Blog
Page 9 of 153
Risk Assessments and Internal Controls
From innocent but costly mistakes to deliberate fraud, all organizations are subject to risks that can jeopardize financial reporting or lead to the loss of corporate assets. That’s why it is imperative to establish a robust system of internal control to reduce or prevent such threats and strengthen financial reporting. Internal controls are policies, procedures, and […]
Tags: Risk Management
September 12, 2024
Cybersecurity Audit Checklist
Today’s corporate IT environments are complex and diverse. The security system to protect those environments can easily have hundreds of individual parts, and all of those parts need to be looked at individually and as a whole. To assure that all those parts are working as intended, you should perform a cybersecurity audit. Audits aren’t […]
Tags: Audit Management
September 11, 2024
The Different Types of Risk Assessment Methodologies
Risk is inherent to all businesses, regardless of your industry. To prevent those risks from causing harm, you must first know what threats you are facing. So the foundation of any successful risk management program is a thorough risk assessment – which can take many forms depending on what methodology best suits your needs. Risk assessment is […]
Tags: Risk Management
September 9, 2024
Top Risk Analysis Tools
For many years and across industries, enterprise risk management (ERM) has always been an important part of any successful business operation. Organizations of all types and sizes face a number of external and internal factors that make it uncertain whether they will achieve their goals; ERM can bring that uncertainty to lower levels. Understanding the […]
September 5, 2024
What Is an Audit of Internal Control Over Financial Reporting?
In today’s complex financial landscape, trust and transparency play pivotal roles in ensuring business credibility. One essential tool that bolsters this trust is an audit of internal control over financial reporting (ICFR). But what exactly is it? At its core, an ICFR audit evaluates the operating effectiveness of a company’s internal processes and controls that safeguard its financial statements from misrepresentation, either accidental […]
Tags: Audit Management
What Is Management Override of Internal Controls?
Internal controls are the processes, procedures, tasks, and activities meant to protect an organization from fraud, financial information misreporting, cybercrime, and accidental losses. A strong internal control system is also vital to maintain compliance with all applicable laws and regulations. Internal controls do, however, have one nagging weakness: management override of those controls. When managers abuse their override […]
IT Audit Checklist for Your IT Department
A disruption to your company’s information technology (IT) systems can disrupt your business operations as well, costing you time and money while employees wait for repairs. An audit of your IT systems can identify and fix those potential disruptions before they happen – and an IT audit checklist can ensure that your IT department has […]
Tags: Audit Management
5 Effective Strategies to Mitigate Market Risk
“Market risks” are risks specifically related to investments. These risks are defined by the behavior of the market overall, and can be caused by factors unrelated to your line of business. Really, any market fluctuations in any area might potentially affect your company’s investments. Market risk also refers to risks that are inherent to investments, in the […]
Tags: Risk Management
How To Identify Internal Control Weaknesses
A company’s employees, shareholders, senior management, and board of directors expect the company to conduct its business reliably, efficiently, and securely – especially its financial transactions. A company’s internal controls are the mechanisms to ensure that its business processes meet those expectations. To keep that system of internal controls running smoothly year after year, you […]
5 Tips To Prepare For Your External Audit
Your company’s first external audit can be a bit overwhelming. The audit firm will seek a considerable amount of audit evidence from your business – and if you want to prepare for that compliance audit in advance, there’s an equally vast amount of information available about how audits should work. Every company’s audit experience will differ, depending on the […]
Tags: Audit Management
Page 9 of 153