should include: * A work flow analysis to identify and prioritize process that must be recovered. * The potential impact of uncontrolled, non-specific events on business processes identified during the work flow analysis. * The impact of legal and regulatory requirements. * An estimate of the maximum allowable downtime (MAD) and the associated acceptable level of losses for the identified business processes. * An estimation of recovery time objectives (RTOs), recovery point objectives (RPOs) and
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are the proportion of independent directors to total number of directors on the board, the existence of a voluntary audit committee, the existence of dominant personalities (CEO/Chairman duality), and the percentage of family members on the board. Using a weighted relative disclosure index for measuring voluntary disclosure, the results indicate that the existence of an audit committee is significantly and positively related to the extent of voluntary disclosure, while the percentage of family
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a) its organizational environment, changes in that environment, and the risks associated with that environment, * b) its varying needs, * c) its particular objectives, * d) the products it provides, * e) the processes it employs, * f) its size and organizational structure. This International Standard can be used by internal and external parties, including certification bodies, to assess the organization's ability to meet customer, statutory and regulatory requirements applicable
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Strengthening Corporate Accountability and Responsibility with Sarbanes-Oxley Act and COSO Enron, Arthur Andersen, WorldCom. What does these companies and others have in common? They involved audit and corporate governance failures, resulting in the erosion of public confidence. Because of these high-profile corporate and accounting scandals, Congress passed the Public Company Accounting Reform and Investor Protection Act, commonly known as the Sarbanes Oxley Act of 2002 (SOX). SOX mandated
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(the chief executive, the chief financial officer, the head of the public relations and the chief regulatory officer) voice their views on the risks, collectively bringing a multiple stakeholder perspective to the risk profile. The case challenges students to define the problems and risks that the company faces, given its strategic objectives, its evolving risk profile, and the changing environment. The case also offers a discussion ground for defining the role of the chief risk officer, and the
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ASSESSMENT TOOL 2 (Written/Oral Questions) 1. Describe the basic objective/purpose of Work Health and safety legislation The goal of the legislation is to promote safe and healthy working environments through consultation between workers, worker representatives, and management. As with any legislation it only successful if people want it to be. Health and Safety is the responsibility of everyone. It is important to set a good example by awareness of relevant legislation and policies, and to uphold
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Institution: The Impact of Sarbanes-Oxley Act (SOX) on IT audit and controls Abstract Experiences from various organizations and companies shows that the effects of the Information Technology audits that have been conducted in line with the Sarbanes Oxley as well as its IT section, which is the Section 404, displays significant differences with the kind of focus traditional IT audit does (NetIQ Corporation, 2006). Typically, traditional IT audit tends to focus on the component, the subsystem, and on
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internal control. Today’s complex business and regulatory environment has evolved internal control auditors from corporate cop to a savvy in-house consulting service (Resolver, 212). Internal control auditors will learn the intimate ins and outs of the company they work for companies prefer to have in-house teams in this function and having this team available to assist the external financial auditors as an additional cost savings. Companies rely on internal audit teams to help the company become as effective
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systematic, planned and documented manner. It includes the organizational structure, planning and resources for developing, implementing and maintaining policy for environmental protection. BASIC EMS An EMS helps an organization address its regulatory demands in a systematic and cost-effective manner. This proactive approach can help reduce the risk of non-compliance and improve health and safety practices for employees and the public. An EMS can also help address non-regulated issues, such as
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monitors the central bank widerisks. In the Chinese banking system, China Bank Regulatory Commission (CBRC) is responsible for overseeing risk management of all the Chinese banks. The CBRC requires banks to take operative measures to address the weaknesses in their internal controls and improve their risk management and internal control practices.Due to the complicated and changing economic and market environments, both internationally and domestically, along with the emerging risks on various
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