rajni
29-11-07, 02:22 AM
Need for auditors to communicate with those charged with governance Any potential risk or exposures
Material risk to organisation
International codes of CG
IOSCO: Promotes as international high standards of regulation to maintain efficient and sound markets
OECD principles: Effective CG framework
Reporting responsibilities of auditors:
FS provide a true and fair view of financial position and performance of organisaton in given time period
FS are prepared in accordance with all relevant legal, regulatory, governance and accounting regulations
Role of audit committees
Oversee external audit
Monitor the internal control systems
Limitations of audit committee
Does not have authority to appoint or dismiss auditors
Added cost to the organization
Importance of internal control and risk management
The purpose of internal control and risk management is not to eliminate all business risks but to provide a way to manage them.
Material risk to organisation
International codes of CG
IOSCO: Promotes as international high standards of regulation to maintain efficient and sound markets
OECD principles: Effective CG framework
Reporting responsibilities of auditors:
FS provide a true and fair view of financial position and performance of organisaton in given time period
FS are prepared in accordance with all relevant legal, regulatory, governance and accounting regulations
Role of audit committees
Oversee external audit
Monitor the internal control systems
Limitations of audit committee
Does not have authority to appoint or dismiss auditors
Added cost to the organization
Importance of internal control and risk management
The purpose of internal control and risk management is not to eliminate all business risks but to provide a way to manage them.