The Risks - Management Responsibility and the Role of Internal Audit in Risk Assessment
Keywords:
internal audit, internal audit function, risk, managementAbstract
The entity's management is responsible for the prevention and detection of fraud and errors, by monitoring the internal control system and the financial accounting system.
Internal audit reduces the risk of fraud and error, but cannot eliminate it. Thus, the internal auditors will look for sufficient and conclusive audit evidence to highlight that there have been no significant frauds and errors in the financial reporting or, if they occur, their effect will be properly reflected in the financial statements and the entity's management will apply the measures regarding the declaration and correction of the identified errors.
Downloads
Published
Issue
Section
License
Copyright (c) 2021 EIRP Proceedings
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format
- Adapt — remix, transform, and build upon the material
- for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
-
Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.