Advanced Audit

The subject enables students to express their opinion on whether the financial statements are in all important aspects prepared in accordance with the established framework of financial reporting. One of the goals is to master the skills that will enable students to collect the required amount of evidence for the expression of opinions.

By gaining a clear idea about the possible risks of uncertain outcome by its meaning, with the possibility of identifying at least two possible outcomes, the students gain the ability to choose in the process of risk management in order to prevent its occurrence or to minimize its adverse economic outcomes. Success is particularly expected in the possibilities of risk control, so that it could be influenced and managed. For all that it is required to have prior interdisciplinary risk assessment, which is one of the main tasks in the process of acquiring knowledge in this subject.

Basic concepts of risk management; Nature and treatment of risk; Function and development of risk management; Modern approach to risk management; Nature of activities; Organizational status and phases of risk management; Adapting to the conditions of uncertainty in the environment; Conceptual framework for the analysis of uncertainty; Organizational adaptation to conditions of uncertainty; Management styles; Forecasting and planning; Imitations; Risk Assessment: Identification, hazard analysis, risk measurement; Exposure to risk: assets, liabilities; Subjects exposed to risk; Methods and techniques of risk management; Program of risk management: policy and procedures; Information basis; Auditing and monitoring of programs and procedures.

Lectures and exercises within the planned number of classes.

Colloquium I (0-20 points); Colloquium II (0-20 points); Final exam (0-50 points); Attendance (2point); Class activities (seminar papers, discussions, case studies) (0-8 points)

Vaughan, E. (2000). Risk Management. University of Iowa; Bašić, D. (2012). Modern Banking. Banja Luka: Faculty of Economics, University of Banja Luka; Frenkel, M.; Hommel, U.; Rudolf, M. (2012). Risk Management. 2nd ed. New York: Springer.