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IFAC FOCUS AREAS
- Accountability. Now.
- 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.
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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. Read More
You are now viewing all "Bank for International Settlements' Basel Committee on Banking Supervision" resources. View All Risk Management & Internal Control Resources
Drawing on lessons learned during the financial crisis, this publication set out best practices for banking organizations. Key areas of particular focus include: the role of the board; the qualifications and composition of the board; the importance of an independent risk management function, including a chief risk officer or equivalent; the importance of monitoring risks on an ongoing firm-wide and individual entity basis; the board's oversight of the compensation systems; and the board and senior management's understanding of the bank's operational structure and risks.
- Homeland Security Websites Vulnerable to Cyber Attack: Audit
September 18, 2015 - Reuters
- ICAI Issues Guidance Note for Internal Financial Controls
September 16, 2015 - Economic Times
- US Survey: 60% of Boards Want Increased Risk Management Oversight by Senior Management Teams
September 15, 2015 - American Institute of CPAs
- 5 Ways Not-for-Profits Can Detect and Prevent Fraud
September 15, 2015 - AICPA Insights
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