Enterprise Risk Management — Integrated Framework : Any one of a variety of risks could threaten an organization’s success and lead to a decrease in stakeholder value, including: globalization, technology, demands for customized products and services, shifts in regulation, mergers and restructurings, accounting and reporting deficiencies, and complex financial instruments. Leaders must be aware of a holistic […]
How might driver-based forecasting—an approach that bases financial forecasts on operational drivers: How might driver-based forecasting—an approach that bases financial forecasts on operational drivers—support your company’s performance management needs? In the following Q&A—based on questions asked by participants during a live webcast on the topic—we discuss driver-based forecasting, the business models that lend themselves to […]
Internal audit failure leads to corporate governance failure: Toshiba – a case of internal audit failure Toshiba, a 140-year-old pillar of Japan Inc, is caught up in the country’s biggest accounting scandal since 2011. In 2011, Olympus Corp was embroiled in a scandal. In July 2015, Toshiba Corp president Hisao Tanaka and his two predecessors […]
Risk of Internal Controls Failures: http://www.gmsisuccess.com Last week’s announcement by the Securities and Exchange Commission (SEC) of the resolution of its outstanding Foreign Corrupt Practices Act (FCPA) enforcement action with Halliburton Company continues to resonate and provide lessons for the compliance practitioner. [Full disclosure – I am a Halliburton shareholder] I wanted to continue to […]
Accounting Information Systems and Internal Control: The accounting information systems that company’s use to pull all of this wonderful accounting information together and make it available to internal and external users. We will also learn about the internal controls that are built into the accounting information system to ensure the reliability of the financial information, […]
Challenges faced by senior management and the Board in understanding fraud: Enhanced focus on the consideration of fraud risks: • Fraud risk is not considered top of the Board’s agenda due to the perceived low cost of losses due to fraud; • Inordinate reliance on internal audit teams to tackle fraud risks; • Limited […]
The nature of business has changed dramatically since the late 1980s when the United States’ lead in productivity was subjected to increasingly direct foreign competition from Asian and European industries. The American response to these challenges has been twofold. First, industries in the United States have moved production of less-complex standardized goods to foreign plants […]
Cambridge University moves all lectures online until summer 2021 By Ewan Somerville The university said “given that it is likely that social distancing will continue to be required, the University has decided there will be no face-to-face lectures during the next academic year.” Tutors have been told that lectures will be held virtually, including live-streams. […]
Hazards A hazard can be anything – whether work materials, equipment, work methods or practices – that has the potential to cause harm. Risks A risk is the chance, high or low, that somebody may be harmed by the hazard. Risk assessment Risk assessment is the process of evaluating risks to workers’ safety and health […]
Auditing an organization’s governance and ethics: We have no universally accepted definition of the word “governance.” The Institute of Internal Auditors (IIA) defines corporate governance as “the combination of processes and structures implemented by the board to inform, direct, manage, and monitor the activities of the organization toward the achievement of its objectives.” While many organizations throughout […]
