Risks in accounting and audit firms are most often described by the audit risk model. This model describes how the responsibilities of management and auditors combine to determine the risk of the ...

The Committee of Sponsoring Organizations of the Treadway Commission released a new paper Wednesday on uniting COSO’s enterprise risk management framework with “agile” practices in internal auditing ...

The AICPA Auditing Standards Board’s (ASB’s) plans to finalize a new risk assessment standard at its August meeting should be welcome news for many practitioners. Risk assessment is a fundamental ...

Risk-based audit needs a reset to enterprise risk and value auditing. When I became a chief audit executive (CAE) for the first time in 1990, I determined a risk-based approach was inadequate. A ...

The American Institute of CPAs has released a guide to help auditors deal with a new standard on assessing the risks of a material misstatement. The new audit guide, Risk Assessment in a Financial ...

Forbes contributors publish independent expert analyses and insights. Robert Eccles writes about sustainability in the capital markets. This article is more than 3 years old. The internal audit (IA) ...

Nobody really likes being audited, but it's an important function to ensure the practices and policies of a company and/or individual are above board. And, as with all jobs, someone's gotta do it.

A small business's internal control system can only be as strong as the rules, policies and procedures put in place to detect fraud, waste or abuse and protect its financial and physical assets.