Financial Analysis in Budgetary Institutions

Gerasimova, Larisa

doi:10.1007/978-3-030-37919-3_87

Cited by 2 publications

(2 citation statements)

References 4 publications

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“…RBA is a methodology that provides an independent and objective opinion to an organisation's management to determine whether the management of risks is conducted on acceptable levels. Furthermore, auditing through a risk-based approach would reduce the potential of an erroneous audit opinion and assist in achieving audit objectives for the majority of large companies (Gerasimova, Parasotskaya, & Dvoretskava, 2019). The RBA is one of many opinions presented to the board and audit committee on corporate governance.…”

Section: Risk-based Audit (Rba)mentioning

confidence: 99%

A Review on Risk-Based Audit Approach: Malaysian Public Sector’s Perspective

Amran,

Malek,

Ismail

et al. 2023

ipnj

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Purpose: This study aims to understand the Risk-Based Audit (RBA) approach, the advantages of RBA, RBA in the Malaysian public sector, and the issues and challenges inimplementing RBA in the Malaysian public sector. Design/ Methodology/ Approach: A library search and evaluation of earlier literature reviews were conducted on the topic of RBA and internal auditing that covers online and print sources, journal articles, newspaper articles, and official legal documents. Findings: RBA is a methodology that provides an independent and objective opinion to an organisation's management, determining whether the management of its risks is on acceptable levels. The strength of RBA lies in the distinct nature of this audit approach, which focuses on the business risk and factors triggering the risk and resulting in a more effective and efficient audit. Several issues and challenges were identified in the implementation of RBA, especially in Malaysia: (1) legislation requirements; (2) lack of resources; (3) limited access to data; and (4) duplication of work. Research Limitations/ Implications: The data pertaining to public sector internal audit reports are considered confidential and sensitive. This aspect placed limitations on the depth of the collected insights. This study also focused on the data obtained mainly from secondary sources, leading to results that cannot be generalised to other countries. Practical Implications: Findings from the document review and identification of current problems may offer indications to the Accountant General's Department of Malaysia (AGD) on the current usage of RBA. Therefore, subsequent actions are required to improve internal audit work. Originality/ Value: This study discussed the current state of RBA applied by the internal auditors in the Malaysian public sector. This finding may encourage future researchers to highlight the methods of integrating a comprehensive RBA that would fulfil the 3Es (effective, efficient, and economy) for the benefit of internal auditors, particularly in the Malaysian public sector. Keywords: Risk, internal audit, public sector, Accountant General's Department of Malaysia (AGD).

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Section: Risk-based Audit (Rba)mentioning

confidence: 99%

A Review on Risk-Based Audit Approach: Malaysian Public Sector’s Perspective

Amran,

Malek,

Ismail

et al. 2023

ipnj

View full text Add to dashboard Cite

show abstract

“…At the same time, auditing using a risk-based approach will minimize the likelihood of an erroneous audit opinion and help achieve audit objectives for most large companies (Gerasimova, Parasotskaya, and Dvoretskava, 2019). With this approach, audit resources are targeted at areas of financial statements that may be distorted (by mistake or omission) due to the risks faced by the business.…”

Section: Introductionmentioning

confidence: 99%

Risk-Based Approach to Improving the Quality of Internal Audit

2022

QAS

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The main goal of this study is to identify the most relevant directions of transforming the internal audit competencies to improve its quality and ensure sustainable and efficient risk management at enterprises. An online survey of heads of enterprises in Kazakhstan held in 2019-2020 was the main method of the research. The experts were asked to complete a questionnaire developed based on the Global Internal Audit Common Body of Knowledge -CBOK questionnaire. The results of the survey have allowed identifying the degree of formal risk management and to position the internal audit as part of risk management at enterprises in Kazakhstan. The responsibilities of internal audit for risk management are reviewed in the study, with particular emphasis made on its responsibilities for providing guarantees. The results of the study have shown that certain success was achieved in risk management at enterprises in Kazakhstan, and the role of internal audit continues to develop. Nevertheless, the trend of a decreasing level of auditors' qualification persists in the audit industry, and most of the internal audit departments do not comply with international professional standards related to the quality of internal audits. At the same time, the study has shown that internal auditors have multiple opportunities to transform internal audit functions in order to efficiently address risk issues identified at the enterprises of Kazakhstan. On the one hand, this is a set of techniques for implementing innovative models for attracting specialists and methods for dynamic analysis and predictive modeling, implementing advanced methods for managing data and generalizing data. On the other hand, the authors provide specific recommendations relevant for enterprises in Kazakhstan, the application of which can significantly improve the quality of internal audits to combat the risk of fraud.

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Financial Analysis in Budgetary Institutions

Cited by 2 publications

References 4 publications

A Review on Risk-Based Audit Approach: Malaysian Public Sector’s Perspective

A Review on Risk-Based Audit Approach: Malaysian Public Sector’s Perspective

Risk-Based Approach to Improving the Quality of Internal Audit

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