Level 6 – Page 8 – Accountants Institute
Exam Unit: Risk and Control Management (3.7)

Learning Outcome

To be able to evaluate and advise on management and internal control systems for a range of risks. To plan a review process, including an internal audit, of such systems. To evaluate alternatives and advise on the management of financial risks. Be able to advise on the development of information systems that support the risk control environment.

Management Control Systems:
1. Organisational Control
2. Corrective Action
3. Organisational StructureRisk & Internal Control:
1. Accounting Controls
2. Manufacturing Methods and Responses
3. Risk Identification
4. Risk Measurement
5. Risk Strategy
6. Cost & Benefit Analysis
7. Corporate Governance
Review & Audit of Control Systems:
1. Management Review Controls
2. Internal Audit
3. Audit Planning
4. Control Efficiency and Effectiveness
5. Ethical ConsiderationsManagement of Financial Risk:
1. Identification and Evaluation
2. Risk Management Methods
3. Inflation and Exchange
4. Currency Risk ManagementRisk & Control in Information Systems:
1. IM, IS, and IT Strategies
2. Structure and Organisation of IS/IT Function
3. Control of IS
4. Audit and Control of Systems