会计学外文翻译外文文献英文文献审计风险管理

外文翻译一种风险控制方法苏拉纺织集团的内部审计和风险管理两个部门经常是分开的独立发挥作用,在组织中二个部门有他们自己各自的使命，但却向着相同的目标努力着。

苏拉纺织集团是世界上最先进的纺织品供应商，苏拉纺织集团采用内部审计和风险管理相结合的方法为公司增加净收益。

二个部门为共同目标将风险减到最小，使公司利润最大化而努力。

而他们的工作方法展示了内部审计程序的焦点在于风险管理活动。

苏拉纺织集团内部审计部门是一个联合风险管理和公司治理共同作用的部门。

当进行部门审计时，其关键宗旨是估计风险管理的实践质量并且提供保证数据以便于理事会对公司进行管理。

审计员大多数致力于审计过程的关注和最高的风险曝光--通常首要活动在价值链以保证最大净利润。

并且，审计部门对苏拉集团的企业风险管理(ERM)有着极大贡献。

内部审计优化了它在苏拉集团风险管理过程的角色，且没有减弱审计功能的独立性和可行性。

部门的审计方法展示了风险管理的焦点，提醒理事会对其引起的净利润的增加值予以关注，并针对这增加的利润提供方法进行管理。

反欺诈性财务报告委员会的企业风险管理框架(COSO ERM)苏拉集团内部审计为考察内部控制和风险管理系统的质量使用了反欺诈性财务报告委员会的企业风险管理框架。

根据COSO ERM 应达到几个宽泛的目标: • 任务／视觉达到客观的基准线。

• 有效并且高效率的操作。

• 可靠的财政和非财务报告。

• 遵照内部程序以及外在法律和章程。

• 保障财产（这个控制宗旨由苏拉集团内部审计增加了作用与建议符合COSO的标准）。

苏拉集团内部审计员以这些目标的规定值为依据，对公司的风险管理环境进行估算。

审计员提出他们按照规定值计算出的结果，并在审计报告之内进行总结。

规定值是在部门的内部审计指南中被定义的，具体规定如下：• 充分。

在过程的考察中风险管理的水平和质量是令人满意的，或被考察的过程其中一些区域需要较小的改善。

这种情况下可能是公司或部门的作用导致的，由于内部过程是受控的，所以不需要特别关注。

外文文献及翻译题目:The Important Of Financial Risk 题目: 财务风险重要性分析The Important Of Financial RiskAbstract：This paper examines the determinants of equity price risk for a large sample of non-financial corporations in the United States from 1964 to 2008. We estimate both structural and reduced form models to examine the endogenous nature of corporate financial characteristics such as total debt, debt maturity, cash holdings, and dividend policy. We find that the observed levels of equity price risk are explained primarily by operating and asset characteristics such as firm age, size, asset tangibility, as well as operating cash flow levels and volatility. In contrast, implied measures of financial risk are generally low and more stable than debt-to-equity ratios. Our measures of financial risk have declined over the last 30 years even as measures of equity volatility (e.g. idiosyncratic risk) have tended to increase. Consequently, documented trends in equity price risk are more than fully accounted for by trends in the riskiness of firms’ assets. Taken together, the results suggest that the typical U.S. firm substantially reduces financial risk by carefully managing financial policies. As a result, residual financial risk now appears negligible relative to underlying economic risk for a typical non-financial firm.Keywords：Capital structure financial risk risk management corporate financeIntroductionThe financial crisis of 2008 has brought significant attention to the effects of financial leverage. There is no doubt that the high levels of debt financing by financial institutions and households significantly contributed to the crisis. Indeed, evidence indicates that excessive leverage orchestrated by major global banks (e.g., through the mortgage lending and collateralized debt obligations) and the so-called “shadow banking system” may be the underlying cause of the recent economic and financial dislocation. Less obvious is the role of financial leverage among nonfinancial firms. To date, problems in the U.S. non-financial sector have been minor compared to the distress in the financial sector despite the seizing of capital markets during the crisis. For example, non-financial bankruptcies have been limited given that the economic decline is the largest since the great depression of the 1930s. In fact, bankruptcy filings of non-financial firms have occurred mostly in U.S. industries (e.g., automotive manufacturing, newspapers, and real estate) that faced fundamental economic pressures prior to the financial crisis. This surprising fact begs the question,。

