Summary of Auditoría basada en Riesgos

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00:00:00 - 01:00:00

This video discusses the auditor's role in risk management, and how this responsibility has shifted in recent years. It discusses the concept of risk management and its importance in business, and covers various risk management strategies. It also covers the role of the auditor in risk management, and how he or she can help improve a company's risk management process.

00:00:00 The auditor's role is very important, and today we are going to discuss auditor risk management. Auditor risk management is the process of identifying and managing risks associated with an organization's financial administration and operational activities. This is important because it allows directors to make sound decisions based on knowledge of potential risks. First, we are going to hear from Porter Long Terrain, who is a public accountant. He has a great experience in project management, and he has worked with several charitable organizations in the financial and industrial sectors. Currently, he is working as an advisor in providing advice on the government's role in the economy. Thank you, professor. Now, let's move on to the main topic of the day. Today, we're going to discuss auditor risk management from the perspective of experience, rather than theory. We'll talk about how accounting for risks in organizations works in both public and private sectors, and in different styles of management. And finally, we'll talk about risk assessment and auditor risk management associated with internal control systems. This is an important topic, because it allows us to distinguish between auditing financial and operational activities, and auditing compliance with regulations. We can expect to hear more about this topic later on. So, if you
00:05:00 The auditor's job is to ensure that a company's finances are in order. One way to do this is to audit financial risks. This video discusses the difference between financial auditing based on risks and internal auditing, which is focused on areas of control and financial management within an organization. It goes on to say that before discussing the auditor's role in risk management, it is important to understand the financial goals of organizations. Three main financial goals of an organization are to generate money, to keep that money intact, and to create value for shareholders. Risk management is important to help organizations achieve these goals.
00:10:00 The Auditoría basada en Riesgos video discusses how businesses, starting from their philosophies and principles, generate value and maintain it over time. This is done by applying their philosophy to their organizational structures, which, in turn, affects their strategies and operations. One important aspect of this philosophy is good negotiation and communication between business leaders and employees. As auditors, we must respect the organizational philosophies of our clients, even if they differ from our own. And, finally, we must be focused on money, as this is always a key factor in gaining and keeping employee support.
00:15:00 The auditor's office based on risks is a new concept in the business world. In the 1970s and 1980s, many companies failed due to fraud internally. Then, something started to happen in the late 2000s and has continued to grow in the years since. Large companies are starting to see that managing risks is more important than not managing them, and that this knowledge is being brought to Colombia through international auditing firms. We, as auditors, have taken on the risks of the companies we are working with and started to identify risks that were happening in these businesses. First steps were taken by the management to understand that risk management was the key to achieving organizational objectives. Solutions to risk issues that were being realized by the large auditing firms were being brought to Colombia through our firms. After understanding the concepts and applying them in our own companies, we began to see that the same concepts were being applied in international organizations and were being brought to Colombia. This is an important development, as it shows that the management of risks has begun to be recognized as a necessary skill in business.
00:20:00 This video discusses how, in order to manage risks effectively, companies today are relying on professionals with a strong focus on risk management and auditing. 20 years ago, small businesses saw their small capital investments turned into large corporations, but those in charge have now learned that empirically managing risks cannot be sustained. Those in charge must rely on highly qualified professionals in risk management and auditation to help them with their business. Auditors are the eyes of management and are responsible for helping managers oversee and ensure things are running smoothly. We recommend that managers take heed of this advice and put in place a risk management plan. As auditors, we must also be able to balance the demands of regulations with the needs of the company in order to maintain their status as an authority in their field. Supervisors have come to understand that they have a major role in risk management, and they have begun to demand that companies manage risks holistically. This is where risk management plans come in, as they provide a way for companies to comply with regulations while still meeting their financial goals. Supervisors have also been educated in other countries, and they are now more demanding of companies. They use their coercive power to force companies to manage risks in a holistic way. This has led many companies to implement
