide The Audit Risk Assessment Tool walks an experienced auditor through the risk assessment procedures and documents those decisions necessary to prepare an effective and efficient audit program. Designed to be used in lieu of cumbersome checklists, it provides a top down risk-based approach to the identification of high risk areas to allow for appropriate tailoring of audit programs which will result in audit efficiencies. The tool is available in the Online Subscription format and includes access to the full Risk Assessment Guide. The AICPA Audit Guide Assessing and Responding to Audit Risk in a Financial Statement Audit is the definitive source for guidance on applying the core principles of the risk-based audit methodology that must be used on all financial statement audits. This guide is written in an easy-to-understand style that enables auditors of all experience levels to find answers to the issues they encounter in the field. Unique insights, examples and a comprehensive case study clarify critical concepts and requirements. Disclaimer This Audit Risk Assessment Tool is designed to provide illustrative information with respect to the subject matter covered and is recommended for use on audit engagements that are generally smaller in size and have less complex auditing and accounting issues. It is designed to help identify risks, including significant risks, and document the planned response to those risks. The Audit Risk Assessment Tool should be used as a supplement to a firm's existing planning module whether in a firm-based or commercially provided methodology. The Audit Risk Assessment Tool is not a complete planning module. The AICPA recommends the Audit Risk Assessment Tool be completed by audit professionals with substantial accounting, auditing and specific industry experience and knowledge. For a firm to be successful in improving audit quality and efficiencies, it is recommended that a 5+ years experienced auditor completes the Audit Risk Assessment Tool or the engagement team member with the most knowledge of the industry and client (often Partner in small/medium firms) provides insight to whomever is completing the ARA Tool. The AICPA recommends this should not be delegated to lower-level staff and just reviewed – it should be completed under the direction of the experienced auditor (if you delegate to inexperienced auditor you will be at risk for less effectiveness and efficiencies because the tool is intended to be completed by an experienced auditor). The Audit Risk Assessment Tool does not establish standards or preferred practices and is not a substitute for the original authoritative auditing guidance. In applying the auditing guidance included in this Audit Risk Assessment Tool, the auditor should, using professional judgment, assess the relevance and appropriateness of such guidance to the circumstances of the audit. This document has not been approved, disapproved, or otherwise acted on by a senior committee of the AICPA. It is provided with the understanding that the staff and publisher are not engaged in rendering legal, accounting, or other professional service. All such information is provided without warranty of any kind.
Download or read book Audit Planning written by K. H. Spencer Pickett and published by John Wiley & Sons. This book was released on 2006-02-17 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: More now than ever before, auditing is in the spotlight; legislators, regulators, and top executives in all types of businesses realize the importance of auditors in the governance and performance equation. Previously routine and formulaic, internal auditing is now high-profile and high-pressure! Being an auditor in today's complex, highly regulated business environment involves more than crunching the numbers and balancing the books-it requires ensuring that appropriate checks and balances are in place to manage risk throughout the organization. Designed to help auditors in any type of business develop the essential understanding, capabilities, and tools needed to prepare credible, defensible audit plans, Audit Planning: A Risk-Based Approach helps auditors plan the audit process so that it makes a dynamic contribution to better governance, robust risk management, and more reliable controls. Invaluable to internal auditors facing new demands in the workplace, this book is also a "hands-on" reference for external auditors, compliance teams, financial controllers, consultants, executives, small business owners, and others charged with reviewing and validating corporate governance, risk management, and controls. The second book in the new Practical Auditor Series, which helps auditors get down to business, Audit Planning: A Risk-Based Approach gives new auditors principles and methodologies they can apply effectively and helps experienced auditors enhance their skills for success in the rapidly changing business world.