文献出处：C E Hogan. The Discussion of Audit Risk Control [J]. Contemporary Accounting Research, 2015, 25(1): 219.原文The Discussion of Audit Risk ControlC E HoganAbstractFor any one market, seeking resources optimal configuration is its internal requirements, this requirement with complete information between market subjects, in reality, however, investors and by investors, creditors and debtors, regulators and inevitable existence of information asymmetry between the regulated, audit the generation of the industry is to eliminate the information asymmetry. Certified public accountants to verify statements of the financial information of foreign enterprises and other information, the truth of market main body with information as close as possible to complete information is the process of the audit. Since the audit conclusion is certified public accountants in sampling surveys on the basis of the subjective conclusion, usually can't be absolutely perfect information, the audit risk and the audit risk is the audit itself inherent cannot evade a question.Keywords: audit risk, audit risk management and risk control1 IntroductionAuditing profession development, has become an indispensable organic part of market economy, in the establishment and maintenance of the capital market development, holds an important place of audit, audit of the financial market is hard to imagine.In recent years, however, in view of the accounting firms and certified public accountants case erupted repeatedly, most lawsuits and high litigation of the damages to the whole industry development.2002 of the American journal of accounting statistics results show that the United States over the past 15 years for the auditor to accuse lawsuit, far more than the whole industry occurred in the 105 - year history of the total number of ['];European Ernst & young, KPMG, delete and PWC international accounting firms in 2007, a year only received compensation lawsuit, claim amountmore than $1 billion in six, demanded amount of between $350 million to $1 billion with 12.Strengthen research of audit risk and its management, therefore, not only relates to the interests of the subject of audit and reputation, and is related to the construction of the economic system, is not only beneficial to audit the construction industry, promote audit, benign and healthy development of the career but also to contain or block the audit risk caused a chain reaction, make the audit resources to have economic benefits and social benefits in the direction of the flow, promote the reasonable allocation of social resources and social stability.2 Literature reviewIn 1978, D.H. Roberts (D.H.R obverts) raises the ultimate audit risk model, its mathematical expression is: the ultimate risk inherent risk control risk x 2 analytical detection risk and (+ sampling risk not sampling risk).In 1981, the auditing standards board (AlCPA) standards of 39 announcement the audit sampling and brought forward a new model of audit risk, this theory is that the audit.Risks from the analysis of inherent risk, control risk and detection risk and testing of four risk in detail, including: inherent risk and control risk the risk of significant error in financial statements and analytical examination and detailed test risks said the risk of significant error in the financial statements are not found. In 1983, the auditing standards board (AICPA) is explained in the auditing standards no. 47 "audit risk and the importance of audit services" (sAS47 #) of the audit risk model and made the changes, the revised audit model: audit risk inherent risk 2 x check risk control. As a result of this model includes the main audit risk factors, and shows that the number of the relationship between each risk factor, convenient measurement, operability and applicability, and therefore most audit organization and the international accounting firms are using this model, the independent auditing standards are also using this model. In 2004, the international auditing standards are revised in SAS47 # auditing standards audit model on the basis of a new audit risk model is put forward, its abstract expression is: the risk of material misstatement risk in audit risk = x check, this model to control risk and inherent risk into comprehensiverisk, and said with the risk of material misstatement. The model that audit risk depends on the size of the material misstatement risk and check risk, certified public accountant shall risk assessment of the implementation process, evaluation of material misstatement risk, and further to design and implement audit according to the results of the assessment program, to control the inspection risk, to reduce audit risk to an acceptable level.And for some institutions and scholars，Audit risk theory put forward its own views is put forward in 1983: Audit risk inherent risk control risk x x = analytical detection risk and substantive test risk [6]; the auditing practices board (APC) in 1988, an audit risk model is put forward, namely: audit risk = inherent risk control risk x x x sampling risk. In 1997, Alvin. A. Arenas and James k. loss baker (Alvin a. Arenas and James k. Lob eke) published monograph in combination with the audit learn A "(Auditing - An integrated Approach) adopted the system foundation audit and the risk-based audit pattern, on the basis of the risk assessment of the audited units, comprehensive analysis and evaluation of various influence factors of the audited units of economic activity, and according to the quantitative risk level to determine the implementation of the audit scope, focus, and carries on the substantive examination.3 Audit risk management and control3.1 Audit project management and controlEntrusted by the audit stage, first of all should carefully choose the auditees. Industry, the development level of industry correlation and macro-economic conditions, the types of industry market information such as help auditors on the current operating situation of the customer to make a preliminary judgment, and thus to initial positioning its risk. Customer’s own information focus should examine its management level, management level and sustainable management ability and senior management personnel quality, and so on and so forth. Auditors take special attention in the understanding of the unusual move, especially in the audit of listed company, any signs of abnormal behavior will have its exposed, namely risk signal. Between the auditor and the client if there is a related party relationship will affect theindependence of the audit, therefore when determining accepting new clients to avoid this kind of relationship to weaken the independence of certified public accountants. In commissioned phase can be a new customer list to inform law firm of professional auditors.Implementation stage of the audit specific controlled by implementation and business substantive testing phase and implementation detailed analytical testing and balance testing phase two phases, this stage guided by the audit plan, audit risk control oriented, to obtain audit evidence as the basic goals, the establishment of the internal control system of the audited units first and abide by the conditions for conformance test, according to the test results revised audit plan; And then to substantive testing of accounting report project data, evaluation and appraisal according to the test result.Way to achieve the goal of certified public accountants audit is the implementation of audit procedures, and the result is to achieve the goal of the audit through the audit report to reflect. Audit report reflects the client's final request, also reflect the quality of audit work to accomplish the task, and is also the judgement of the audited matters and conclusion. Therefore audit report stage is to audit the project quality and degree of risk control, the last part of the project risk control.3.2 Audit industry risk management and controlA sound system of laws and regulations is the audit laws is the basic measures to guard against auditing risk. Audit theory system must have a tight inner logic, to become a mature discipline and guide audit practice. Revised auditing standards as the core of the audit standard system, pay attention to the improvement on the application of audit risk model, perfect the risk-oriented audit on the implementation of the specific procedures of specific methods, such as the evaluation of internal control system, the control test and confirm the audit sampling method, test phase use expectation level of audit risk, inherent risk, control risk and detection risk and legal responsibility audit litigation risk and evaluation method, etc., for the auditor in practice to establish a normative and principled technical guidance system, enables the auditor's practice to rules-based and laws.An institute of certified public accountants should give full play to the function of its industry association, to further promote the improvement of the industry standards, strengthen supervision, to establish credit rating, filing system, peer review and experience exchange. In addition, an institute of certified public accountants shall promote the legislation and building rules and regulations, work, and take some measures to protect the lawful rights and interests of a member of the association. To explore in practice, summarize the experience on the basis of the audit work must be formulated in compliance with standards and guidelines as soon as possible, the audit procedures, content, clerical, language use and so on shall be clearly stipulated; Strengthen the constraints supervision mechanism, establish and perfect the relevant regulations of the peer review and the system.3.3 Audit environment risk management and controlThe audit environment is constantly changing. Industrial society to information society and the transformation of the knowledge economy era, the progressive realization of economic globalization, the modern enterprise system gradually introduced, further improving the corporate governance structure, information technology is widely applied in the audit practice, etc. Play an important role in the audit environment, is the auditor's quality and skills, social expectations and requirements for the audit, the development of related disciplines and so on.For the improvement of the audit environment and reform, not the auditing profession or an institute of certified public accountants can be achieved, it needs the joint efforts of the whole society, such as the correct understanding of the auditing profession widespread public, to reduce the audit expectation gap; To improve the standardization of the capital market operations and the transparency of information disclosure; Perfect the construction of accounting legal system, etc.4 ConclusionsAudit is to monitor the development of social economy, the important aspect of optimizing the allocation of resources, the development of capital market prosperity and stability is particularly important. Audit risk management throughout all aspects of the audit activities, throughout the audit activities. Public accounting firms andcertified public accountants as the main body of the audit risk management, especially must pay attention to in the daily audit practice and strengthen the audit risk management, they need to improve its own, perfect the causes of audit risk, and thus achieve the control of the audit risk more effectively.译文对审计风险控制的探讨C E Hogan摘要对于任何一个市场而言,寻求资源的最优配置都是其内在要求,这要求市场主体之间具备完全信息,然而现实中,投资者与被投资者、债权人与债务人、监管者与被监管者之间必然存在信息的不对称,审计这一行业的产生就是为了消除这种信息的不对称。

毕业设计(论文）外文文献翻译院系：财务与会计学院年级专业：201＊级财务管理姓名:学号：132148*＊*附件: 财务风险管理【Abstract】Although financial risk has increased significantly in recent years risk and risk management are not contemporary issues。

The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market。

Information is available instantaneously which means that change and subsequent market reactions occur very quickly。

The economic climate and markets can be affected very quickly by changes in exchange rates interest rates and commodity prices。

Counterparties can rapidly become problematic。

As a result it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management。

【Key Words】Financial risk，Risk management，YieldsI. Financial risks arising1.1What Is Risk1.1.1The concept of riskRisk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss while exposure is the possibility of loss although they are often used interchangeably。

The Optimization Method of Financial Statements Based on Accounting Management TheoryABSTRACTThis paper develops an approach to enhance the reliability and usefulness of financial statements. International Financial Reporting Standards (IFRS) was fundamentally flawed by fair value accounting and asset-impairment accounting. According to legal theory and accounting theory, accounting data must have legal evidence as its source document. The conventional “mixed attribute” accounting system should be re placed by a “segregated” system with historical cost and fair value being kept strictly apart in financial statements. The proposed optimizing method will significantly enhance the reliability and usefulness of financial statements.I.. INTRODUCTIONBased on international-accounting-convergence approach, the Ministry of Finance issued the Enterprise Accounting Standards in 2006 taking the International Financial Reporting Standards (hereinafter referred to as “the International Standards”) for reference. The Enterprise Accounting Standards carries out fair value accounting successfully, and spreads the sense that accounting should reflect market value objectively. The objective of accounting reformation following-up is to establish the accounting theory and methodology which not only use international advanced theory for reference, but also accord with the needs of China's socialist market economy construction. On the basis of a thorough evaluation of the achievements and limitations of International Standards, this paper puts forward a stand that to deepen accounting reformation and enhance the stability of accounting regulations.II. OPTIMIZA TION OF FINANCIAL STATEMENTS SYSTEM: PARALLELING LISTING OF LEGAL FACTS AND FINANCIAL EXPECTA TIONAs an important management activity, accounting should make use of information systems based on classified statistics, and serve for both micro-economic management and macro-economic regulation at the same time. Optimization of financial statements system should try to take all aspects of the demands of the financial statements in both macro and micro level into account.Why do companies need to prepare financial statements? Whose demands should be considered while preparing financial statements? Those questions are basic issues we should consider on the optimization of financial statements. From the perspective of "public interests", reliability and legal evidence are required as qualitative characters, which is the origin of the traditional "historical cost accounting". From the perspective of "private interest", security investors and financial regulatory authoritieshope that financial statements reflect changes of market prices timely recording "objective" market conditions. This is the origin of "fair value accounting". Whether one set of financial statements can be compatible with these two different views and balance the public interest and private interest? To solve this problem, we design a new balance sheet and an income statement.From 1992 to 2006, a lot of new ideas and new perspectives are introduced into China's accounting practices from international accounting standards in a gradual manner during the accounting reform in China. These ideas and perspectives enriched the understanding of the financial statements in China. These achievements deserve our full assessment and should be fully affirmed. However, academia and standard-setters are also aware that International Standards are still in the process of developing .The purpose of proposing new formats of financial statements in this paper is to push forward the accounting reform into a deeper level on the basis of international convergence.III. THE PRACTICABILITY OF IMPROVING THE FINANCIAL STATEMENTS SYSTEMWhether the financial statements are able to maintain their stability? It is necessary to mobilize the initiatives of both supply-side and demand-side at the same time. We should consider whether financial statements could meet the demands of the macro-economic regulation and business administration, and whether they are popular with millions of accountants.Accountants are responsible for preparing financial statements and auditors are responsible for auditing. They will benefit from the implementation of the new financial statements.Firstly, for the accountants, under the isolated design of historical cost accounting and fair value accounting, their daily accounting practice is greatly simplified. Accounting process will not need assets impairment and fair value any longer. Accounting books will not record impairment and appreciation of assets any longer, for the historical cost accounting is comprehensively implemented. Fair value information will be recorded in accordance with assessment only at the balance sheet date and only in the annual financial statements. Historical cost accounting is more likely to be recognized by the tax authorities, which saves heavy workload of the tax adjustment. Accountants will not need to calculate the deferred income tax expense any longer, and the profit-after-tax in the solid line table is acknowledged by the Company Law, which solves the problem of determining the profit available for distribution.Accountants do not need to record the fair value information needed by security investors in the accounting books; instead, they only need to list the fair value information at the balance sheet date. In addition, because the data in the solid line table has legal credibility, so the legal risks of accountants can be well controlled. Secondly, the arbitrariness of the accounting process will be reduced, and the auditors’ review process will be greatly simplified. The independent auditors will not have to bear the considerable legal risk for the dotted-line table they audit, because the risk of fair value information has been prompted as "not supported by legalevidences". Accountants and auditors can quickly adapt to this financial statements system, without the need of training. In this way, they can save a lot of time to help companies to improve management efficiency. Surveys show that the above design of financial statements is popular with accountants and auditors. Since the workloads of accounting and auditing have been substantially reduced, therefore, the total expenses for auditing and evaluation will not exceed current level as well.In short, from the perspectives of both supply-side and demand-side, the improved financial statements are expected to enhance the usefulness of financial statements, without increase the burden of the supply-side.IV. CONCLUSIONS AND POLICY RECOMMENDATIONSThe current rule of mixed presentation of fair value data and historical cost data could be improved. The core concept of fair value is to make financial statements reflect the fair value of assets and liabilities, so that we can subtract the fair value of liabilities from assets to obtain the net fair value.However, the current International Standards do not implement this concept, but try to partly transform the historical cost accounting, which leads to mixed using of impairment accounting and fair value accounting. China's accounting academic research has followed up step by step since 1980s, and now has already introduced a mixed-attributes model into corporate financial statements.By distinguishing legal facts from financial expectations, we can balance public interests and private interests and can redesign the financial statements system with enhancing management efficiency and implementing higher-level laws as main objective. By presenting fair value and historical cost in one set of financial statements at the same time, the statements will not only meet the needs of keeping books according to domestic laws, but also meet the demand from financial regulatory authorities and security investorsWe hope that practitioners and theorists offer advices and suggestions on the problem of improving the financial statements to build a financial statements system which not only meets the domestic needs, but also converges with the International Standards.基于会计管理理论的财务报表的优化方法摘要本文提供了一个方法，以提高财务报表的可靠性和实用性。

