Corporate Governance and Audit

ACCOUTANCY

For example, enterprise risk management, which includes identification, evaluation and management of enterprise risks, is an important element of the corporate governance system.

Similarly, strategy audit and corporate social responsibility (CSR) are elements of a corporate governance system. Some experts use the term enterprise governance to refer to this new concept of corporate governance. Enterprise governance subsumes corporate governance, as understood earlier.

 

Corporate financial reporting and financial audit support the corporate governance system as understood earlier. They are of immense importance to analysts and investors. Therefore, there is a need to further strengthen corporate financial reporting and financial audit.

In March 2008 International Federation of Accountants (IFAC) released its report entitled