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Annals of the University of Petrosani : Economics , 2011,
Abstract: Following the bankruptcy of large firms (Enron, Parmalat, WorldCom) due to incompetence and failure of procedures is necessary to improve the audit work, paying special attention to risk management and taking into account the recommendations of the auditors. This paper presents a detailed analysis of risks that may arise in financial audit of how risk assessment and the factors involved in their estimation.
Risks and Audit Objectives for IT Outsourcing
Informatica Economica Journal , 2010,
Abstract: In the recent years, as a result of globalization, internet and IT progress, the outsourcing of IT services has seen an exponential growth. As a result more and more companies decide to outsource, partially or totally, their IT services. Nevertheless, the outsourcing process exposes both clients and service providers to a series of risks that can seriously affect their activities. Managing these risks by improving the quality and efficiency of internal control has made the ITO audit a necessary component for all the companies involved in this process. The goal of this paper is to identify analyze and map the influence areas of ITO risks in order to suggest a series of objectives for ITO audit.
The Commitment of Jordanian Auditors to Assess Audit Risks  [cached]
Ghassan Falah Al matarneh
International Journal of Business and Management , 2011, DOI: 10.5539/ijbm.v6n11p267
Abstract: This study aimed to identify the extent to which Jordanian auditors assessed the inherent risks, control risks, and detection risks when doing audits of financial statements. To achieve the objectives of the study, testing of hypotheses, questionnaire was designed and distributed to a sample of (70) Jordanian Auditors. To conduct data analysis and test hypotheses descriptive statistics, means, standard deviation, and one sample (T-test) were used. The study found that there is a commitment by Jordanian auditors to applying procedures, and tests required to evaluate the internal controls system when assessing the risks. It is necessary to the auditor to assess the inherent risks, control risks, and detection risks. The study recommended a number of recommendations where the most important is that strengthen cooperation must be between the external and internal auditor during the audit in terms of reduces the risk of fraud and misrepresentation in the financial statements to a minimum.
Audit Competence and Audit Quality: Case in Emerging Economy  [cached]
Ali Mansouri,Reza Pirayesh,Mahdi Salehi
International Journal of Business and Management , 2009, DOI: 10.5539/ijbm.v4n2p17
Abstract: From the bankruptcy filing of Enron on December 2, 2001 for the next 12 months, an unprecedented string of large bankruptcies and corporate scandals emerged. Six of the ten largest corporate bankruptcies occurred in this 12-month period. Of these six, all received unmodified opinions and four of the six (WorldCom, Enron, Global Crossing, and UAL Corp) were clients of Arthur Andersen. As it is very clear external auditors play vital role in our society, on the other words Financial statement users must believe that external auditors are free from others control, or users will doubt the verity of auditors' representa tions. Auditor independence provides investors confidence in audited financial statements. Further, auditor independence is the cornerstone of the public accounting profession (Mednick, 1990). Any threat to audit independence may undermine this confidence. The impairment or lack of auditor independence is a main cause of many corporate collapses and corporate scandals across the world. Without independence the audit quality and audit detection duty is questionable. The results of this study shows that specialization of IACPA strongly affects on fraud detection, in addition the competency of IACPA member affects on detecting important fraud.
Increasing the Efficiency of IT Audit Methodology by Using the Organizations Tolerance to IT Systems Availability  [PDF]
Cristian AMANCEI,Traian SURCEL
Informatica Economica Journal , 2010,
Abstract: The purpose of this paper is to present a method of identifying key risks during IT audit of an organization, regardless of the organization activity, and presenting the impact of the risks identified on the audit methodology. Our main focus is reducing the risk identification during phase during an audit mission. Due to the fast changing economy, the need for efficiency in resources allocation is greater than ever. Optimal use of predefined risk matrix proves to be the main element contributing to an increase in efficiency.