LNTU---Acc附录A国际会计准则第 37 号或有负债和或有资产目的本准则的目的是确保将适当的确认标准和计量基础运用于准备、或有负债和或有资产，并确保在财务报表的附注中披露充分的信息，以使使用者能够理解它们的性质、时间和金额。

范围1．本准则适用于所有企业对以下各项之外的准备、或有负债和或有资产的会计核算：（1）以公允价值计量的金融工具形成的准备、或有负债和或有资产：（2）执行中的合同（除了亏损的执行中的合同）形成的准备、或有负债和或有资产；（3）保险公司与保单持有人之间签订的合同形成的准备、或有负债和或有资产；（4）由其他国际会计准则规范的准备、或有负债和或有资产。

2．本准则适用于不是以公允价值计量的金融工具（包括担保）。

3．执行中的合同是指双方均未履行任何义务或双方均同等程度地履行了部分义务的合同。

本准则不适用于执行中的合同，除非它是亏损的。

4．本准则适用于保险公司的准备、或有负债和或有资产，但不适用于其与保单持有人之间签订的合同形成的准备、或有负债和或有资产。

5．如果其他国际会计准则规范了特定的准备、或有负债和或有资产，企业应运用该准则而不是本准则，例如，关于以下项目的准则也规范了特定的准备：（1）建造合同（参见《国际会计准则第11号建造合同》）；（2）所得税（参见《国队会计准则第12号所得税》）；（3）租赁（参见《国际会计准则第17 号租赁》），但是，《国际会计准则第17 号》未对已变为亏损的经营租质的核算提出具体要求，因而本准则应适用于这些情况；（4）雇员福利（参见《国际会计准则第19号一雇员福利》）。

6．一些作为准备处理的金额可能与收入的确认有关，例如企业提供担保以收取费用，本准则不涉及收入确认，《国际会计准则第18 号收入》明确了收入确认标准，并就确认标准的应用提供了实务指南，本准则不改变《国际会计准则第18 号》的规定。

7．本准则将准备定义为时间或金额不确定的负债，在某些国家，“准备”也与一些项目相联系使用，例如折旧，资产减值和坏账：这些是对资产账面金额的调整，本准则不涉及。

中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might bepossible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

审计风险外文文献翻译最新译文The n of Audit Risk ControlXXXIn any market。

the optimal n of resources is an internal XXX。

however。

n asymmetry exists een investors and creditors。

debtors and regulators。

and other regulated XXX verify the financial n of foreign enterprises and other n to ensure that the market's main body has as close to complete n as possible。

This process is known as the audit.XXX' subjective ns。

which are usually based on sampling surveys。

XXX。

audit risk is XXX.n:The auditing n has e an essential part of the market economy。

XXX the development of the capital market。

It holds a XXX the financial market。

However。

in recent years。

due to the repeatedn of cases XXX accountants。

the industry has XXX。

A 2002study published in the American Journal of Accounting Statistics revealed that the number of lawsuits against auditors in the United States over the past 15 years is far more than the total number of lawsuits in the industry's 105-year history。

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk,understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent withinternal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and theinteractions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existingexposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater theuncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economyvulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originatewith events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequentmarket reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchangerates, interest rates, and commodity prices.Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as aresult of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it.Identifying exposuresand risks forms the basis for an appropriatefinancial risk management strategy.How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as aresult of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1.Financial risks arising from an organization e'xpsosure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2.Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3.Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessingthe financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitatesmaking organizational decisions about risks that are acceptable versus those that are not.The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization r'isks tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset.Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change.Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows: 1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modernportfolio theory considers not only an asset 'ri s kiness, but alsoits contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities fordiversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks.Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails.Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management'scontrol. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets.Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges,appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization 'exsposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1.Do nothing and actively, or passively by default, accept all risks.2.Hedge a portion of exposures by determining which exposures can and should be hedged.3.Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk managementprocess is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender 'a s sets.The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include: 1、Expected levels of inflation 2、General economic conditions 3、Monetary policy and the stance of the central bank 4、Foreign exchange market activity 5、Foreign investor demand for debt securities 6、Levels of sovereign debt outstanding 7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-yearterms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yieldcurve provides useful information about the market 'esxpectations offuture interest rates.Implied interest rates for forward-starting terms can be calculatedusing theinformation in the yield curve. For example, using rates for one-and two-year maturities, the expected one-year interestrate' s time can beginning in one year be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is oftenconsidered to be a predictor of future economic activity and mayprovide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longerlending terms.Since the chance of a borrower default increases with term tomaturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected bythe expected rate of inflation. Investors demand at least theexpected rate of inflation from borrowers, in addition to lendingand risk components. If investors expect future inflation to behigher, they will demand greater premiums for longer terms tocompensate for this uncertainty. As a result, the longer the term,the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increasessubstantially, and short-term interest rates may rise above thelevel of longer term interest rates.This results in an inversion of the yield curve and a downward slopeto its appearance.The high cost of short-term funds detracts fromgains that would otherwise be obtained through investment andexpansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to anormal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

审计风险外文文献(1)摘要审计风险是每一个企业都不可避免的存在，如何有效地对企业进行风险管理和风险评估，是企业在竞争激烈的市场经济中持续发展的关键。

本文研究了一些关于审计风险的外文文献，包括审计风险概念、审计风险评估方法、审计风险管理等方面，旨在为企业的管理者提供有益的参考。

正文1. Introduction随着市场经济的不断发展，企业日益面临着各种各样的风险，其中审计风险是一种不可忽视的风险。

审计是公司财务状况公开的重要手段，而审计风险则是指在审计过程中，会发现实际情况与财务报告不符或存在其他问题，这种风险不仅会对企业的财务状况产生影响，也会对企业的声誉产生负面影响。

