Audit failures have appeared in the press headlines far too often, yet concerns raised about the effectiveness of the auditing profession - and its ability to identify and address potential risks - have never gone away. Olivier Beroud asks why audit failures happen, and how can they be prevented. He argues that an approach based on big-data mining, combined with powerful analytics, could provide the foundation for a risk-based approach that could enhance audit quality and that restores confidence in auditing.
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What’s going to keep you up tomorrow night?
When thinking about risk, we often focus on immediate issues rather than longer-term, emerging risks. Drawing on the discussion at the recent webinar held to mark the partnership between the Centre for Governance, Risk and Regulation at the London Institute of Banking and Finance and the Risk Coalition, Hanif Barma explains that it is worth revisiting and reviewing existing risks as today’s uncertain environment means that these may now crystallise at more rapidly, or the impact and exposures of these risks may no longer be what we originally thought them to be.
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