Risk management and internal control

Unstructured data: How to implement an early warning system for hidden risks

Companies rarely use technology to effectively identify risks beyond those related to business and transaction processing in financial and operating system internal controls. This article provides techniques to expand the scope of an organization’s risk management processes—in a way that may help some identify hidden risks before they emerge as full-blown crises.

Align your controls with COSO’s principles

A mapping exercise is one of the most important activities for any organization implementing the updated 2013 internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), experts say. The updated framework includes 17 newly described principles across the five components of internal control that were

How to conduct a risk workshop

Humana is a company of 50,000 people, so assessing and addressing all the risks that each segment of the company encounters is no easy feat. For years, Humana, a multibillion-dollar player in managed health care and health insurance, had a top-down approach to risk. But a few years ago, the

Internal audit oversight

One of an audit committee’s most important responsibilities is to oversee the organization’s internal audit function. Here are 10 steps audit committees can take to facilitate proper oversight and direction of internal audit: Evaluate the current and projected scope of internal audit coverage of risk management and governance. Internal auditors

Put COSO update to work

Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and

8 steps to update internal control

Here is how organizations can implement the newly updated, principles-based internal control framework of the Committee of Sponsoring Organizations of the Treadway Commission (COSO), which was released May 14 (visit ic.coso.org). The original 1992 framework has been sharpened and refreshed to reflect the current business environment. Create a team and

How audit committees can meet risk management oversight challenges

Risk management oversight is one of the most challenging areas for audit committees across the globe, according to a new report issued Tuesday by the Center for Audit Quality (CAQ), the Federation of European Accountants (FEE), and the Institute of Chartered Accountants in Australia (ICAA). The report summarizes the results

Lessons on Managing Risk in Emerging Markets

In recent years, as economies in developed countries have slipped and stagnated, a number of U.S. and other companies have sought to fuel growth by investing in emerging markets. There are many benefits to employing such a strategy: By and large, developing countries promise access to new, untapped markets; rising

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.