2. 审计风险概念审计风险分为三个方面：检查风险、控制风险和依赖风险。

检查风险是指审核员未能检查到可疑交易或错误的信息。

控制风险是指公司的内部控制程序存在缺失，导致财务报告的准确性受到影响。

依赖风险是指报告使用者过度依赖于审计师提供的信息。

3. 审计风险评估方法审计风险评估是完整的审计过程的一部分，目的是评估审计风险的程度。

当确定企业的特定事件可能导致审计误差时，重要的是要确定风险的数量级和可能性。

评估审计风险的方法通常有三种：3.1 指标法指标法是根据历史数据，使用统计学方法来确定预测未来事件的可能性。

它通常将风险因素与特定事件发生的概率联系起来，以确定将需要进行更详细的审计程序的区域。

#### 3.2 经验法经验法根据审计人员的经验来确定预测的未来事件可能性。

这种方法不依赖于任何统计数据，而是基于审计人员对企业的认识和经验来进行评估。

#### 3.3 聚集法聚集法涉及对不同因素进行评估，这可以提高风险评估的确定性和准确性。

在这种方法中，审计人员可以对所有可能影响判断的因素进行评估，包括企业规模、行业类型、管理体系等。

4. 审计风险控制为了减少风险，管理人员可以采取以下措施：4.1 审计策略管理人员应该制定一个明确的审计策略来减少审计风险。

毕业设计（论文）外文文献翻译文献、资料中文题目：财务风险管理文献、资料英文题目：Financial Risk Management 文献、资料来源：文献、资料发表（出版）日期：院（部）：专业：班级：姓名：学号：指导教师：翻译日期： 2017.02.14财务管理类本科毕业论文外文翻译译文：[美]卡伦·A·霍契.《什么是财务风险管理？》.《财务风险管理要点》.约翰.威立国际出版公司,2005:P1-22.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

全球市场越来越多的问题是，风险可能来自几千英里以外的与这些事件无关的国外市场。

意味着需要的信息可以在瞬间得到，而其后的市场反应，很快就发生了。

经济气候和市场可能会快速影响外汇汇率变化、利率及大宗商品价格，交易对手会迅速成为一个问题。

因此，重要的一点是要确保金融风险是可以被识别并且管理得当的。

准备是风险管理工作的一个关键组成部分。

什么是风险？风险给机会提供了基础。

风险和暴露的条款让它们在含义上有了细微的差别。

风险是指有损失的可能性，而暴露是可能的损失，尽管他们通常可以互换。

风险起因是由于暴露。

金融市场的暴露影响大多数机构，包括直接或间接的影响。

当一个组织的金融市场暴露，有损失的可能性，但也是一个获利或利润的机会。

金融市场的暴露可以提供战略性或竞争性的利益。

风险损失的可能性事件来自如市场价格的变化。

事件发生的可能性很小，但这可能导致损失率很高，特别麻烦，因为他们往往比预想的要严重得多。

换句话说，可能就是变异的风险回报。

由于它并不总是可能的，或者能满意地把风险消除，在决定如何管理它中了解它是很重要的一步。

识别暴露和风险形式的基础需要相应的财务风险管理策略。

财务风险是如何产生的呢？无数金融性质的交易包括销售和采购，投资和贷款，以及其他各种业务活动，产生了财务风险。

它可以出现在合法的交易中，新项目中，兼并和收购中，债务融资中，能源部分的成本中，或通过管理的活动，利益相关者，竞争者，外国政府，或天气出现。

中英文资料外文翻译财务风险重要性分析译文：摘要：本文探讨了美国大型非金融企业从1964年至2008年股票价格风险的决定小性因素。

我们通过相关结构以及简化模型，研究诸如债务总额，债务期限，现金持有量，及股利政策等公司财务特征，我们发现，股票价格风险主要通过经营和资产特点，如企业年龄，规模，有形资产，经营性现金流及其波动的水平来体现。

与此相反，隐含的财务风险普遍偏低，且比产权比率稳定。

在过去30年，我们对财务风险采取的措施有所减少，反而对股票波动（如独特性风险）采取的措施逐渐增加。

因此，股票价格风险的记载趋势比公司的资产风险趋势更具代表性。

综合二者，结果表明，典型的美国公司谨慎管理的财政政策大大降低了财务风险。

因此，现在看来微不足道的剩余财务风险相对底层的非金融公司为一典型的经济风险。

关键词：资本结构；财务风险；风险管理；企业融资1 绪论2008年的金融危机对金融杠杆的作用产生重大影响。

毫无疑问，向金融机构的巨额举债和内部融资均有风险。

事实上，有证据表明，全球主要银行精心策划的杠杆（如通过抵押贷款和担保债务）和所谓的“影子银行系统”可能是最近的经济和金融混乱的根本原因。

财务杠杆在非金融企业的作用不太明显。

迄今为止，尽管资本市场已困在危机中，美国非金融部门的问题相比金融业的困境来说显得微不足道。

例如，非金融企业破产机遇仅限于自20世纪30年代大萧条以来的最大经济衰退。

事实上，非金融公司申请破产的事件大都发生在美国各行业（如汽车制造业，报纸，房地产）所面临的基本经济压力即金融危机之前。

这令人惊讶的事实引出了一个问题“非金融公司的财务风险是如何重要？”。

这个问题的核心是关于公司的总风险以及公司风险组成部分的各决定因素的不确定性。

最近在资产定价和企业融资再度引发的两个学术研究中分析了股票价格风险利率。

一系列的资产定价文献探讨了关于卡贝尔等的发现。

（2001）在过去的40年，公司特定（特有）的风险有增加的趋势。

财务风险外文翻译财务风险管理中英文对照外文翻译文献中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly becomeproblematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is Risk?Risk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure. Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns. Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basisfor an appropriate financial risk management strategy. How Does Financial Risk?Financial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholde rs, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failuresof the organization, particularly people, processes, and systemsWhat Is Financial Risk Management?Financial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default. Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce riskwithin the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives.Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoingone. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed. DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio towhich it is added. Organizations may have an opportunity to reduce risk as a result of risk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio containsassets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of anorganization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing the organization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders. Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprisedof the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in otherfinancial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pendingchange in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rate of inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable toslowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.财务风险管理尽管近年来金融风险大大增加，但风险和风险管理不是当代的主要问题。

密级：绝密外文翻译THESIS OF BACHELOR题目：浅析商业银行会计风险控制存在的问题及对策英文题目: Analysis of Commercial Bank Accounting Risk Control Problems and Countermeasures 学院: 系别:专业:班级:学生姓名:学号：指导老师:起讫日期:我国商业银行会计风险成因及防范对策历史资料表明:导致许多国家20世纪以来先后爆发银行危机的主要原因是未能妥善解决银行风险问题。

长期以来,这一问题也困扰着我国，成为威胁我国国民经济持续、健康发展的重大隐患。

几年来国家采取了一系列必要措施：从1994至1995年给银行业立法，1996年后加强金融审慎性监管，1998年为四大银行补充2700亿元资本金,1999年成立资产管理公司并剥离五大行的1。

4万亿元不良资产，2000年以后国务院严令各行降低不良资产率，等等。

但这些措施均没有触及体制不合理这个根本问题，因而无法从根本上控制银行风险增量,提高银行经营绩效。

目前，我国银行潜伏的高风险日益暴露出来.面临2006年银行业全面开放后外资金融机构进入所带来的竞争和挑战,本届政府下决心彻底改革国有银行的体制,去年末央行动用外汇储备向中国银行、中国建设银行注资450亿美元，充实其资本金，使之达到《巴塞尔协议》规定的8%的资本充足率,推动国有银行股份制改革和最终上市，从根本上解决国有银行风险的增量问题。

因此，研究中国银行风险的特点、特殊的制度成因，股份制改革和公司治理结构建立这些被称为治本措施的一系列政策问题，具有重要的理论和现实意义。

本文第一章首先阐述了我国银行风险的表现形式.其中银行信用风险特别是国有商业银行资产信贷质量问题，成为当前最为突出的金融风险；国有商业银行的流动性风险虽未显现（暂时被居民的高储蓄率所掩盖），但潜在的支付困难因素日益增多；财务风险主要表现在国有商业银行资本金严重不足和经营利润虚盈实亏两方面；此外我国银行还存在着较为严重的利率汇率风险、市场风险、犯罪风险。

