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Checking risk oversight can inform audits

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Sep 01, 2018

On September 1, 2018, the Journal of Accountancy published an article how by examining an organization's approach to addressing enterprise-wide risks, auditors might find clues to how well management focuses on financial-statement risks.

The article includes considerations that might provide insights for auditors about the entity's commitment to risk assessment effectiveness:

  • Who leads the risk management process?
  • What is the risk identification process?
  • What type of risk information is reported?
  • How effective is board oversight of risk assessment?
  • How effectively is management monitoring risks?
  • Aggregating insights for an auditor's assessment
  • Factors to consider

Review the full article on the Journal of Accountancy's website.

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