Audit Approach to Audit Risk Management, Quantitative Determination of the Components of Audit Risk and Determine the Impact on the Components of Audit Risk in Audit Sampling

2014 ◽  
Author(s):  
Abdolali Mohseni
Keyword(s):  
Risk Management ◽  
Quantitative Determination ◽  
Audit Risk ◽  
Audit Sampling ◽  
Audit Approach ◽  
The Impact

scholarly journals The impact of internal audit in the activation of risk management under the governance of banks

2019 ◽  
Vol 5 (4) ◽  
pp. 7
Author(s):  
Afsar Ali Alimoradi ◽  
Chya Kareem Ahmad
Keyword(s):  
Risk Management ◽  
Internal Audit ◽  
Secondary Data ◽  
Internal Auditing ◽  
Audit Risk ◽  
Internal Auditor ◽  
Risk Management Process ◽  
Statistical Program ◽  
Bank Governance ◽  
The Impact

The research aims to measure and evaluate the impact of internal audit on the efficiency of risk management under the principles of the bank governance in a sample of banks. Thus, internal audit is an important function of controlling financial and administrative performance. It has the impact of evaluating and measuring the efficiency of the use of available resources and strengthening the so-called governance as well as contributing to the assessment and management of risks, which enhances the opportunities of economic units and banks in the optimal use of resources.Internal Audit assists senior management and the board in the process of  theidentifying, assessing and responding to risks, by providing various assurance and advisory services during the implementation of the risk management process. In order to achieve the objectives of the study and test its hypotheses, the study was based on primary and secondary data and the questionnaire was designed and the researchers used the Statistical Program (SPSS) to analyze the data. It was concluded during the research that there is a clear impact of the internal audit profession on the risk management by improving its effectiveness and efficiency under the principles of bank governance shows through the internal audit has a prominent position in banks and because it is linked to the highest levels of management as an independent control and advisory tool. The researchers present a set  of recommendations, the most important of which is the need to provide adequate financial and human resources for internal auditing in banks. The study also recommended to strengthen the components of the independence of the internal auditor in order to be able to perform his duties to the fullest. Key words :  Internal Audit , Risk Management , Banking Governance, Internal Auditor.

Quantitative Risk Management Models for Newsvendor Supply Chains

2011 ◽  
pp. 155-170
Author(s):  
Dimitrios Vlachos
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Supply Chains ◽  
Stochastic Environment ◽  
Supply Chain Disruptions ◽  
Supply Chain Networks ◽  
Starting Point ◽  
The Impact ◽  
A Company

As the practices of offshoring and outsourcing force the supply chain networks to keep on expanding geographically in the globalised environment, the logistics processes are becoming more exposed to risk and disruptions. Thus, modern supply chains seem to be more vulnerable than ever. It is clear that efficient logistics risk and security management emerges as an issue of pivotal importance in such competitive, demanding and stochastic environment and is thus vital for the viability and profitability of a company. In this context, this chapter focuses on a set of stochastic quantitative models that study the impact of one or more supply chain disruptions on optimal determination of single period inventory control policies. The purpose of this research is to provide a critical review of state-of-the-art methodologies to be used as a starting point for further research efforts.

Temperature and Residual Stress Fields in an Austenitic Circumferential Pipe Weld

2002 ◽  
Author(s):  
Ruthard Bonn ◽  
Klaus Metzner ◽  
H. Kockelmann ◽  
E. Roos ◽  
L. Stumpfrock
Keyword(s):  
Residual Stress ◽  
Numerical Calculation ◽  
Stress Field ◽  
Quantitative Determination ◽  
Welding Residual Stress ◽  
Stress Fields ◽  
Residual Stress Field ◽  
Circumferential Welds ◽  
The Impact

The main target of a research programme “experimental and numerical analyses on the residual stress field in the area of circumferential welds in austenitic pipe welds”, sponsored by Technische Vereinigung der Großkraftwerksbetreiber e. V. (VGB) and carried out at MPA Stuttgart, was the validation of the numerical calculation for the quantitative determination of residual stress fields in austenitic circumferential pipe welds. In addition, the influence of operational stresses as well as the impact of the pressure test on the residual stress state had to be examined. By using the TIG orbital welding technique, circumferential welds (Material X 10 CrNiNb 18 9 (1.4550, corresponding to TP 347) were produced (geometric dimensions 255.4 mm I.D. × 8.8 mm wall) with welding boundary conditions and weld parameters (number of weld layers and weld built-up, seam volume, heat input) which are representative for pipings in power plants. Deformation and temperature measurements accompanying the welding, as well as the experimentally determined (X-ray diffraction) welding residual stress distribution, served as the basis for the verification of numeric temperature and residual stress field calculations. The material model on which the calculations were founded was developed by experimental weld simulations in the thermo-mechanical test rig GLEEBLE 2000 for the determination of the material behaviour at different temperatures and elasto-plastic deformation. The numeric calculations were carried out with the Finite Element program ABAQUS. The comparison of the calculation results with the experimental findings confirms the proven validation of the developed numerical calculation models for the quantitative determination of residual stresses in austenitic circumferential pipings. The investigation gives a well-founded insight into the complex thermo-mechanical processes during welding, not known to this extent from literature previously.

