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A mitigating control is type of control used in auditing to discover and prevent mistakes that may lead to uncorrected and/or unrecorded misstatements that would generally be related to control deficiencies. [1]
An important part of standard cost accounting is a variance analysis, which breaks down the variation between actual cost and standard costs into various components (volume variation, material cost variation, labor cost variation, etc.) so managers can understand why costs were different from what was planned and take appropriate action to ...
One simple definition of management accounting is the provision of financial and non-financial decision-making information to managers. [2] In other words, management accounting helps the directors inside an organization to make decisions. This can also be known as Cost Accounting.
Proactive disaster mitigation measures may be structural or non-structural, and will generally be based on measurement and assessment of the risk and the cost of setting up the measures, and possibly the cost of maintenance. [3] Mitigation planning identifies policies and actions that can be taken over the long term to reduce risk, and in the ...
Cost reduction is the process used by organisations aiming to reduce their costs and increase their profits, or to accommodate reduced income. Depending on a company’s services or products , the strategies can vary.
Social discount rate (SDR) is the discount rate used in computing the value of funds spent on social projects. Discount rates are used to put a present value on costs and benefits that will occur at a later date.
Some researchers have criticised control self-assessment as a flawed approach as the way risk is defined and measured is unsophisticated. In particular, control self-assessment may understate risk by not identifying extreme downside risk. An extreme downside risk is a highly improbable event that would have catastrophic consequences if it occurred.
In business economics cost breakdown analysis is a method of cost analysis, which itemizes the cost of a certain product or service into its various components, the so-called cost drivers. The cost breakdown analysis is a popular cost reduction strategy and a viable opportunity for businesses.