Risk

New Article from the IAASB

"The publication assists auditors in understanding whether a procedure involving automated tools and techniques may be both a risk assessment procedure and a further audit procedure. It also provides specific considerations when using automated tools and techniques in performing substantive analytical procedures in accordance with International Standard on Auditing 520, Analytical Procedures..."

Russian Roulette, Covid19 & The Curious British Decision on Spain Travel

All are in tizzy: normal rules don't seem to apply. Well, rules of #risk & #governance #management DO obtain. 1- do not panic: emotions drive bad decisions! 2- be proactive & not reactive! Proactiveness starts with “first principles” – strip away noise & see the bare bones. What are COVID's first principles? 1- it isn't an existential threat to #society! Worst, it may do less or as much fatal harm as #HIV/AIDS. 2- it strikes via #uncertainty of incidence and a savage reduction of personal and business #confidence. So, COVID19 is Russian Roulette, no one knows whether their shot has the bullet! That wrecks economies and may kill more than the #virus! So, reduce uncertainty via governance decisions. Ok, why the British reversal of its #quarantine order on travel to #Spain? Well, it looks good as a reaction, but it reduces virus uncertainty by a tiny amount in exchange for a major spike in economic uncertainty that may do more harm! Better the #SierraLeone approach of “test before you leave, test when you land, test when you come back” plus monitor after arrival? Surgical precision vs Sledgehammer?