Comparing Solvency II and Life and General Insurance Capital approaches to capital determination of a life portfolio in the presence of stress scenarios

2018 ◽  
Vol 13 (1) ◽  
pp. 36-66
Author(s):  
Kangjing Tan ◽  
Aaron Bruhn
Keyword(s):  
Risk Management ◽  
Solvency Ii ◽  
Capital Requirements ◽  
Life Insurers ◽  
General Insurance ◽  
Pillar Structure ◽  
Matching Adjustment ◽  
The Impact ◽  
Capital Intensive

AbstractThe European-centric Solvency II and Australian-centric Life and General Insurance Capital regimes are two examples of risk-based approaches to capital determination and risk management for life insurers. Both consist of a three-pillar structure covering capital, risk management and disclosure requirements. We apply the capital requirements of each regime to three synthetic sets of insurance policies, including a risk, annuity and combined portfolios, and consider the impact on capital arising from three separate and relatively severe stress events. Results highlight the relatively capital intensive nature of annuities, the differences between different capital regimes, the significance of solvency II’s matching adjustment and the robustness of each regime to both pandemic and economic stresses. Results also highlight the nature of diversification benefits from within each capital regime, on overall capital requirements.

A COMPARISON OF WEAR OF PLOUGH CHISELS MADE OF DIFFERENT MATERIALS AND AFTER PAD WELDING

Tribologia ◽  
2018 ◽  
Vol 282 (6) ◽  
pp. 131-136 ◽  
Author(s):  
Dawid ROMEK ◽  
Jarosław SELECH ◽  
Rafał MACIASZEK
Keyword(s):  
Quantitative Determination ◽  
Field Work ◽  
Real Field ◽  
Chemical Parameters ◽  
Physical And Chemical Parameters ◽  
Quantitative Results ◽  
Surface Profiles ◽  
Physical And Chemical ◽  
The Impact

The paper presents quantitative results of mass wear of plough chisels working in soil made of various steel types and subjected to pad welding. The research was carried out in real field conditions on soils with similar physical and chemical parameters during routine field work in autumn. The scope of the research included the quantitative determination of wear values depending on the type of steel used and the surface treatment carried out. The photographs also show the surface profiles of plough chisels exposed directly to the impact of abrasives.

Investigating the impact of macro-economic changes on auditors' assessments of audit risk: a field study

2020 ◽  
Vol 21 (3) ◽  
pp. 345-361
Author(s):  
Abdelmoneim A. Awadallah ◽  
Haitham M. Elsaid
Keyword(s):  
Risk Management ◽  
Economic Conditions ◽  
Future Research ◽  
Audit Risk ◽  
Content Type ◽  
Audit Judgment ◽  
Audit Firms ◽  
Management Policies ◽  
Analytical Procedures ◽  
The Impact

PurposeThe study aims at examining whether or not poor macro-economic conditions can lead auditors to change their risk management policies when performing an audit.Design/methodology/approachThe present study is based on a questionnaire distributed to auditors working at the branches of the big four audit firms in Egypt over two rounds under different economic conditions. The responses in each of the two rounds were analyzed to identify any similarities or differences in auditors' behavior when performing analytical procedures under different economic conditions.FindingsAuditors appear to alter their risk management strategies during challenging economic times. The present study results suggest that auditors increase their dependence on non-financial data and information as supporting evidence when assessing audit risk during times of economic difficulties. The findings also show that when the macro-economic trends are declining, audit firms tend to assign the performance of analytical procedures to more experienced audit personnel (i.e. senior auditors, audit managers and partners) with less of this work being done by the audit staff.Research limitations/implicationsThe present study is based on a sample of 40 respondents. It is recommended for future research to use a larger sample size as results may differ for a greater sample. The present research did not consider the effect of auditors' specialization in a certain industry on the audit judgment during an audit engagement. Future research would examine the impact of auditors' industry specialization on audit judgments during periods of unfavorable economic conditions. The present study is based on a survey that aims at capturing auditors' perception. Further research would use other research techniques (e.g. laboratory experiment) to examine the effect of the general economic conditions on auditors' assessment of audit risk.Practical implicationsAuditors need to give sufficient attention to the analyses of non-financial information of their audit clients during the performance of the analytical procedures under unstable economic conditions rather than depending solely on financial information. Moreover, audit firms could use a much richer labor mix for audit teams through increasing their reliance on experienced senior auditors, audit managers and partners during periods of deteriorating macro-economic conditions to mitigate risk and improve audit judgment.Originality/valueThis study adds to the scarce literature in developing countries investigating the influence of external economic factors on the audit process. The present research provides information to practitioners and educators about risk management policies that could be considered in case of performing analytical procedures during an audit conducted under poor economic conditions.

