Audit Integrity Announces Risk Assessment Tool to Help Corporations and Auditing Professionals Identify Potential Fraud.RiskProfiler([c]) Provides Risk Ratings and Analytics; Will Be Offered Free of Charge to Companies at Greatest Risk LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. -- In response to the need for better risk management tools, Audit Integrity, an independent research firm, today launched a fraud risk assessment application to enhance the ability of corporations and auditing professionals' to identify vulnerable companies and utilize advanced analytics to reduce risk exposure. Dubbed "RiskProfiler," the application will be offered free to over 300 North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. publicly traded firms rated "Very Aggressive," the lowest rating of Audit Integrity's flagship Accounting and Governance Rating (AGR AGR advanced gas-cooled reactor ), a widely accepted statistical measure of corporate integrity. "The collapse of the economy has shown a clear need for better tools to diagnose risks," said Jack Zwingli, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Audit Integrity. "Corporations and auditors are required to assess fraud related risks, but have had limited tools to do so. RiskProfiler provides a thorough diagnostic review of known fraud risks, and identifies the 'red flags' companies and auditors need to research and resolve." RiskProfiler is based on Audit Integrity's proven risk analytics and provides a timely response to the needs of corporate managers, Board members and auditors for tools to identify risks related to financial reporting. The downloadable program is a secure, reliable method for better assessing corporate accounting irregularities and identifying potential fraud or misrepresentation misrepresentation In law, any false or misleading expression of fact, usually with the intent to deceive or defraud. It most commonly occurs in insurance and real-estate contracts. False advertising may also constitute misrepresentation. prior to regulatory filing. It is designed to ensure that corporations identify risks and provide transparent, accurate financials to investors and other stakeholders. The Audit Integrity RiskProfiler allows companies or auditors to enter confidential financial information, at the corporate or divisional/subsidiary level, and run the Audit Integrity analytics engine as an Excel add-in. Comparisons are made to prior financial statements and industry benchmarks to identify specific areas or risk. Once an assessment is complete, RiskProfiler generates a statistically driven summary of major risks, flagged metrics, and ratio tables that are used to identify and address areas of potential fraud-related risks. As an introductory offer to assist companies Audit Integrity has found to be at greatest risk, RiskProfiler is being offered free of charge for use with the next quarterly SEC filings to all companies with a "Very Aggressive" rating by Audit Integrity. More than 300 public traded corporations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. fall into this category, with the list of companies posted on the company's web site at www.auditintegrity.com. Corporations that receive "Very Aggressive" ratings are proven to be statistically more likely to suffer negative events such as earnings restatements, restructuring, shareholder litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and bankruptcy, thus they pose a higher systemic risk Systemic Risk Risk common to a particular sector or country. Often refers to a risk resulting from a particular "system" that is in place, such as the regulator framework for monitoring of financial_institutions. to stakeholders including investors, employees, creditors, regulators and, as recent events have proven, taxpayers. An abbreviated list of the largest qualifying corporations includes: * Altria Group “Philip Morris” redirects here. For the racecar driver, see Philip Morris (autoracer). Altria Group, Inc. (NYSE: MO) (previously named Philip Morris Companies Inc. , Inc * Chevron Corporation “CVX” redirects here. For the United States Navy future aircraft carrier program, see United States Navy CVN-21 program. Chevron Corporation (NYSE: CVX) is one of the world's largest global energy companies. * eBay, Inc. * General Electric Company * Google Inc. * NASDAQ OMX Group NASDAQ OMX Group is the tentative name for the combined entity resulting from the pending merger of The NASDAQ Stock Market, Inc. and OMX AB. Its headquarters will be located in New York. , Inc. * Tyco International Ltd. "There needs to be a fresh approach to identifying corporate risks," said Mr. Zwingli. "In difficult times, companies with weak risk controls and a culture of taking on too much risk will be the first to fail. RiskProfiler helps corporations and auditors identify the warning signals that too often go undetected, and take action before it is too late." ABOUT AUDIT INTEGRITY Founded in 2002, serving investors, insurers, auditors and corporate finance professionals, Audit Integrity is a leading independent research firm that rates more than 7,000 North American public companies based on a proprietary measure of corporate integrity. In addition to its flagship Accounting and Governance Risk (AGR) ratings, Audit Integrity also forecasts class action litigation risk, material financial restatement risk, and equity performance risk. The statistical correlation of these ratings has been confirmed by internal and third-party tests. Audit Integrity has offices in Los Angeles and New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . For more information, please visit www.auditintegrity.com. |
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