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ROMM at f/s level, ROMM =Inherent Risk + Control risk - Coggle Diagram
ROMM at f/s level
Lessons
Business risks affects the going concern
Every non-compliance may lead to penalties, may lead to L being understated
f/s can be misstated in ways
Fraud (Intentional)
Error (unintentional)
Things to note
Date and events and f. reporting
Have sub-headings
listed on JSE
Grp of Co.
King IV concerns
Connect your risk with F/S
Listed on JSE
manipulating f/s
Gives mgt an incentive to engage in fraudulent financial reporting through...
King IV
list non-compliance with King IV
Lack of integrity in management = weak control =mgt can engage in fraud due to:
ROMM =Inherent Risk + Control risk