Quantitative Risk Management Models for Newsvendor Supply Chains

2012 ◽  
pp. 347-362
Author(s):  
Dimitrios Vlachos
Keyword(s):  
Risk Management ◽  
Supply Chain ◽  
Supply Chains ◽  
Stochastic Environment ◽  
Supply Chain Disruptions ◽  
Supply Chain Networks ◽  
Starting Point ◽  
The Impact ◽  
A Company

As the practices of offshoring and outsourcing force the supply chain networks to keep on expanding geographically in the globalised environment, the logistics processes are becoming more exposed to risk and disruptions. Thus, modern supply chains seem to be more vulnerable than ever. It is clear that efficient logistics risk and security management emerges as an issue of pivotal importance in such competitive, demanding and stochastic environment and is thus vital for the viability and profitability of a company. In this context, this chapter focuses on a set of stochastic quantitative models that study the impact of one or more supply chain disruptions on optimal determination of single period inventory control policies. The purpose of this research is to provide a critical review of state-of-the-art methodologies to be used as a starting point for further research efforts.

Impact of Independent Internal Audit on External Audit Risks through Risk Management Governance: A Field Study of External Auditors at Audit Offices and Companies in the Republic of Yemen

2021 ◽  
Vol 27 (3) ◽  
Author(s):  
أ.د. سلطان علي أحمد السريحي ◽  
أ. صفاء محمد مجاهد الشيباني
Keyword(s):  
Risk Management ◽  
Positive Impact ◽  
Internal Audit ◽  
Risk Assessments ◽  
External Audit ◽  
Audit Risk ◽  
External Auditors ◽  
Study Results ◽  
The Republic ◽  
The Impact

This study aimed to investigate the impact of independent internal audit on the external audit risk assessments through risk management governance of a sample of external auditors (203) at the audit offices and companies in the Republic of Yemen. To achieve this objective, 203 questionnaires were distributed to external auditors at the audit offices and companies, but only (167) were valid for analysis. The study results revealed that there was a positive impact of independent internal audit and governance of risk management on the assessments of external audit risks. Further, there was a positive impact on the governance of risk management which also increased its indirect positive impact on assessing risks of external audit. It was also found that the most important dimensions related to the external audit risk assessments, from the respondents’ perspective, were detection risk, control risk, and inherent risk. The study recommended that the external auditor should use the method of comparing the enterprise information with the information that is similar to the economic sector in which it operates. The internal auditors should also be free of bias in their work, whereby risk management governance should be taken into account when developing the strategy of the enterprise.

scholarly journals Formation of a portfolio of innovation projects based on management of their life cycle parameters

2019 ◽  
Vol 265 ◽  
pp. 07033
Author(s):  
Margarita Aleksandrova ◽  
Nadezhda Sergeeva ◽  
Lidiya Zakharova ◽  
Ella Okolelova ◽  
Marina Shibaeva
Keyword(s):  
Risk Management ◽  
Life Cycle ◽  
Implementation Process ◽  
Innovation Implementation ◽  
Life Cycle Stages ◽  
Innovation Projects ◽  
Innovation Project ◽  
The Impact ◽  
Optimal Set

This paper presents the results of study of the analysis of the formation of a portfolio of innovation projects based on the management of their life cycle parameters. An algorithm for forming an innovation portfolio is proposed, which includes analysis of the duration of the life cycle stages and determining the level of competitiveness of the planned innovations in the portfolio, assessing risks, and forecasting the expected economic results when implementing them. An algorithm has been developed that allows choosing the optimal set of risk management methods as a part of an innovation project, which includes identifying factors that increase and decrease the impact of a particular risk on the innovation implementation process. The proposed methods of monitoring the competitiveness of innovation projects allow assessing the competitive possibilities of an innovation project, which allows determination of the main directions for its implementation.

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