会计师事务所审计风险防范外文翻译文献(文档含中英文对照即英文原文和中文翻译)原文：I The discussion on audit risk and prevention of accounting firmA The goal and the significance of researching audit risk (8)B The problems of accounting firms (8)C The analysis of reason rising audit risk (10)D The strategy reducing audit risk of CPAs (11)E Conclusion (14)The discussion on audit risk and prevention of accounting firmThe goal and the significance of researching audit riskAudit risk not only affects CPA’s vital interests，but also is direct proportion to the operating risk．So，it is important to study the reasons of audit risk．The studying on audit risk is to improve the working quality of CPA to reduce the charged risk，to construct a reasonable auditing environment，and to inform and provide fair information to users to help them making-decisions．The author thinks the audit risk rising due to poor quality of accounting firms．The CPAs work for firms，and the firms should be res ponsible for CPAs’ activities，to decrease the CPAs’ risk and avoid the firms’ risk．Only those risk are considered，both the firms and the CPAs may improve each other to promote the development of CPA business.The problems of accounting firms⑴Low-price competitionSocial existence of competition，the price is the most key eye-catching customers．If any firm uses better price，the business would increase，and give rise to more profit accordingly，and the firms own competitive advantage to ensure the future development．There is an audit fee standard in the firm，but also there is greater flexibility on specific operations（Industry standard for audit fees is shown in Table 1）．Such as Sichuan XX accounting firm，total assets in the end of the year are ￥1，553，871，396．18 in the audited unit．If in strict accordance with the standards，the audit fees are ￥409，967．85，but the actual audit fees are ￥1 80，000．00 in the firm ‘s invoice．The more difference price is lower than the normal price level，which would apparently influence the audit quality and increase the audit risk．⑵The imperfect system of quality controlAt present，most firms require the issued audit reports should base on three—tier review systems．In other words，after issuing the first draft of audit report，project manager must take it to departmental verify，then to manager in charge of department verify，to quality supervisors review lastly．Only after all the three review staffs agree，the audit report may be issued formally．In fact，the firms don’t carry out the system conformity strictly because of many reasons，and reduce part of the procedures．For example，during the annual auditing，some audit reports are issued bytwo—tier review system conformity strictly because of more businesses in Sichuan XX accounting firm ．So there are some problems in audit reports．When the firms sent the reports to the clients，the clients would find out and return the firms to modify，which lead to the negative impact for the CPAs and the firms，and increase the audit risk．Table 1 The industry fee standard of audit feeThe total asset of audited company inyear endFee standards Total feesLess than 500,000.00510,000.00 to 1,000,000.001,010,000.00 to 5,000,000.00 5,010,000.00 to 10,000,000.00 10,010,000.00 to 50,000,000.00 50,010,000.00 to 100,000,000.00 More than 100,000,000.001,500.003,000.006,000.009,000.0012,000.0015,000.000.25‰1,500.004,500.0010,500.0019,500.0031,500.0046,500.00⑶The incomplete follow-up education of auditorsThe institute trains the CPAs annual．The train personnel include the CPAs and the audit assistants in the firms．But due to the busy businesses and the pursuit of profit maximization，the firms wouldn’t spend m ore time in the follow-up education of CPAs and audit assistants．So CPAs and audit assistants have less chance to renew the knowledge．For example，in Sichuan，some firm s requested the CPAS to answer the questions on internet in the follow—up education．⑷staff recruitment problemsWhen some firms recruit，there is no better eligibility review process，and the candidates usually come from the interpersonal．So the staff’s professional knowledge levers are different，which lead to the potential audit risk．During 2008 annual report of audit，a firm recruited a large number of staffs．Only there is 62 staff in audit department．in which there are 20 new CPAs(32．25 percent in tota1)．And 1 6 new staffs(80 percent of new staffs) are graduates．Most of them haven’t come into contact with the audit．⑴The increased time pressure of CPAsBecause time is limited．the CPAs had to finish the auditing within the required timeframe．Generally the CPAs spend 3 to 5 days in big corporation，and 1 to 2 days in small corporation．During the annual report audit，the auditors in a firm in Sichuan didn’t go to audit in accordance with the procedures of auditing standards，and tookthe substantive test for the audited unit．There is no enough time to assess interna1 control of corporation for the auditors，and to test the important level also．Because of time limited．after the CPAs go into the audited company firstly，they would go to engage in another project without staying to finish the first project，and other auditors(not CPA)are responsible for the present project．So the CPAs issue the audit reports with blindness，and the audit risk are enlarged．The analysis of reason rising audit risk⑴The enhanced complexity of objective economic activitiesWith the improvement of degree of social information，more the accounting information of the audited are，in which there are some wrong and false information，more the possibility of oversight are increased．The kind and the character of economic business are different and complex，so the accounting businesses have gone far beyond the traditional content of financial accounting．The appearance of new businesses，such as taxation accounting，lease accounting，bankruptcy accounting，consolidated financial statements，is more challenging than the traditional financial accounting，more prone to controversy，and more difficult to audit．The content of modem audit include not only the financial activities and some feasibility studies for the investment programs in the audited companies，but also the evaluation of operating results，the content and the operation effect of internal control system，which would increase the difficult to draw the right conclusion．Moreover，Chinese economic system and the compatible systems are changing constantly，and the economic elements are more complex，and the quality of employees is differently in all kinds of economic elements．Sometimes，the ability of employees lags behind the reform of financial systems．Some employees speculate in chaos，and almost pursuit self-interest，which happen usually．Some firms are not good to deal with countermeasures，so to increase audit risk．⑵The more competition in firmsIn an increasingly competitive environment，the firms always reduce price in order to the business，which lead to serious unfair competition in audit industry．With the increasing firms and the tender，low-cost competition becomes more intense．Some firms in Sichuan took part in low—cost competition toself-development．The audit fees influence directly inputs of resource in auditing procedure，especially the test procedure and the score，so to affect the quality and the social vale of independent audit．In case of low audit fees．the auditors will finish a lot of auditing in short time to reduce costs，which give the auditors more pressure or can’t ensure the auditing qual ity．⑶The low quality of auditors①The limited experience and the abilities of the auditorsThe limited audit abilities lead to complete the audit businesses is even worse，orthe audited content and request between the community and the audit occupation sector are disagreed，which put them involve in the responsibility of unpleasant litigation．For a long time，the audit occupation sectors have thought the implementation of auditing according to auditing standards is to fulfill their duties，and the accountability and the audit responsibilities may be distinguished．The public not only desire the auditors issue the report for financial information，and require they can discover all the false and the wrong information in the audited department．The increased audit responsibilities are adapted to the demand for the public，but increase the audit risk．So，the audit abilities are relative to meet the demand for the public，and not absolute．The audit abilities are always different from the public demand．②The poor of audit staff and professional responsibilityThe auditing is a kind of specialized technical service，so the auditors have the responsibility to plan their auditing to discover the false that maybe cause significant impact on financial statements．In the same time，the auditors ought to apply the personal technology and career concerns in the process of auditing．The responsibility and the career concern s of auditors are important to the auditing conclusion．The responsibility request the auditors to own high moral characters，integrity personality，and meticulous work spirit，with a solid accounting，auditing，legal knowledge and basic audit skills，keen analytical skills and the ability to determine accurate．In China，CPAs is less；both the age structure and knowledge structures of most CPAs are more unreasonable．In order to get more CPAs，the heads of firm s tried their best．So many CPAs are linked to the firms，such as in Sichuan．The linked CPAs decreased their auditing independent．③Flawed method of modern auditModem audit methodology emphasis the balance between audit costs and audit risk，so admitting the existence of a little audit risk is the necessary premise in audit procedures；audit sampling methods and methods of application of analytical review throughout the audit process．And therefore the result of the review is bound to a certain degree of error．The developing auditing is facing more competitions，and competitions result in margin profit reduced．In order to maintain margin profit，the auditing career must keep the balance between efficiency and effects，which is to strive for maximum audit efficiency in the time of maintaining the auditing effects．Consequently，the auditors put audit strength focused on all important projects，to give up some procedures that the auditors think unnecessary．The auditors also are willing to bear certain risks taken based on reviewing the part of all operations．Although sampling theory has studied the deep，in specific application to the audit，the auditors did not quite grasp the sample can be taken by the representative of the overall，subjective conclusions can be drawn between objective fact and the deviation from the always exist．④Time pressureUnder more competition in audit service market，the CPAs are facing thepressure from different sources，such as competition，the firms’ internal management，the clients，and the third—party(e．g．SFC)，and the pressure is increased by the request of reducing time to finish the auditing．Time pressure is as an environmental factor influencing on the audit performance，which importance are increasing，and are paid attention to．Due to customers’ own demand，they require firms finish the audit work within the period provided，time pressure are transacted to the CPAs，and the audit risk are increased accordingly．The strategy reducing audit risk of CPAs⑴Regulate the functions of law enforcement and government supervision departmentsIn reasonable regulation and control of“two hands”of both the market and the government，many economic activities of accounting entity operate progressively with market--oriented；many non-standard economic activities are reduced；the disclosure of accounting information are becoming increasingly standardized；CPAs will not be difficult to make decisions by dilemma faced；audit risk will be reduced naturally．When CPAs find in practice that policy is inconsistencies of the legislation，administrative law enforcement and regulation are weak，accounting activities of the entity are non—standard，CPAs should communicate with the relevant functional departments timely，to enhance the normative and operational of policy-making．Such CPA reduces the audit risks，and increases the efficiency of the audit．．⑵Accounting firms should be improved①Accounting firm to establish a sound internal operational mechanism，an d improve the quality of theinternal control system，and to establish the risk of liability systemFrom the perspective of risk control，the firm should establish and improve the internal total qualitymanagement systems，in particular ensure to perfect the implementation process．The establishment and improvement of audit quality control system are the powerful measures to reduce the fraud and control audit risk．Quality control is an important component of internal control of the system in the firms，and locates in the core position of the system．Strict assessment methods for audit quality，and reducing or eliminate staff errors，timely detecting and resulting problems arising in the course of auditing，are to ensure audit quality and reduce audit risk．Everything must be checked，operated，responded and accessed by some people；a problem can be reflected in a timely manner，and can clearly define the responsibilities．Accounting firm should also establish mechanisms to transfer risk to circumvent their own risk in process of auditing．②Establishing and use the mechanisms of professional guidanceThe firm should establish the mechanisms of professional guidance to ensureCPAs in the situation beyond own knowledge to acquire advisory services timely and appropriate operational guidance．For example，the accounting firm will be able to employ legal，economic，technical expels；the auditors make judgments and decisions for the authority backed by professionals，so that it can enhance the findings of the audit risk respectability．⑶To improve the overall quality of CPAsIt should be noted that accounting firms have to do a good job within the work of two aspects：one is in the recruitment of professionals，the strict quality，and not employ the candidates without the conditions．On the other hand，attention should be paid to the existing CPAs’ continually follow—up education．For extremely complex elements in the Chinese economy，the new requirements and the new policy are emerging．Object and content of the audit are constantly changing，so there should be a system that each of CPAs has the opportunity to learn new knowledge and continuously improve their operational capacity．At the same time，we must also strengthen the rigid constraints of professional ethics．Institute of Certified Public Accountants must strengthen the supervision of the accounting firms and CPAs，to ensure the healthy development of the industry．⑷CPAs perfect themselves①Strictly abide by professional ethics and industry standardsSO far．China has formulated and promulgated a 48 independent auditing standards and related professional norms，has established basically a system of professional norms for CPAs．CPAs practice only in strict accordance with professional standards and the audit procedures necessary，they are possible to form the correct audit findings Therefore，it is particularly important to control risk，to maintain good work ethics，to strictly comply with the requirements of professional standards for the implementation of audit operations and issuing the audit report．②Focus on the important auditing activity of the quality controlBefore the audit CPAs in the audit is necessary to correctly handle the relationship between audit risks and the importance concept，the collection of evidence，use the model of audit risk to analyze factors，and accurate estimate effectively audit risk，the risk of material misstatement．Considering the principle of cost an d profit，CPAs may determine audit methodology within the cost of evidence collection，to prepare the implementation plan．In phase of control，the main things is to review the plan in line with the clien ts’ requests，including the contents of the audit，scope，completion time and the division of labor，and according to the actual situation to the revised scheme to enhance the timeliness of audit work and effects．CPAs should check the adequacy of audit methodology，the correct of audit basis，the adequacy of audit evidence，audit determination is appropriate or is not appropriate，the integrity and the logic of data．At the same time，prepare high-quality audit work papers，the auditors must exchange views with audited units about audit reports，and listen to the views of the clients and the parties．Such audit risk of CPAswill be reduced naturally in accounting firms．③T0 maintain the sensitivity of the audit environmentIt is the important matter that CPAs should comprehend the customers and all aspects about audit project to find audit risk and to avoid lega1．Before auditing，auditors should be aware of the following environmental matters and maintain the sensitivity：The region’s financial and economic situation and de velopment trend of change，the impact of existing policies，laws and regulations on the operation and management of customers and the extent，client’s legal representative and its major internal changes in management personnel and external flows，the improvement situation of internal control system of client，accounting systems，The auditing standards and their application situation，the knowledge and the development trend of related technology．④Audit responsibilities must be clearIn the audit process，on specific project tasks，it is necessary to refine the division of labor，and the responsibility of the audit team members put in place．At the same time，the project manager has to do well the work of supervision and inspection in the entire audit process，and gives recognition to the excellent project team，and holds the team fault liability for the audit risk in violation of the provisions an d slack work．ConclusionIn China，auditing is high-risk profession．The main bearer of the risk is CPA，and the goal every accounting firm need to pursuit is to reduce the audit risk of CPA．Only reduce the audit risk of CPA，the development of accounting firm can be achieved continuously．目录1.有关会计师事务所审计风险和防范的探讨1.1审计风险研究的目标和意义 (1)1.2会计师事务所存在的问题 (1)1.3审计风险增加的原因 (3)1.4注册会计师降低审计风险的策略 (5)1.5结论 (7)1.有关会计师事务所审计风险和防范的探讨1.1审计风险研究的目标和意义审计风险不仅影响注册会计师的切身利益，而且跟经营风险是成正比的。

