As a result of innovations in closed-end funds, trusts and more, it was able to raise $1 billion. It also set forth the development of the unified investment platform, Aladdin – a tool that put together trading, risk management and client reporting.
The name BlackRock was updated in the year 1992. (BlackRock History, n.d.)
Leadership
BlackRock’s Global Executive Committee (GEC) is the highest level governance committee. The committee constitutes of the senior executives who are responsible for company’s operations. The GEC keeps oversight of business operations, strategy, human resource planning and performance.
The committee members are - Laurence D. Fink (Chairman and Chief Executive Officer of BlackRock), Robert S. Kapito (President),
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This can be achieved by building the most respected investment manager in the world. The efforts towards achieving the mission are guided by the following principles, provided by the leadership.
To achieve its mission, it has outlined following
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As per blog in wall street journal, Nestle had to recall packets weighed more than 27,000 tons, deployed 2,500 extra trucks to carry noodles, and took more than 40 days to destroy the packets.
(Nestle India Reports First Loss in 15 Years After Maggi Recall, n.d.) (The Mind-Boggling Scale of Nestlé’s Maggi Noodle Recall, n.d.)
This instance clearly highlights the importance of internal control functions that identify, assess, monitor and report the risks and controls effectiveness on an ongoing basis Governing Bodies or Organizations
These governing bodies have enacted and developed various professional standards and acts that form the basis of audit principles.
Table 2 List of governing bodies for Audit
Organization Name Principles or Acts or Standards relevant for Audit function Remarks
IIA
(The Institute of Internal Auditors)
International Professional Practices Framework • Basis for audit techniques and procedures
• Standard for evaluating internal audit function
AICPA
(American Institute of Certified Public Account)
Statement on Auditing Standards • Statements on Auditing Standards (SASs)
• Statements on Standards for Attestation Engagements (SSAEs)
• Statements on Quality Control Standards