Veronel Avram,Roxana Hetes-Gavra,Alexandru Avram
Annals of the University of Oradea : Economic Science , 2012,
Abstract: Credit institution's operational risk should be evaluated by the external auditor cautiously because it is a risk arising from the way in which the bank's global strategy is implemented in practice and how the banka€ s activity is followed step by step by those charged with governance, internal audit and internal control so to indicate any deviation from the standard rules and procedures and reduce the likelihood of distortions caused by frauds or errors. International Standards on Auditing require to external auditors to obtain sufficient and appropriate evidences to support the audit opinion, therefore the auditor must first understand the specific banking activities and then identify and properly evaluate the credit institution's operational risks.
Investment Risks in the Economy of Moldova in the Light of 2011 Crisis Phenomena
Risk in Contemporary Economy , 2011,
Abstract: Please, find described below the world economic situation in the conditions of contemporary crisis transforming from “V” model to “W” modification, as well as actual economic situation of Moldova. There are given prerequisites of investment risks for the economy of Moldova, determined ways of their mitigation and submitted proposals to improve the national economy.
The Investment Potential and Risks proper to Investment Activity within the Economy of Republic of Moldova  [PDF]
Annals of Dun?rea de Jos University. Fascicle I : Economics and Applied Informatics , 2009,
Abstract: The paper is dedicated to the discussion of investment as a main promoter ofeconomic development in conditions of risk and uncertainty. In the context ofthe topic of research this article has as particular interest the analysis of theperformances and potential of the economy of the Republic of Moldova inattracting FDI, the analysis being based on focused on investment potential andinvestment risks of national economy. Finally, the paper concludes withreflections on the general conditions to attract investment into the economy ofthe Republic of Moldova. The paper was written in context of studies madewithin the research project on topic “Survey on investment risks proper to thereal sector of the economy”, within the State Program realized with the supportthe Academy of Science of the Republic of Moldova.
On the Role of Internal Audit in Corporate Governance  [PDF]
Jianjun Zou
American Journal of Industrial and Business Management (AJIBM) , 2019, DOI: 10.4236/ajibm.2019.91005
Abstract: As the economy develops faster and faster, the role of internal audit in the company becomes more and more important, especially for corporate governance. The trend of globalization has intensified, and trade between countries is dense. It brings economic benefits to enterprises while increasing risks. In order to survive and develop, companies must face more challenges. On the one hand, the company must increase investment in internal governance management, and establish institutions such as shareholder meeting, board of directors, managerial level and board of supervisors, and the corporate governance structure is gradually standardized. On the other hand, the company’s strengthening of internal audit can not only improve the company’s operating conditions, but also timely discover problems within the company and effectively control them. However, compared with other advanced countries in China, the internal audit system was established late, so the units have different experiences in learning from foreign countries, which leads to many problems in the establishment of internal audit institutions in China, and many companies do not pay attention to internal audit. Therefore, it is necessary for us to conduct in-depth research on this.
Managing IT-related operational risks  [PDF]
Savi? Ana
Economic Annals , 2008, DOI: 10.2298/eka0876088s
Abstract: Not so long ago, information technology (IT) risk occupied a small corner of operational risk - the opportunity loss from a missed IT development deadline. Today, the success of an entire financial institution may lay on managing a broad landscape of IT risks. IT risk is a potential damage to an organization's value, resulting from inadequate managing of processes and technologies. IT risk includes the failure to respond to security and privacy requirements, as well as many other issues such as: human error, internal fraud through software manipulation, external fraud by intruders, obsolesce in applications and machines, reliability issues or mismanagement. The World Economic Forum provides best information about this problem. They rank a breakdown of critical information infrastructure among the most likely core global risks, with 10-20 % likelihood over the next 10 years and potential worldwide impact of $250 billion. Sustained investment in IT - almost $1.2 trillion or 29% of 2006 private-sector capital investment in the U.S. alone fuels growing exposure to IT risk. Greg Hughes, chief strategy officer in Symantec Corp. recently claimed "IT risk management is more than using technology to solve security problems. With proper planning and broad support, it can give an organization the confidence to innovate, using IT to outdistance competitors".
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