企业的社会责任：一种趋势和运动，但社会责任是什么，是为了什么？1企业社会责任（CSR ）已成为一个全球趋势，涉及企业，国家，国际组织和民间社会组织。

但这远远不能清楚CSR的主张，有什么真正的趋势，是从哪里开始，在哪里发展，谁是项目的主要行动者。

如果把它作为一种社会运动，我们必须要问：什么运动和谁执行？讨论有助于我们反思形成的趋势和如何管理某些特点来迅速和广泛地在全球各地进行扩展，并增加了以下体制变革,特别是对变化中国家之间、企业法人和民间社会组织关系之间的界限的作用。

企业社会责任的趋势在三个方面：作为一个管理框架，新的要求，地方企业;作为动员企业行为，以协助国家的发展援助;和作为管理趋势。

每一个这些画像表明，中心的某些行为，关系，驾驭团队和利益。

我的例子表明，没有人对这些意见似乎比别人更准确，而是，活动包括规范的不同利益、作用因素、起源和轨迹。

这些多重身份的趋势可以部分描述其成功以及它的争论，脆弱性和流动性。

许多公司现在有具体的计划和小节在其网站上处理企业社会责任。

在过去，软条例和指导网络，国际公认的规则一直是一种重要机制，作用在公司、国家和国家间组织的需求，例如，发布指导方针和条例的公司。

在这背景下，国际组织仍然是重要的行动者，他们正在寻求与跨国公司进行对话，而不是试图通过国家控制企业社会责任。

各国际组织不是对企业的社会责任监管机构;而他们却是监管和自我约束的倡议之间的经纪人的最合适人选。

对社会负责行为和监测这些行为的需求越来越多地以国家以外的这些组织为渠道，并强调赞成高比例的自律。

因此，我们看到了软法律(Morth, 2004)的出现，或者是Knill 和Lehmkuhl (2002) 所说的“被规管的自律”，和Moran (2002)所归纳的“精细”或“非正式”规章。

