ROMM at f/s level, ROMM =Inherent Risk + Control risk - Coggle Diagram
ROMM at f/s level
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
Things to note
Date and events and f. reporting
listed on JSE
Grp of Co.
King IV concerns
Connect your risk with F/S
Listed on JSE
Gives mgt an incentive to engage in fraudulent financial reporting through...
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