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Auditor's Risk Management Guide: Integrating Auditing and ERM (2009)

Auditor's Risk Management Guide: Integrating Auditing and ERM (2009)

Author: Paul J. Sobel
Publisher: CCH U.S.
ISBN: 9780808020844
Published In: April 2009
Format: Paperback , 586 pages
Jurisdiction: U.S. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents

Details
Auditor’s Risk Management Guide: Integrating Auditing and ERM is a comprehensive how-to book that guides the reader on performing risk management-based audits. The book covers the Enterprise Risk Management Integrated Framework issued by the Committee of Sponsoring Organizations (COSO).

Following the passage of Sarbanes-Oxley and its strict corporate governance and accountability provisions, developing better risk management techniques is becoming more important in meeting higher audit committee expectations. Written by an audit practitioner, that’s where this practical guide comes in.
- The first part of the Auditor’s Risk Management Guide provides a broad understanding of corporate governance, ERM principles, and different auditing approaches. It also provides step-by-step instructions on how to execute the risk management-based audit, including frequently asked questions.
- The second part of the book is devoted to detailed case studies that illustrate the risk management-based audit methodology and tools in different scenarios, beginning with a business risk assessment and working through common audit areas such as closing the books, accounts payable, and accounts receivable.
- Practice Pointers and Observations throughout provide additional commentary to assist the reader in understanding the methodology.
Features and Benefits
- Discussion of the interrelationships between governance, risk, and compliance (GRC), including the expanded role of compliance
- A new chapter on entity-level controls
- A new practice aid, “Entity-Level Controls Assessment,” which is designed to assist companies in their evaluation of entity-level controls
- Discussions of financial statements and risks as they relate to the AICPA’s Statement on Auditing Standards No. 107, Audit Risk and Materiality in Conducting an Audit
- Information on the guidance for small companies as outlined in Impact of COSO’s Internal Control over Financial Reporting—Guidance for Smaller Public Comp
- A section on determining materiality for financial statements taken as a whole that provides guidance on establishing materiality levels at the financial statement level
§ Risk Management-Based Auditing

o    Overview of Enterprise Risk Management

o    The Enterprise Risk Management Funnel

o    Evolution of Auditing Approaches

o    Strategy--The Beginning of the Journey

o    Risk Assessment--Business Level

o    Risk Assessment Qualification Techniques

o    Risk Assessment--Process Level

o    Process Design Phase

o    Testing Phase

o    Risk Infrastructure Assessment

o    Action Planning Phase--The Real Value

o    Monitoring and Follow-Up

o    Auditing the ERM Process

o    The Future of Risk Management-Based Auditing

o    Frequently Asked Questions

§ Case Studies

o    Case Study--Business Risk Assessment

o    Case Study--Risk Management Infrastructure

o    Case Study--Close the Books

o    Case Study—Inventory

o    Case Study—Procurement

o    Case Study--Accounts Payable and Disbursements

o    Case Study--Accounts Receivable and Collections

o    Case Study--Quality Assurance

o    Case Study--Payroll and Related Liabilities

o    Case Study--Fixed Assets