Download or read book Health and Safety Environment and Quality Audits written by Stephen Asbury and published by Routledge. This book was released on 2013-10-15 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a step-by-step guide to technical and operational integrity audits which has become invaluable for senior management and auditors alike. This book: Shows practitioners and students how to carry out internal audits to the key international health and safety, environment and quality standards Contains over 20 new case studies, 20 additional A-Factors, and superb new illustrations Includes checklists, forms and practical tips to make learning easier. With the addition of colour, Health and Safety Environment and Quality Audits delivers a powerful and proven approach to auditing business-critical risk areas. It covers each of the aspects that need to be taken into account for a successful risk-based audit to international or company standards and is an important resource for auditors and lead auditors, managers, HSEQ professionals, and others with a critical interest in governance, assurance and organizational improvement. The companion website at www.routledge.com/cw/asbury contains relevant articles, example risk management frameworks, and a video by the author explaining the key aspects of the book.
Download or read book Enterprise Risk Management and COSO written by Harry Cendrowski and published by John Wiley & Sons. This book was released on 2009-11-13 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Enterprise Risk Management and COSO: A Guide for Directors, Executives, and Practitioners "Enterprise Risk Management and COSO is a comprehensive reference book that presents core management of risk tools in a helpful and organized way. If you are an internal auditor who is interested in risk management, exploring this book is one of the best ways to gain an understanding of enterprise risk management issues." —Naly de Carvalho, FSA Times "This book represents a unique guide on how to manage many of the critical components that constitute an organization's corporate defense program." —Sean Lyons, Corporate Defense Management (CDM) professional "This book provides a comprehensive analysis of enterprise risk management and is invaluable to anyone working in the risk management arena. It provides excellent information regarding the COSO framework, control components, control environment, and quantitative risk assessment methodologies. It is a great piece of work." —J. Richard Claywell, CPA, ABV, CVA, CM&AA, CFFA, CFD "As digital information continues its exponential growth and more systems become interconnected, the demand and need for proper risk management will continue to increase. I found the book to be very informative, eye-opening, and very pragmatic with an approach to risk management that will not only add value to all boards who are maturing and growing this capability, but also will provide them with competitive advantage in this important area of focus." —David Olivencia, President, Hispanic IT Executive Council Optimally manage your company's risks, even in the worst of economic conditions. There has never been a stronger need for sound risk management than now. Today's organizations are expected to manage a variety of risks that were unthinkable a decade ago. Insightful and compelling, Enterprise Risk Management and COSO reveals how to: Successfully incorporate enterprise risk management into your organization's culture Foster an environment that rewards open discussion of risks rather than concealment of them Quantitatively model risks and effectiveness of internal controls Best discern where risk management resources should be dedicated to minimize occurrence of risk-based events Test predictive models through empirical data
Download or read book Risk Assessment and Risk Management for the Chemical Process Industry written by Stone & Webster Engineering Corporation and published by John Wiley & Sons. This book was released on 1991-09-03 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt: The tragic incident at Bhopal, India made it clear that safetyreviews for identification and control of accidents involving toxicchemicals must be more systematic. This guide shows how tointegrate hazard identification, risk assessment, consequenceanalysis, and risk mitigation into a formalized program forhandling hazardous chemicals. Most of the 21 contributors aresenior staff members at Stone & Webster EngineeringCorporation. They discuss how to perform and supervise safetystudies for chemical, petrochemical, petroleum refining, and otherfacilities. They discuss all aspects of detection, prevention, andmitigation of risks associated with processing, handling, andproduction of hazardous chemicals. Special attention is given tohazard identification and hazard assessment techniques ranging fromsimple screening checklists to highly structured Hazard andOperability (HAZOP) analysis. You're shown how to calculatepotential consequences of identified hazards, quantify thelikelihood of these events, and combine equipment failure rate dataand human reliability analysis with hazard assessment. You'll alsobenefit from the book's rundowns of how to * apply expert systems and artificial intelligence in riskmanagement * instill safety-oriented operating and maintenanceprocedures * train operators and emergency response personnel * conduct internal and external safety audits * perform chemical dispersion, explosion, and fire analyses * assess health effects from chemical releases * use insurance vehicles to deal with residual risk. Risk Assessment and Risk Management for the Chemical ProcessIndustry is an essential source on minimizing the dangers of toxicincidents and accidents. It is essential reading for safetyengineers, regulatory managers, environmental engineers, and otherprofessionals responsible for safety in chemical plants.
