Discussion on Targeting and monitoring of risk

Discussion on Targeting and monitoring of risk
(b) Explain and evaluate the role and purpose of the following committees in effective
corporate governance: remuneration committee, nominations committee, risk
committee, audit committee
3
B1 Management control systems in corporate governance
(a) Define and explain internal management control 2
(d) Identify, explain and evaluate the corporate governance and executive
management roles in risk management (in particular the separation between
responsibility for ensuring adequate risk systems are in place and the
application of risk management procedures and practices in the organisation)
3
B2 Internal control, audit and compliance in corporate governance
(a) Describe the function and importance of internal audit 1
(b) Explain, and discuss the importance of, auditor independence in all client
audit situations (including internal audit)
3
(c) Explain, and assess the nature and sources of risks, to auditor independence.
Assess the hazard of auditor capture
3
(d) Explain and evaluate the importance of compliance and the role of the
internal audit function in internal control
Discussion on Targeting and monitoring of risk
(f) Describe and analyse the work of the audit committee in overseeing the
internal audit function
2
(g) Explain, and explore the importance and characteristics of, the audit
committee’s relationship with external auditors
2
B3 Internal control and reporting
(a) Describe and assess the need to report on internal controls to shareholders 3
(b) Describe the content of a report on internal control and audit 2
B4 Management information in audit and internal control
(a) Explain and assess the need for adequate information flows to management
for the purposes of the management of internal control and risk
3
(b) Evaluate the qualities and characteristics of information required in internal
control and risk management and monitoring
3
C3 Identification, assessment and measurement of risk
(c) Describe and evaluate a framework for board level consideration of risk 3
(d) Describe the process and importance of (externally) reporting on internal
control and risk
2
(e) Explain the sources, and assess the importance of, accurate information for
risk management
3
D1 Targeting and monitoring of risk
(c) Describe and assess the role of internal or external risk auditing in
monitoring risk
3
D2 Methods of controlling and reducing risk
(a) Explain the importance of risk awareness at all levels in an organisation