我更喜欢“软法律”和“软规章”的说法，因为他们并不总是非正式的。

软规章常常包括正式报告和统筹程序。

还有，从统筹和行政的观点来看，那些规章和精细还是相去甚远的。

会计学中英文资料外文翻译文献外文资料原文Title:Future of SME finance（Background–the environment for SME finance has changedFuture economic recovery will depend on the possibility of Crafts,T rades and SMEs to exploit their potential for growth and employment creation.SMEs mak e a major contribution t o growth and employment in th e EU and are at the heart of the Lisbon Strategy,whose main objective is to turn Europe into the mos t competitive and dynamic knowledge-based economy in the world.However,the ability of SMEs to grow depends highly on their potential t o invest in restructuring, innovation and qualification.All of these investments need capital and therefore access to finance.Against this back gr ound the consistently r epea t ed complaint of SMEs a bo u t their problems regarding access to finance is a highly relevant constraint that endangers the economic recovery of Europe.Changes in the finance sector influence the behavior of credit institutes towards Crafts,T rades and SMEs.R ecent and ongoing developments in the banking sector add t o the concerns of SMEs and will further en dan ge r their access to finance.The main changes in the banking sector which influence SME finance are:•Globalization and internationalization have increased the competition and the profit orientation in the sector;•worsening of the economic situations in some institutes(burst of the ITC bubble,insolvencies)str engthen the focus on profitability further;•Mergers and restructuring created larger structures and many local branches, which had direct and personalized contacts with small enterprises,were closed;•up-coming implementation of new capital adequacy rules(Basel II)will also change SME business of the credit sector and will increase its administrative costs;•Stricter interpretation of State-Aide Rules by the European Commission eliminates the support of banks by public guarantees;many of the effected banks arevery active in SME finance.All these changes result in a higher sensitivity for risks and profits in the finance sector.The changes in the finance sector affect the accessibility o f SMEst o finance.Higher risk awareness in the credit sector,a stronger focus on profitability and the ongoing restructuring in the finance sector change the framework for SME finance and influence the accessibility of SMEs t o finance.The mo s t important changes are:•In order t o mak e the higher risk awareness operational,the credit sector introduces new rating systems and instruments for credit scoring;•Risk assessment of SMEs by banks will force the enterprises t o pr esent mo r e and better quality information on their businesses;•Banks will try to pass thr ough their additional costs for implementing and running the new capital regulations(Basel II)t o their business clients;•due to the increase of competition on interest rates,the bank sector demands mo r e and higher fees for its services(administration of accounts,payments systems, etc.),which are no t only additional costs for SMEs bu t also limit their liquidity;•Small enterprises will lose their personal relationship with decision-makers in local branches–the credit application process will become mo r e formal and anonymous and will probably lose longer;•the credit sector will lose more and more its“public function”to provi de access to finance for a wide range of economic actors,which it has in a n u mbe r of countries,in order to support and facilitate economic growth;the profitability of lending be co mes the main focus of private credit institutions.All of these developments will mak e access to finance for SMEs even mo r e difficult and/or will increase the cost of external finance.Business start-ups and SMEs,which want t o enter new markets,may especially suffer from shortages regarding finance.A European Code of Conduct betw een Banks and SMEs would have allowed at least mo r e transparency in the relations betw een Banks and SMEs and UEAPME regrets that the bank sector was not able t o agr ee on such a commitment.T owards an encompassing policy appr o ach t o improve the access of Crafts, T rades and SMEs to financeAll analyses show that credits and loans will stay the main source of finance forthe SME sector in Europe.Access to finance was always a main concern for SMEs, bu t the recent developments in the finance sector worsen the situation even more. Shortage of finance is already a relevant factor,which hinders economic recovery in Europe.Many SMEs are no t able t o finance their ne eds for investment.Therefore,UEAPME expects t he new European Commission and the new European Parliament t o strengthen their efforts to improve the framework conditions for SME finance.Europe’s Crafts,Trades and SMEs ask for an encompassing policy approach,which includes not only the conditions for SMEs’access to lending,but will also str engthen their capacity for internal finance and their access to external risk capital.From UEAPME’s point of view such an encompassing approach should be based on three guiding principles:•Risk-sharing betw een private investors,financial institutes,SMEs and public sector;•Increase of transparency of SMEs towards their external investors and lenders;•improving the regulatory environment for SME finance.Based on these principles and against the back gr ound of the changing environment for SME finance,UEAPME pr oposes policy measur es in the following areas:1.New Capital Requirement Directive:SME friendly implementation o f Basel IIDue t o intensive lobbying activities,UEAPME,together with other Business Associations in Europe,has achieved some improvements in favour of SMEs regarding the new Basel Agreement on regulatory capital(Basel II).The final a gr ee ment from the Basel Committee contains a much mo r e realistic appr o ach toward the real risk situation of SME lending for the finance market and will allow the necessary room for adaptations,which respect the different regional traditions and institutional structures.However,the new regulatory system will influence the relations betw een Banks and SMEs and it will depend very much on the way it will be implemented into European law,whether Basel II be co mes bu r dens ome for SMEs and if it will reduce access to finance for them.The new Capital Accord form the Basel Committee gives the financial marketauthorities and herewith the European Institutions,a lot of flexibility.In a bo u t70 areas they have room to ad a pt the Accord to their specific n e eds when implementing it into EU law.Some of them will have important effects on the costs and the accessibility of finance for SMEs.UEAPME expects therefore from the new European Commission and the new European Parliament:•The implementation of the new Capital R equirement Directive will be costly for the Finance Sector(up t o30Billion Euro till2006)and its clients will have t o pay for it.Therefore,the implementation–especially for smaller banks,which are o ften very active in SME finance–has to be carried o ut with as little administrative bu r de ns o me as possible(reporting obligations,statistics,etc.).•The European Regulators must recognize traditional instruments for collaterals(guarantees,etc.)as far as possible.•The European Commission and later the Member S tates should take over the r ecommendations from the European Parliament with regar d t o granularity,access t o retail portfolio,maturity,partial use,adaptation of thresholds,etc.,which will ease the bur den on SME finance.2.SMEs need transparent rating proceduresDue to higher risk awareness of the finance sector and the need s of Basel II, many SMEs will be confronted for the first time with internal rating procedures or credit scoring systems by their banks.The bank will require mo r e and better quality information from their clients and will assess them in a new way.Both up-coming developments are already causing increasing uncertainty a mo n gs t SMEs.In order to reduce this uncertainty and to allow SMEs to understand the principles of the new risk assessment,UEAPME demands transparent rating procedures–rating procedures may not become a“Black Box”for SMEs:•The bank should communicate the relevant criteria affecting the rating of SMEs.•The bank should inform SMEs abo u t its assessment in order t o allow SMEs t o improve.The negotiations on a European Code of Conduct betw een Banks and SMEs, which would have included a self-commitment for transparent rating procedures by Banks,failed.Therefore,UEAPME expects from the new European Commission andthe new European Parliament support for:•binding rules in the framework of the new Capital Adequacy Directive, which ensure the transparency of rating procedures and credit scoring systems for SMEs;•Elaboration of national Codes of Conduct in order t o improve the relations betw een Banks and SMEs and to support the adaptation of SMEs to the new financial environment.3.SMEs need an extension o f credit guarantee systems with a special focus on Micro-LendingBusiness start-ups,the transfer of businesses and innovative fast growth SMEs also depended in the past very often on public support t o get access t o finance. Increasing risk awareness by banks and the stricter interpretation of S tate Aid Rules will further increase the need for public support.Already now,there are credit guarant ee schemes in many countries on the limit of their capacity and too many investment projects cannot be realized by SMEs.Experiences show that Public money,spent for supporting credit guarantees systems,is a very efficient instrument and has a much higher multiplying effect than other instruments.One Euro form the European Investment Funds can stimulate30 Euro investments in SMEs(for venture capital funds the relation is only1:2).Therefore,UEAPME expects t he new European Commission and the new European Parliament t o support:•The extension of funds for national credit guarantees schemes in the framework of the new Multi-Annual Pr ogra mme d for Enterprises;•The development of new instruments for securitizations of SME portfolios;•The recognition of existing and well functioning credit guarantees schemes as collateral;•More flexibility within the European Instruments,because of national differences in th e situation of SME finance;•The development of credit guarantees schemes in the new Member States;•The development of an SBIC-like scheme in the Member States t o close the equity gap(0.2–2.5Mio Euro,according t o the expert meeting on PACE on April27 in Luxemburg).•the development of a financial support scheme to encourage the internalizations of SMEs(currently there is no scheme available at EU level:termination of JOP,fading ou t of JEV).4.SMEs need company and income taxation systems,which strengthen their capacity for self-financingMany EU Member States have comp any and income taxation systems with negative incentives to build-up capital within the company by re-investing their profits.This is especially true for companies,which have t o pay income taxes. Already in the p ast tax-regimes was one of the reasons for the higher dependence of Europe’s SMEs on bank lending.In future,the result of rating will also depend on the amount of capital in the company;the high dependence on lending will influence the access to lending.This is a vicious cycle,which has to be broken.Even though company and income taxation falls under the competence of Member States,UEAPME asks the new European Commission and the new European Parliament t o publicly support tax-reforms,which will str engthen the capacity of Crafts,T rades and SME for self-financing.Thereby,a special focus on non-corporate companies is needed.5.Risk Capital–equity financingExternal equity financing do es not have a real tradition in the SME sector.On the one hand,small enterprises and family business in general have traditionally no t been very open towards external equity financing and are no t used to informing transparently abo u t their business.On the other hand,many investors of venture capital and similar forms of equity finance are very reluctant regarding investing their funds in smaller companies,which is mo r e costly than investing bigger a moun ts in larger companies.Furthermore it is much mo r e difficult t o set ou t of such investments in smaller companies.Even though equity financing will never become the main source of financing for SMEs,it is an important instrument for highly innovative start-ups and fast growing companies and it has therefore t o be further developed.UEAPME sees three pillars for such an appr o ach where policy support is needed:Availability of venture capital•The Me mber S tates should review their taxation systems in order to create incentives to invest private money in all forms of venture capital.•Guarantee instruments for equity financing should be further developed.Improve the conditions for investing venture capital into SMEs•The development of secondary markets for venture capital investments inSMEs should be supported.•Accounting S tandards for SMEs should be revised in order to ease transparent exchange of information betw een investor and owner-manager.Owner-managers must become mo r e aware a bo u t the need for transparency towards investors•SME owners will have t o realise that in future access to external finance (venture capital or lending)will depend much mo r e on a transparent and open exchange of information a bo u t the situation and the perspectives of their companies.•In order t o fulfil the new n ee ds for transparency,SMEs will have t o use new information instruments(business plans,financial reporting,etc.)and new management instruments(risk-management,financial management,etc.).外文资料翻译题目：未来的中小企业融资背景：中小企业融资已经改变未来的经济复苏将取决于能否工艺品，贸易和中小企业利用其潜在的增长和创造就业。

