Auditing
a) The Report’s main points
The report identifies the complexities that exist within the economic paradigms with relations to uncertainties and economic instability that have characterized the markets and businesses at large. The report analyzes the imperatives of organizations identifying efficient approaches to governance, risk and compliance (GRC). This is a sensitization on the part of various business organizations and entities about business environment that involves a number of risks and inefficient adherence to assurances, which have a high likelihood of negatively affecting the business activities and output. Performance and profitability define the direction, which a business organization undertakes. Undoubtedly, better performance lead to high profits while poor performance results in losses or a stagnating output. As a result, managements are required to adopt and adjust to approaches that are efficient in enhancing effective performance, which is necessary for an organization’s profitability (ICAA & KPMG 2012). Involvement of stakeholders in piling pressure on an organization’s board has created the need for the so-called boards and risk management committees to be able to obtain an in-depth insight in handling risk factors.
b) The Benefit of the report to Business entities
The benefits of this report to the aforementioned entities are several. Firstly, it provides an insight to the organizations’ management boards and risk committees on how to comply with the assurance policies and strategies, essential for the mitigation of risks. Secondly, it enables the entities to respond effectively to the integration of governance, risk and compliance strategies, essential for the driving of an organization’s goals. Additionally, it helps to sensitize business organizations on the evolution of GRC convergence in a manner that help organizations to identify the best management strategy that lies according the changes effected within the GRC. Boards and
The report identifies the complexities that exist within the economic paradigms with relations to uncertainties and economic instability that have characterized the markets and businesses at large. The report analyzes the imperatives of organizations identifying efficient approaches to governance, risk and compliance (GRC). This is a sensitization on the part of various business organizations and entities about business environment that involves a number of risks and inefficient adherence to assurances, which have a high likelihood of negatively affecting the business activities and output. Performance and profitability define the direction, which a business organization undertakes. Undoubtedly, better performance lead to high profits while poor performance results in losses or a stagnating output. As a result, managements are required to adopt and adjust to approaches that are efficient in enhancing effective performance, which is necessary for an organization’s profitability (ICAA & KPMG 2012). Involvement of stakeholders in piling pressure on an organization’s board has created the need for the so-called boards and risk management committees to be able to obtain an in-depth insight in handling risk factors.
b) The Benefit of the report to Business entities
The benefits of this report to the aforementioned entities are several. Firstly, it provides an insight to the organizations’ management boards and risk committees on how to comply with the assurance policies and strategies, essential for the mitigation of risks. Secondly, it enables the entities to respond effectively to the integration of governance, risk and compliance strategies, essential for the driving of an organization’s goals. Additionally, it helps to sensitize business organizations on the evolution of GRC convergence in a manner that help organizations to identify the best management strategy that lies according the changes effected within the GRC. Boards and