Download or read book Risk Management written by Antonio Borghesi and published by Springer Science & Business Media. This book was released on 2012-10-05 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: The increasingly risky environment in which companies operate is characterized by a rising number of risk components, factors, sources, and drivers. The identification, evaluation, and management of these risks require the capability to coordinate various skills within a company and in upstream and downstream relationships. This handbook provides an integrated approach to the assessment, transfer, and communication of critical risks and highlights emerging methodologies that can help to protect businesses from adverse events and their effects. It explains how different risk management perspectives should be combined, and in particular how the corporate governance vision should be integrated with the perspectives of operations management, financial management, and business continuity management. In this sense the handbook provides concrete directions on how to develop a risk management team and culture, taking into account business challenges and employing appropriate managerial tools.
Download or read book Audit Planning written by K. H. Spencer Pickett and published by John Wiley & Sons. This book was released on 2013-08-12 with total page 306 pages. Available in PDF, EPUB and Kindle. Book excerpt: More now than ever before, auditing is in the spotlight; legislators, regulators, and top executives in all types of businesses realize the importance of auditors in the governance and performance equation. Previously routine and formulaic, internal auditing is now high-profile and high-pressure! Being an auditor in today's complex, highly regulated business environment involves more than crunching the numbers and balancing the books-it requires ensuring that appropriate checks and balances are in place to manage risk throughout the organization. Designed to help auditors in any type of business develop the essential understanding, capabilities, and tools needed to prepare credible, defensible audit plans, Audit Planning: A Risk-Based Approach helps auditors plan the audit process so that it makes a dynamic contribution to better governance, robust risk management, and more reliable controls. Invaluable to internal auditors facing new demands in the workplace, this book is also a "hands-on" reference for external auditors, compliance teams, financial controllers, consultants, executives, small business owners, and others charged with reviewing and validating corporate governance, risk management, and controls. The second book in the new Practical Auditor Series, which helps auditors get down to business, Audit Planning: A Risk-Based Approach gives new auditors principles and methodologies they can apply effectively and helps experienced auditors enhance their skills for success in the rapidly changing business world.
Download or read book Health and Safety Environment and Quality Audits written by Stephen Asbury and published by Routledge. This book was released on 2007 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: Internal Auditing is an essential tool for managing compliance with health and safety, environmental safety and quality standards. Increasingly these three areas are audited by the same professionals to proliferating standards (e.g. OHSAS 18001 for health and safety, ISO 9001 for quality, ISO 14001 for environment). This book delivers a powerful and proven approach to auditing business-critical risk areas. It covers each of the aspects that need to be taken into account for a successful audit to recognised standards and is an important resource for auditors, managers, health and safety professionals, and anyone with a critical interest in governance and organizational improvement. Stephen Asburyis Managing Director of Corporate Risk Systems Limited, providing risk management consultancy, training and software. He is a Member of the Council of IOSH and Chair of the IOSH Professional Committee. Stephen has over 20 years' experience as a health, safety and environment practitioner, and a regular contributor to conferences, journals and other publications. Peter Ashwellis Managing Director of Kingdom Management Limited,an Internal Audit training consultancy which has been servicing multinational clients worldwide for the last 16 years. He is a Chartered Accountant, a Fellow of the Chartered Institute of Personnel and Development and a Fellow of the Institute of Leadership and Management with over 30 years experience in business.lth, safety and environment practitioner, and a regular contributor to conferences, journals and other publications. Peter Ashwellis Managing Director of Kingdom Management Limited,an Internal Audit training consultancy which has been servicing multinational clients worldwide for the last 16 years. He is a Chartered Accountant, a Fellow of the Chartered Institute of Personnel and Development and a Fellow of the Institute of Leadership and Management with over 30 years experience in business.
