Internal Auditing is defined as an independent, objective assurance and consulting activity designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes.
Business budgeting is an exercise that all accountants undertake on an annual basis and which forms an integral part of any successful business planning. A budget is a document that allocates financial, physical and human resource use over a specified period of time to attain certain goals.
COSO defines enterprise risk management as a process, effected by an entity’s board of directors, management and other personnel, applied in strategy-setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
International Accounting Standards are the globally accepted guidance to effective accounting. Download your copy here.