IFAC FOCUS AREAS
- Accountability. Now.
- Adoption of International Standards
- Developing the Global Profession
- Global Representation and Advocacy
- Professional Accountants in Business
- Small and Medium Practices
Independent Standard-Setting Boards
The International Auditing and Assurance Standards Board sets high-quality international standards for auditing, assurance, and quality control that strengthen public confidence in the global profession.
The International Accounting Education Standards Board establishes standards, in the area of professional accounting education, that prescribe technical competence and professional skills, values, ethics, and attitudes.
The International Ethics Standards Board for Accountants sets high-quality, internationally appropriate ethics standards for professional accountants, including auditor independence requirements.
The International Public Sector Accounting Standards Board develops standards, guidance, and resources for use by public sector entities around the world for preparation of general purpose financial statements.
|Global Knowledge Gateway||
Risk Management & Internal Control
Proper risk management and internal control help organizations understand the risks they are exposed to, put controls in place to counter threats, and effectively pursue their objectives. They are therefore an important aspect of an organization’s governance, management, and operations. Professional accountants can and should play a leading role in helping their organizations achieve an integrated, organization-wide approach to risk management and internal control—which ultimately helps create, enhance, and protect stakeholder value. See the full overview.
by Vincent Tophoff, Senior Technical Manager, IFAC | October 12, 2016
The COSO Exposure Draft on enterprise risk management does not yet live up to its intentions—but could with some changes.
There are 30 articles
Defending against Business Failure: Effective Risk Management and Internal ControlOne of the best defenses against business failure is effective risk management and internal control, which professional accountants are positioned to plan, implement, execute, evaluate, and improve. A recent article by the authors in the...
by J. Stephen McNally, Finance Director and Controller, Campbell Soup Company and Vincent Tophoff, Senior Technical Manager, IFAC | May 13, 2014
Revision ISO 31000 Risk Management StandardIt has been five years since the International Organization for Standardization (ISO) published the first version of its 31000:2009—Risk Management standard and the time has now come for a revision. Based on the experiences so far, ISO’s Core...
by Dr. Bruno Bruehwiler, ISO Core Risk Management Standards Working Group and Vincent Tophoff, Senior Technical Manager, IFAC | April 17, 2014
From Bolt-on to Built-in: Integrating Risk ManagementGood risk management and internal control is good management—not compliance. With the increased volatility in the modern business environment and the financial and economic crises, the effective application of risk management and internal...
by Vincent Tophoff, Senior Technical Manager, IFAC | January 31, 2014
IFAC Facilitates Global Alignment of Risk Management and Internal Control GuidelinesAn important driver of business performance, as well as one of the best defenses against business failure, is having effective risk management and internal control. Successful organizations know how to take advantage of opportunities and counter...
by Vincent Tophoff, Senior Technical Manager, IFAC | November 8, 2013
Revised COSO Framework: Improved but Additional Adjustments Still NeededOn May 14, 2013, the COSO issued the revised version of its Internal Control-Integrated Framework to help improve implementation of internal control but further adjustments are warranted to align internal control across the globe and to help...
by Vincent Tophoff, Senior Technical Manager, IFAC | November 4, 2013
News and Resources
There are 604 news/resources
UK Loses £11bn in a Year to Cyber Crime
Economia - October 19, 2016
Fraud Risk Management Guidance Updated by COSO
Journal of Accountancy - October 3, 2016
5 Steps to Strengthen Internal Controls at Small Businesses and Not-for-Profits
CGMA Magazine - October 3, 2016
Cyber Attack Survival Guide
Financial Times - October 3, 2016
Handling Client Data Is Top of the Public's Concers about Business Practice
Association of Accounting Technicians - September 28, 2016
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