POSSIBILITIES OF INITIAL ESTIMATION AND FURTHER VALIDATION OF INSIDE CONTROL RISK

Prof. Magdalena Mihai Ph. D, Prof. Constantin Staicu Ph. D and Anca Ciumag Ph. D Student
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Anca Ciumag Ph. D Student: University of Craiova Faculty of Economics and Business Administration Craiova, Romania

Annals of University of Craiova - Economic Sciences Series, 2010, vol. 3, issue 38, 500-506

Abstract: The approach option of the theme of this essay had in mind the distinguished importance of the objective of inside control regarding the segmentation with maximum exigency of the risks which can disadvantageously influence the fulfillment of the entity objectives. We considered essential the use of adequate procedures regarding the estimation and documentary validation of inside control risk. Regarding the initial estimation we analyzed the phases that are justified to be followed (four) and the proper steps which are followed (ten), starting with the assessment of audit objectives on types of operations and ending with reporting to the competent institutions. Regarding initial risk validation we examined the subsequent circumstances of this operation which are influencing the forecasted risk level, like: adjourning of control mechanisms applications, the apparition of new legal procedures, the alterations of the entity’s politics, etc.

Keywords: critical; inside control, initial risk estimation, subsequent risk validation, risk estimation procedure. (search for similar items in EconPapers)
JEL-codes: M40 M42 (search for similar items in EconPapers)
Date: 2010
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Persistent link: https://EconPapers.repec.org/RePEc:aio:aucsse:v:3:y:2010:8::p:500-506

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