Finance and Accounting Risk Awareness Audit Report

screenshot of the first page of Finance and Accounting Risk Awareness Audit Report

Highlighting Potential Finance and Accounting Risks

Explore potential finance and accounting risks with this audit report, featuring a risk awareness and scenario analysis for an organization’s finance and accounting function. This report encompasses a detailed identification of inherent and residual risks, along with a systematic evaluation of existing controls and mitigation strategies. By using a scenario analysis compiled from stakeholder interviews and document reviews, organizations can prioritize risks based on their likelihood and impact. The report also recommends enhancements to current mitigation strategies, thereby assisting in evaluating the effectiveness of the organization's risk management framework.

Furthermore, it highlights key themes such as the necessity for formalized policies and procedures, the importance of continuous monitoring, and lessons learned. This guidance provides the necessary information to assess the adequacy of controls, recommend improvements, and ensure that the organization can effectively manage its financial risks, ultimately contributing to better governance and compliance within the finance and accounting departments.

The following activities were performed to conduct this evaluation:

  • A customized listing of “what could go wrong” scenarios (i.e., scenarios that could negatively impact the organization specific to the process) was prepared.
  • Mitigation strategies documented by the process owners were reviewed.
  • Suggestions for enhancing metrics and monitoring activities for risks and scenarios that are not mitigated were identified and provided.
  • Recommendations were made as appropriate to enhance the effectiveness of the reporting.

Free Trial

Sign up for a free, no-obligation trial to start exploring our timesaving, valuable resources.