We use cookies to provide essential features and services. By using our website you agree to our use of cookies .

×

Warehouse Stock Clearance Sale

Grab a bargain today!

Enterprise Risk Management Best Practices
By

Rating

Product Description
Product Details

Table of Contents

Preface xi

Chapter 1: Overview of Enterprise Risk Management 1

ERM Introduction 1

Guidance: History and Relationship 3

Organization View 5

ERM Today 7

Increased Pressure to Manage Risk 9

Additional evidence 10

Perceived Barriers to Risk Management 11

Building the Business Case for ERM: Value and Benefi ts 11

Keys to Success 13

Summary 15

Notes 16

Chapter 2: Corporate Governance and Roles and Responsibilities 17

Board Behavior 18

Corporate Culture 19

Roles and Responsibilities 20

Summary 23

Chapter 3: ERM Defined 25

Definitions and Concepts 28

Risk Categories 30

Internal Environment 31

Summary 34

note 34

Chapter 4: The ERM Process Step by Step 35

Step 1 Strategy and Objective Definition 36

Step 2 Event Identification 38

Step 3 Risk Assessment 40

Step 4 Risk Response 41

Step 5 Communication 45

Step 6 Monitoring 46

Oversight 47

Summary 47

Notes 48

Chapter 5: COSO Framework and Financial Controls 49

Focus on Financial Controls 49

Control Environment 52

Integrity and Ethical Values 53

Board of Directors 55

Management's Philosophy and Operating Style 57

Organizational Structure 57

Financial Reporting Competencies 58

Authority and Responsibility 59

Human Resources 60

Summary 61

Notes 62

Appendix 5A: Excerpt from a Code of Ethics Policy 63

Our Guiding Principles and Values 64

Conflicts of Interest 64

Confidential Information; Intellectual Property 65

Appendix 5B: Whistleblower Program 67

Reports Regarding Accounting Matters 67

Investigation of Suspected Violations 68

Discipline for Violations 68

Appendix 5C: Approval Policy and Procedures 69

Policy 69

Purpose 69

Scope 69

Approvals/Documentation 70

Chapter 6: Financial Controls and Risk Assessment 74

Risk Assessment 74

Financial Reporting Objectives 75

Financial Reporting Risks 76

Fraud Risk 77

Entity-Level Controls 83

Example: Risk Assessment and Financial Controls 84

Evaluating Deficiencies 86

Summary 87

Notes 87

Appendix 6A: Entity-Level Control Assessment 88

Control Assessment Overview 88

Control Environment 90

Overall Evaluation of Control Environment 95

Risk Assessment 96

Overall Evaluation of Risk Assessment 98

Control Activities 99

Overall Evaluation of Control Activities 100

Information and Communication 101

Overall Evaluation of Information and Communication 104

Monitoring 105

Overall Evaluation of Monitoring 108

Summary Assessment 109

Overall Assessment of Internal Controls 110

Appendix 6B: Accounts Payable Preliminary Controls

Assessment Questionnaire 111

Purchasing Controls Questionnaire 111

Internal Control Assessment 112

Appendix 6C: Fraud Risk Factors: AU Section 316 114

Risk Factors Relating to Misstatements Arising from Fraudulent

Financial Reporting 114

Chapter 7: Ongoing Compliance Overview 120

Origin of the Sarbanes-Oxley Act 120

Generating Value from Compliance 121

Moving Beyond Initial Compliance 123

Reevaluating the Compliance Program 125

Summary 131

Chapter 8: Ongoing Compliance Challenges 132

Future State Opportunity: Compliance Optimization 133

Issues to Consider When Optimizing Compliance 136

Ongoing Compliance Plan 138

Role of Internal Audit: Balancing the Compliance and

Audit Functions 143

Evolving Role of the Audit Committee 145

Summary 148

Chapter 9: Addressing Compliance and Risk Management

Challenges through Automation 149

Software Can Add Value Beyond Compliance 151

Monitoring Software 152

Utilization of Continuous Monitoring: Control Testing and Control

Automation 153

Benefits of Continuous Monitoring 154

Continuous Monitoring Tool Considerations 155

Continuous Monitoring Process 155

Risk Management Software 157

Unifying Financial Statements, Close Tasks, and SOX Controls 159

Determining the Right Solution 159

Summary 161

Note 161

Chapter 10: Ongoing Compliance and IFRS 162

International Financial Reporting Standards 162

Communicating the Impact 164

Preparing for IFRS 166

Comprehensive IFRS Transition Approach 167

Key Elements of an Effective IFRS Implementation 170

Summary 172

About the Author 173

Index 175

