Analyze the role of the accounting function in supporting corporate governance and risk management processes. Consider the ways in which accountants can contribute to the identification, assessment, and mitigation of organizational risks, beyond their traditional financial reporting responsibilities.

What is the role of an internal auditor in enhancing good corporate governance

Relationship between Corporate Governance and Risk Management

Explain how internal auditors’ sensitivity to ethical dilemmas might be influenced by corporate governance mechanisms.

Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires establishment of risk and control activities by internal auditors. C. Involves the identification of events with negative impacts on organizational objectives. D. Includes selection of the best risk response for the organization.

describe how the role of governance structures, internal controls and compliance policies help in the prevention of financial fraud in a company.  NB: site references

Which of the following is not one of the components of COSO’s framework? A. Objective setting which includes setting the objectives and critical success factors B. Continuously monitoring the ERM process C. Risk Assessment to manage risk related to achieving corporate objectives D. Safeguarding assets to prevent or detect unauthorized acquisition, use or disposition E. Control Activities which include policies and procedures to assure that management’s control objectives are met

Which of the following internal audit assessments belong to specific governance processes? a. Whistleblower process.  b. Risk management audit process  c. Internal control over financial reporting.  d. Fraud risks.

Discuss the importance of internal controls in accounting and provide examples of effective control measures.

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