Download or read book Environmental Risk written by Albert R. Wilson and published by CRC Press. This book was released on 1991-05-21 with total page 446 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers the entire spectrum from asbestos to wetlands management This book shows you how to minimize environmental risks in the best and most cost-effective manner. Familiar techniques from modern management practice (such as inventory management and performance reporting) are adapted and applied to long-term environmental risk reduction and control. Real-life examples are used to illustrate the concepts explained in the book. Topics discussed include environmental assessments Phases I through III, environmental risk inventory development, risk justification, legal implications, public relations and public perceptions, notification requirements, budgeting, physical and human control mechanisms, hazard ranking worksheets, environmental risk audits, and risk reduction cost analysis. The book shows you how to develop a set of environmental "books" and records analogous to standard financial reports. It's indispensable for all managers, consultants, attorneys, lenders, insurance and real estate professionals, as well as anyone else concerned with the management of environmental risks.
Download or read book Enterprise Risk Management written by AICPA and published by John Wiley & Sons. This book was released on 2018-02-21 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new publication includes invaluable guidance for anyone responsible for or advising on an enterprise risk management process (ERM), whether the process is in its early stages or is already well established. This resource will help you ensure the ERM process is well designed, well executed, and ultimately successful. Global, economic, and regulatory conditions as well as everyday internal risks can affect business operations, so it’s important to have a process in place that identifies these events and manages risks. This guide leverages the concepts of existing frameworks as a foundation for providing illustrative examples, best practices, and guidance for implementing or assessing an enterprise risk management process.
Download or read book The Future of Risk Management Volume I written by Paola De Vincentiis and published by Springer. This book was released on 2019-04-11 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: With contributions presented during the Second International Risk Management Conference, this first volume addresses important areas of risk management from a variety of angles and perspectives. The book will cover three separate tracks, including: legal issues in risk management, risk management in the public sector and in healthcare, and environmental risk management, and will be of interest to academic researchers and students in risk management, banking, and finance.
Download or read book Perspectives on Strategic Risk Management written by Torben Juul Andersen and published by Copenhagen Business School Press DK. This book was released on 2006 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Operating across international markets is a highly turbulent affair that imposes real challenges on corporate risk management capabilities. The multinational corporation is exposed to many diverse risks and exogenous influences beyond managerial control but also attain new strategic opportunities. The exposures range from price volatilities, changing macroeconomic conditions, and operational disruptions to technological innovations, competitive moves, and socio-political events. Strategic risk management can reduce the adverse effects from these exposures but may also furnish gains from new opportunities. This book relates to the need for effective strategic risk management practices that facilitate the ability to monitor essential exposures and respond appropriately to changing environmental conditions. "
Download or read book The Why and How of Auditing written by Charles Hall and published by . This book was released on 2019-06-25 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This book assists auditors in planning, performing, and completing audit engagements. It is designed to make auditing more easily understandable.
Download or read book Risk Management at Board Level written by Vinay Kalia and published by Haupt Verlag. This book was released on 2019-01-14 with total page 235 pages. Available in PDF, EPUB and Kindle. Book excerpt: Risk Management today has moved from being the topic of top level conferences and media discussions to being a permanent issue in the board and top management agenda. Several new directives and regulations in Switzerland, Germany and EU make it obligatory for the firms to have a risk management strategy and transparently disclose the risk management process to their stakeholders. Shareholders, insurance providers, banks, media, analysts, employees, suppliers and other stakeholders expect the board members to be pro-active in knowing the critical risks facing their organization and provide them with a reasonable assurance vis-à-vis the management of those risks. In this environment however, the lack of standards and training opportunities makes this task difficult for board members. This book with the help of real life examples, analysis of drivers, interpretation of the Swiss legal requirements, and information based on international benchmarks tries to reach out to the forward looking leaders of today's businesses. The authors have collectively brought their years of scientific and practical experience in risk management, Swiss law and board memberships together to provide the board members practical solutions in risk management. The desire is that this book will clear the fear regarding risk management from the minds of the company leadership and help them in making risk savvy decisions in quest to achieve their strategic objectives.