Preface. Chapter 1: Enterprise Risk Management Overview. ERM Introduction. Guidance: History and Relationship. Organization View. ERM Today. Increased Pressure to Manage Risk. Additional Evidence. Perceived Barriers to Risk Management. Building the Business Case for ERM: Value and Benefits. Keys to Success. Summary. Chapter 2: Corporate Governance and Roles and Responsibilities. Board Behavior. Corporate Culture. Roles and Responsibilities. Summary. Chapter 3: ERM Defined. Definitions and Concepts Risk Categories. The Internal Environment. Summary. Notes. Chapter 4: The ERM Process: Step by Step. Step 1: Strategy and Objective Definition. Step 2: Event Identification. Step 3: Risk Assessment. Step 4: Risk Response. Step 5: Communication. Step 6: Monitoring. Oversight. Summary. Notes. Chapter 5: COSO Framework and Financial Controls. Focus on Financial Controls. Control Environment. Integrity and Ethical Values. Board of Directors. Management's Philosophy and Operating Style. Organizational Structure. Financial Reporting Competencies. Authority and Responsibility. Human Resources. Summary Notes. Appendix 5A: Whistleblower Program. Reports Regarding Accounting Matters. Investigation of Suspected Violations. Discipline for Violations. Appendix 5B: Excerpt from a Code of Ethics Policy. 1.0 Our Guiding Principles and Values. 2.0 Conflicts of Interest. 3.0 Confidential Information; Intellectual Property. Appendix 5C: Approval Policy and Procedures. Policy. Purpose. Scope. Approvals/Documentation. Chapter 6: Financial Controls and Risk Assessment. Risk Assessment. Financial Reporting Objectives. Financial Reporting Risks. Fraud Risk. Entity-Level Controls. Example: Risk Assessment and Financial Controls. Evaluating Deficiencies. Summary. Notes. Appendix 6A: Entity Level Control Assessment. Control Assessment Overview. Control Environment. Overall Evaluation of Control Environment. Risk Assessment. Overall Evaluation of Risk Assessment. Control Activities. Overall Evaluation of Control Activities. Information and Communication. Overall Evaluation of Information and Communication. Monitoring. Overall Evaluation of Monitoring. Summary Assessment. Overall Assessment of Internal Controls. Appendix 6B: Accounts Payable: Preliminary Controls Assessment Questionnaire. Purchasing Controls Questionnaire. Internal Control Assessment. Appendix 6C: Fraud Risk Factors: AU Section 316. Risk Factors Relating to Misstatements Arising from Fraudulent Financial Reporting. Chapter 7: Ongoing Compliance Overview. Origin of Sarbanes-Oxley Act. Generating Value from Compliance. Moving beyond Initial Compliance. Reevaluating the Compliance Program. Summary. Chapter 8: Ongoing Compliance Challenges. Future State Opportunity: Compliance Optimization. Issues to Consider When Optimizing Compliance. Ongoing Compliance Plan. Role of Internal Audit: Balancing the Compliance and Audit Functions. The Evolving Role of the Audit Committee. Summary. Chapter 9: Addressing Compliance and Risk Management Challenges through Automation. Software Can Add Value beyond Compliance. Monitoring Software. Utilization of Continuous Monitoring: Control Testing and Control Automation. Benefits of Continuous Monitoring. Continuous Monitoring Tool Considerations. Continuous Monitoring Process. Risk Management Software. Unifying Financial Statements, Close Tasks, and SOX Controls. Determining the Right Solution. Summary. Notes. Chapter 10: Ongoing Compliance and IFRS International Financial Reporting Standards. Communicating the Impact. Preparing for International Financial Reporting Standards. Comprehensive IFRS Transition Approach. Key Elements of an Effective IFRS Implementation. Summary. About the Author. Index.

About the Author

Anne M. Marchetti has twenty-five years of finance and accounting experience in both private industry and public accounting. She is a Sarbanes-Oxley subject matter expert focused on the design, implementation, analysis, and optimization of internal control systems and corporate governance programs. Ms. Marchetti has worked globally with both public and private entities in most industries as well as organizations of all sizes. She regularly interacts with Big Four, middle market, and local external audit firms as a liaison on behalf of these organizations. She is a member of the AICPA faculty and is the author of Beyond Sarbanes-Oxley Compliance: Effective Enterprise Risk Management and Sarbanes-Oxley Ongoing Compliance Guide , both published by Wiley.

Ask a Question About this Product More...
Write your question below:
Look for similar items by category
People also searched for
Item ships from and is sold by Fishpond.com, Inc.
Back to top