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Risk assessment analysis - Assignment Example

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Risk assessment refers to a systematic process for identifying and evaluating events such opportunities and possible risks that could affect the attainment of objectives negatively or positively. Such events are there in the external environment such as regulatory landscape,…
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Download file to see previous pages However, the organization is having many years of operation in the audit sector. The bond of the risk assessments to motivators of shareholder value and objectives is rarely available. Risk assessments can be regulated by rules and regulations such as anti-money embezzlement and internal control over financial reporting. They can in operation due to an organization’s own business development, operational efficiency, and talent nurturing.
It is clear from the Vectren corporation audit report that the internal control is integrated framework given by the sponsoring organization committee of the tread commission. The management in charge for the maintenance of effective internal control report entails the management in accordance to internal control over financing details. The main responsibility is expressing the opinion concerning the organizations’ audit.
The standards require a proper planning and appropriate performance of the audit to come up with a with a reasonable assurance if there was maintenance of effective internal control over the financial reports. There are aspects of evaluating the dangers that the weakness of a substance exists, assessing and testing the design and operating effectiveness. This provides a reasonable basis of the opinion count (Hester & Harrison, 2007).
An organizations’ internal control over financial reporting is a concept structured by supervision of the organizations principal executive and principal financial persons carrying out the same activity. It is always the core activity of personnel, board of directors and management to facilitate provision of assurance concerning the financial reports to be reliable. There is preparation of financial statements for external factors in accordance with accounting rules and regulations.
Making sure that the maintenance of records that are ...Download file to see next pagesRead More
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