00:25:00 The video discusses the history of risk management and auditoria basada en riesgos. It then goes on to explain what risk management is today, and how auditoria basada en riesgos works. The main point of the video is that risk management is not just financial risk, but also operational, market, and credit risk. The main challenge is that people often do not realize that risks exist, and are hit when they are not prepared for them. The video ends with a call to make risk management a mandatory part of business operations.
00:30:00 This video discusses the auditor's role in risk management, and how this responsibility has shifted in recent years. It discusses the concept of risk management and its importance in business, and covers various risk management strategies. It also covers the role of the auditor in risk management, and how he or she can help improve a company's risk management process.
00:35:00 This city of authorship is possible to make. However, this way it produces what good? One document to document document and that document can be of three leaves like 200 leaves like you want. That's starting to work like this. Different people understood each other well. I'm not going to lose managers. They started to understand that in organizations management-related risks began to be understood at the senior levels. Departments, directorships, depending on the book where you read it, but actually the high level direction and the high level direction can be shareholders who are not the shareholders who are appointed, but they are similarly related and have the same goal. Risks pass no longer by the side, but go up the pyramid, to the high level direction. Managers began to say, "We have to manage based on risks." I'm going to have to consider risks when I make my strategy so that I don't achieve my basic financial objectives. I'm going to manage my strategy with risks in mind. That's what the authors ask for when they plan risk management strategies. The risk criterion that is most important
00:40:00 The auditor examines the company's risk management system, looking for areas where risks are being managed effectively and where risks are being identified and managed. The auditor also examines the company's overall financial performance and its ability to meet strategic objectives.
00:45:00 The auditor discusses risk management and the importance of understanding the customer base. He goes on to say that there are several methods used for risk management auditing, but the most commonly used is the "coso coco" model. The goal of this model is to achieve the same results as a standard financial audit, while taking into account the unique aspects of the risk management environment.
00:50:00 The Auditor´s job is to identify and assess risks to the organization's objectives. This is achieved by understanding the company's operations in various contexts and then drawing risks to specific objectives. It is not mandatory to have risk matrices, but if you do, you need to be familiar with the organization's risk management framework. Once you have a good understanding of the organization, you can begin your audit by assessing threats to key objectives. This process requires looking at the entire business and its processes, not just a few key areas. Audits that are focused on controls only are less comprehensive and can take longer. An audit that is focused on risk management takes a comprehensive view of the organization, looking at all aspects of its operations and processes.
00:55:00 The Auditoría basada en Riesgos is a financial audit methodology that applies a risk matrix to everything that functions in an organization. This matrix evaluates whether risks impact organically or have a relation to the organization and whether controls in place to achieve financial objectives are effective. We are now in the element of knowing our clients, and one knows the client by understanding their maturity in risk management. With this risk maturing methodology, they can consult with us. We see this as an important step in risk management as it allows those in charge to act freely according to defined lines of action that the business owners or high-level management can adhere to. I will explain the apetito de riesgo--see, Mister Manager, you are the one responsible for this organization. What you do. We want to achieve financial objectives using these risk management strategies. We need to authorize this appetite of risks for you so that you can move and then you deliver results to the business owners. That is, but the cost is what we would call the methodology of the model, the methodology with which we allow the appetite of risk where we combine several things. These matrices are what we use. We use them or those maps that auditors often have,

