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Dit boek is de handleiding voor de controle van een jaarrekening of enig andere vorm van financiële verslaggeving Het boek is geen bron om oplossingen te vinden voor technischeboekhoudkundige vraagstukken De auteur blijft praktisch waardoor de lezer snel een overzicht krijgt in risicobepaling, interne controleaspecten en de aanpak van de controle

Audit --- Internal control --- e05089.jpg --- Accountancy

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Audit --- Auditing, Internal --- Auditing --- Internal auditing --- Internal control

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Auditing, Internal. --- Auditing --- Internal auditing --- Internal control --- Auditing, Internal --- Energy auditing --- E-books

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Following financial scandals across the world in the last 20 years, regulators decided to react to get the confidence back from the stakeholders. A decade ago, one of the initiatives of the European Union (EU) was the obligation for public interest entities to set up an audit committee (AC) within the Board of Directors. This provision was further implemented into Belgian law in 2008. More recently additional rules have been applied in Belgium and in the EU. 
In our study, we tried to investigate the impact of the existence of an AC established in Belgian companies. More precisely, we studied the influence of the AC on the quality of financial information, internal control and risk management as well as on external audit quality. First of all, we performed an analysis of documentation concerning the AC so that we were able to have a full understanding of the subject and its implications. We then challenged our hypotheses with the results of several interviews. We have indeed met some stakeholders from different companies in Belgium that are part of the AC or regularly in relation with. 
The results of these interviews show that the effect of the AC is overall positive. Concerning the quality of financial information, the AC gives assurance to the Board of Directors that they can approve the annual accounts without any doubt. Furthermore, it provides the company with useful advice on the way they communicate to the public, either financially speaking or not. As far as the quality of internal control and risk management is concerned, the AC really has a great impact by asking the good questions. By calling the way the company is doing into question, the AC ensures that the procedures are well handled and that the risks are under control. People surveyed insisted particularly on this point. Because of the changing world, the AC will always have more responsibilities in challenging the management and in ensuring that the company will not be confronted to new risks. The voluntary establishment of an AC is mainly based on the willingness to create a good corporate governance. Regarding external audit quality, the AC also has a positive influence even if participants agree on the fact that the audit quality depends first of all on the quality of external auditors. 
Our study demonstrates that the effects identified above are only possible if the majority of the AC members are independent and if most of them have a financial expertise and an industry knowledge.

audit committee --- financial information --- internal control --- risk management --- audit quality --- Sciences économiques & de gestion > Comptabilité & audit

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Over the past few decades, a series of fraud cases have been publicly discussed and have let to important changes in the current legislation on the matter. Indeed, cases like Enron (2001), Worldcom (2002), Madoff (2008), and lately Wirecard (2020) have had considerable impact on the current landscape of fraud. These and other matters have astonished the world as it was possible for criminals to commit fraudulent transactions in, what was believed to be, a controlled environment.

The question we can therefore raise is: where controls in place sufficient? Or if we put it differently: does a common tool exist to prevent companies from facing fraud? And if it does exist, can it be defined as a form of internal control? Therefore, this thesis is entitled “Is implementing a sloid internal control system a common and infallible approach to face fraud inside a company?” The analysis will establish the basics of a control environment and its link to prevent and detecting fraud. But it will also highlight the flaws of an internal control system and explain reasons for which fraud can occur, even in a highly controlled environment. Ans finally, additional measures are presented.

Based on the theoretical analysis and interviews that were made with experts in the control environment, our conclusion will bring forward that an internal control system is clearly the main basis for an anti-fraud policy inside a company. However, the internal procedures need to be strictly applied and the 4-eyes principle should always be a control that should affect every transaction made by the company. Furthermore, organizations should emphasize the importance of corporate governance and a clear and transparent communication on the matter towards members of the company.

fraud, occupational fraud, cybercrime, internal control, whistleblower --- Sciences économiques & de gestion > Comptabilité & audit