MyCIMA

IFAC Risk and Internal Control Survey

Replies : 4

The International Federation of Accountants through its Professional Accountants in Business (PAIB) Committee is seeking your views on the need to internationally align risk management and internal control guidelines. 

The survey specifically seeks to

  • 1. Identify the strengths and weaknesses of existing risk management and internal control systems around the globe;
  • 2. Investigate the role of risk management and internal control guidelines; and
  • 3. Determine the need for international alignment among the various national guidelines that already exist in this area.

The survey only takes about 15-20 minutes to complete and we encourage you to submit your views before the closing date of July 31.  We would also be interested to hear your views here about this survey, risk and internal control more widely as well as the role of IFAC and its PAIB Committee.

Not Management Accounting?

Nick, you have posted this in 'Financial Reporting'.

Would it not have been better to have posted in the 'Management Accounting' category?

If 'management accountants' are being effective I would expect them to not only be very concerned with 'business controls' but would want to see that 'authorisation' for engaging risk is at an appropraite level of responsiblity.

Best regards

Cliff Moggs

'Management system?'

As any organisation already has a 'management system', issues surrounding risk and controls are or are not already in place. Regardless of the maturity of the 'managment system', a starting point is the assessment of the effectiveness of its current processes. Best regards Cliff Moggs

thanks

I have posted a link to this thread in the management accounting discussion forum.  Thanks for your advice.

Can't wait

Nick, just browsed thru the IFAC survey (and gave my two cents). Hopefully management accountants are not waiting around for 'guidelines'. Business control design is aimed at being a 'going concern', regardless of the 'weather conditions'. It is a tough harsh life. Best regards Cliff Moggs