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The video discusses the auditor's role in risk management and how to conduct an audit based on risks. It is important to remember that risk matrices are living documents that reflect current realities in an organization. As risk auditors, we need to be aware of the latest risks so we can provide appropriate advisement to our clients.

01:00:00 The auditor's job is to identify and manage risks in an organization. Risk management is important in order to keep an organization functioning and profitable. Risk management starts with understanding what risk is and how it can be managed. Maps of risks, or risk assessment tools, are one way to do this. Maps of processes, or process maps, are another way. Risk assessment is the process of identifying risks and measuring how likely they are to happen. Risk management includes determining which risks to take action on, and implementing the appropriate controls. An auditor's job is to audit an organization's risk management processes and practices. Risk management is important in order to keep an organization functioning and profitable. Auditor's also need to look at an organization's overall risks, and identify and assess any threats to the organization's objectives. Risk management plans need to be updated on an annual basis, and should be approved by an institution before it is implemented.
01:05:00 The auditor's job is to identify and assess risks to an organization's financial and operational stability. One of the ways to do this is to develop a risk assessment matrix. This allows the auditor to prioritize risks and to take appropriate action to minimize the impact of those risks. One of the key aspects of risk management is having an effective plan of audit. The risk assessment matrix should be used to help determine which risks need to be addressed and in what order. The auditor should also be aware of the auditor's role in risk communication and be sure to comply with the demands of the high-level management and the legal/judicial system. Although risk assessment is an important part of the auditor's job, it is not the only thing that needs to be done. The auditor must also comply with the demands of the client and the management team. Risk assessment is simply focusing on the important things. When risk management is done properly, it can lead to a decrease in the amount of time and resources needed to conduct an audit. In addition, it can generate value by helping to prevent problems from happening in the first place.
01:10:00 The video discusses the importance of plans of work and how to create them with the business owners and the manager. The auditor emphasizes the importance of including the owners of the business in the plan-making process and making sure it is formalized when it is approved. This is important because it helps ensure that the plan is carried out effectively and that it meets the expectations of the stakeholders. By doing this, the auditor ensures that the risks involved in the business are managed effectively and that the business achieves its goals more quickly and with greater value. One of the ways in which the auditor monitors the effectiveness of the plan is through the evaluation of indicators. The auditor should be very clear and concise in the reports they produce, as different audiences may not have the time to read lengthy reports. It is also important that the auditor incorporates into the plan indicators that are important to the supervisors. By doing this, the auditor ensures that the risks involved in the business are managed effectively and that the business achieves its goals in a relevant way.
01:15:00 The auditor's role in risk management is changing, as businesses become more aware of the risks they face. Auditing risks in an integrated manner is essential to providing assurance to high-level management that processes for risk management are effective. In this video, we discuss auditoria basada en riesgos, or risk auditing based on risk management framework. This type of auditing is designed to provide advisory services and support to management at risk organizations. It is important to remember that risk matrices are living documents that reflect current realities in an organization. As risk auditors, we need to be aware of the latest risks so we can provide appropriate advisement to our clients.
01:20:00 The auditor's job is to assess risks and make recommendations for how to mitigate them. This is accomplished by looking at indicators of risk and management processes. The auditor also looks for signs of risk related scandals. When one of these indicators is triggered, the auditor takes action to focus their resources on the specific case. This type of auditing is known as "integral" auditing and is important for ensuring that businesses are safe and sound.
01:25:00 The auditor should select the type of audit based on the risk management methodology that is most applicable to the organization. In Colombia, the most common risk management methodology is the risk management approach based on the concept of risk. This is what I call a "fast step" of everything that is based on experience, rather than theoretical knowledge. In my opinion, auditing should depend on the high-level management or board of directors. This way, auditors maintain independence in their management decisions, and the independence of the audited entity is very debated but necessary in my opinion. Another question that we received through Facebook is about the fiscal decisions made by directors. It is not clear to me whether it is good or bad that decisions are not made clearly online. So, I will repeat the question: What happens when the internet is slow? We will have to repeat the question. Thank you, Adriana. Someone can pick up the microphone for her. Yes, she interrupted voluntarily. I'm sorry, Adriana. Let me rephrase the question. In your opinion, should decisions in fiscal matters be made by directors, the board of directors, or the governing body, based on the individual entity's situation?
01:30:00 The Auditoria Based on Risks video describes how an auditor can review and assess risks associated with financial statements. This can be done, for example, by gathering information on specific processes and risks associated with each account. The auditor then formulates a risk assessment for the entire company and applies risk management controls to individual accounts. This process impacts the company's financial statement, which can be different depending on the type of business. Interested individuals can write the auditor's office to ask questions about their courses or diplomas.
01:35:00 The auditorium is based on risks, and this is discussed with a panelist. There is a lot of thanks to the communications team, Daniela, and the coordinator, Diego Ramirez. He is happy to be a part of it all and thanks everyone for being happy and enjoying themselves.