Auditing Report

Auditing Report

Introduction

This paper intends to explore the Auditing report published by ICAA and KPMG named “Governance, Risk & Compliance”. The main focus of this paper is to analyze the report in depth, further potential benefits for business entities are explained and the reasons that cause those benefits. In addition to this, main concerns are discussed that led ICAA and KPMG to produce this report.

Discussion

As the title of the report 'Governance, Risk & Compliance' (GRC) suggests itself that report reflects about business community governance and the risk associated with it. We live in such uncertain economic times where market is unstable. Therefore, ICCA and KPMG with joint efforts came up with a unique strategic approach to governance, risk and compliance and produced this report. Further, main purpose of this report is to provide firms with a strategic frame work, which may support the corporate strategy and allow senior management officials to manage risk as and when required (Farrow, n.d).

The audit and risk committees have analyzed the key risks in great depth and further to have better insight and understanding that how shall compliance and risk is maintained and managed. The main contents that are discussed by the report are organizations that why organizations seek to have a better understanding to governance, risk and compliance. Further, it studies about the convergence of GRC that is evolving and integrating GRC. In addition to this, in the final portion, the report reflects that how strategic approach of GRC is implemented (Farrow, n.d).

Global financial crisis is one of the biggest issues since last few years. This disaster has touched virtually every organization and every country. Reduced profits, loss of jobs, rising prices, delayed wages, stipends, pensions and unemployment. People are just in a panic. In this paper, we will discuss the global financial crisis and how each state did to overcome this crisis.

The current international economic turmoil represents one of the most destructive economic crises in the last century, perhaps more shocking than ever. General international economic system, nearly all national economies, and especially vulnerable transition economies of Southeast Europe affected. Clearly, small and medium-sized companies particularly affected by market turbulence and its position are clearly representing the adverse economic circumstances of the newly created world. The problems reflected in a reduction of demand, poor access to export markets and in capital markets that reserved for recovery of the economies that have caused the current economic crisis.

By analyzing the effects of global economic crisis, it is crystal clear that many countries were out of funds to run daily operation. Countries have to pull out funds from ongoing or future projects to sustain in the crisis. Using these approaches countries continued their ongoing projects as well as managed their operating expenses. In 2008, due to these crises, many countries had borrowed money from supra national funding agencies like EU, IMF and others.

In order to resolve this problem, the monetary authorities and governments took a number of policy measures to prevent the crisis from spreading ...