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The Role of the Independent Accountant in Effective Risk Management

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  • W. R. Knechel

Abstract

The purpose of this paper is to present a perspective on the ways in which an independent accountant can contribute to the management of risk in a business organization. Business conditions and challenges have heightened the interest in risk management by many stakeholders. Independent accountants have an important role to play in providing assurance related to the quality of risk management processes which extends beyond their traditional role as the auditor of financial statements. As organizations become more and more affected by externa1 and internal risks, and increasingly dependent on integrated information systems and the expansion of nonfinancial information for monitoring risk, the value of extemal assurance services should increase. However, while presenting an opportunity to the profession, the focus on risk management also comes with a few challenges, including obtaining market permission to provide risk-based assurance services, acquiring the necessary skills and expertise, avoiding regulatory intervention and maintaining independence as the scope of services provided by independent accountants increases. Overcoming these challenges should position the accountancy profession to well serve its clients in a broad array of risk-related services.

Suggested Citation

  • W. R. Knechel, 2002. "The Role of the Independent Accountant in Effective Risk Management," Review of Business and Economic Literature, KU Leuven, Faculty of Economics and Business (FEB), Review of Business and Economic Literature, vol. 0(1), pages 65-86.
  • Handle: RePEc:ete:revbec:20020106
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    File URL: http://feb.kuleuven.be/rebel/jaargangen/2001-2010/2002/TEM2002-1/TEM2002-1_65-85p.pdf
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    Citations

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    Cited by:

    1. Knechel, W. Robert, 2007. "The business risk audit: Origins, obstacles and opportunities," Accounting, Organizations and Society, Elsevier, vol. 32(4-5), pages 383-408.
    2. Jedynak Piotr & Bąk Sylwia, 2020. "Understanding Uncertainty and Risk in Management," Journal of Intercultural Management, Sciendo, vol. 12(1), pages 12-35, March.
    3. Aneta Wysokińska-Senkus, 2019. "Improvement of the Risk Management in an Organization Hierarchized in the Context of Sustainability," European Research Studies Journal, European Research Studies Journal, vol. 0(4), pages 317-331.
    4. Nooraslinda Abdul Aris Author_Email: nooraslinda@salam.uitm.edu.my & Roszana Tapsir & Mohammad Kamil bin Abu Talib, 2011. "Risk And Risk Management Of Takaful Industry," Annual Summit on Business and Entrepreneurial Studies (ASBES 2011) Proceeding 2011-028-183, Conference Master Resources.
    5. W. Robert Knechel & Marleen Willekens, 2006. "The Role of Risk Management and Governance in Determining Audit Demand," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 33(9‐10), pages 1344-1367, November.

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