财务风险治理中英文资料翻译Financial Risk ManagementAlthough financial risk has increased significantly in recent years, risk and risk management are not contemporary issues. The result of increasingly global markets is that risk may originate with events thousands of miles away that have nothing to do with the domestic market. Information is available instantaneously, which means that change, and subsequent market reactions, occur very quickly. The economic climate and markets can be affected very quickly by changes in exchange rates, interest rates, and commodity prices. Counterparties can rapidly become problematic. As a result, it is important to ensure financial risks are identified and managed appropriately. Preparation is a key component of risk management.What Is RiskRisk provides the basis for opportunity. The terms risk and exposure have subtle differences in their meaning. Risk refers to the probability of loss, while exposure is the possibility of loss, although they are often used interchangeably. Risk arises as a result of exposure.Exposure to financial markets affects most organizations, either directly or indirectly. When an organization has financial market exposure, there is a possibility of loss but also an opportunity for gain or profit. Financial market exposure may provide strategic or competitive benefits.Risk is the likelihood of losses resulting from events such as changes in market prices. Events with a low probability of occurring, but that may result in a high loss, are particularly troublesome because they are often not anticipated. Put another way, risk is the probable variability of returns.Since it is not always possible or desirable to eliminate risk, understanding it is an important step in determining how to manage it. Identifying exposures and risks forms the basis for an appropriate financial risk management strategy.How Does Financial RiskFinancial risk arises through countless transactions of a financial nature, including sales and purchases, investments and loans, and various other business activities. It can arise as a result of legal transactions, new projects, mergers and acquisitions, debt financing, the energy component of costs, or through the activities of management, stakeholders, competitors, foreign governments, or weather. When financial prices change dramatically, it can increase costs, reduce revenues, or otherwise adversely impact the profitability of an organization. Financial fluctuations may make it more difficult to plan and budget, price goods and services, and allocate capital.There are three main sources of financial risk:1. Financial risks arising from an organization’s exposure to changes in market prices, such as interest rates, exchange rates, and commodity prices.2. Financial risks arising from the actions of, and transactions with, other organizations such as vendors, customers, and counterparties in derivatives transactions3. Financial risks resulting from internal actions or failures of the organization, particularly people, processes, and systemsWhat Is Financial Risk ManagementFinancial risk management is a process to deal with the uncertainties resulting from financial markets. It involves assessing the financial risks facing an organization and developing management strategies consistent with internal priorities and policies. Addressing financial risks proactively may provide an organization with a competitive advantage. It also ensures that management, operational staff, stakeholders, and the board of directors are in agreement on key issues of risk.Managing financial risk necessitates making organizational decisions about risks that are acceptable versus those that are not. The passive strategy of taking no action is the acceptance of all risks by default.Organizations manage financial risk using a variety of strategies and products. It is important to understand how these products and strategies work to reduce risk within the context of the organization’s risk tolerance and objectives.Strategies for risk management often involve derivatives. Derivatives are traded widely among financial institutions and on organized exchanges. The value of derivatives contracts, such as futures, forwards, options, and swaps, is derived from the price of the underlying asset. Derivatives trade on interest rates, exchange rates, commodities, equity and fixed income securities, credit, and even weather.The products and strategies used by market participants to manage financial risk are the same ones used by speculators to increase leverage and risk. Although it can be argued that widespread use of derivatives increases risk, the existence of derivatives enables those who wish to reduce risk to pass it along to those who seek risk and its associated opportunities.The ability to estimate the likelihood of a financial loss is highly desirable. However, standard theories of probability often fail in the analysis of financial markets. Risks usually do not exist in isolation, and the interactions of several exposures may have to be considered in developing an understanding of how financial risk arises. Sometimes, these interactions are difficult to forecast, since they ultimately depend on human behavior.The process of financial risk management is an ongoing one. Strategies need to be implemented and refined as the market and requirements change. Refinements may reflect changing expectations about market rates, changes to the business environment, or changing international political conditions, for example. In general, the process can be summarized as follows:1、Identify and prioritize key financial risks.2、Determine an appropriate level of risk tolerance.3、Implement risk management strategy in accordance with policy.4、Measure, report, monitor, and refine as needed.DiversificationFor many years, the riskiness of an asset was assessed based only on the variability of its returns. In contrast, modern portfolio theory considers not only an asset’s riskiness, but also its contribution to the overall riskiness of the portfolio to which it is added. Organizations may have an opportunity to reduce risk as a result ofrisk diversification.In portfolio management terms, the addition of individual components to a portfolio provides opportunities for diversification, within limits. A diversified portfolio contains assets whose returns are dissimilar, in other words, weakly or negatively correlated with one another. It is useful to think of the exposures of an organization as a portfolio and consider the impact of changes or additions on the potential risk of the total.Diversification is an important tool in managing financial risks. Diversification among counterparties may reduce the risk that unexpected events adversely impact the organization through defaults. Diversification among investment assets reduces the magnitude of loss if one issuer fails. Diversification of customers, suppliers, and financing sources reduces the possibility that an organization will have its business adversely affected by changes outside management’s control. Although the risk of loss still exists, diversification may reduce the opportunity for large adverse outcomes.Risk Management ProcessThe process of financial risk management comprises strategies that enable an organization to manage the risks associated with financial markets. Risk management is a dynamic process that should evolve with an organization and its business. It involves and impacts many parts of an organization including treasury, sales, marketing, legal, tax, commodity, and corporate finance.The risk management process involves both internal and external analysis. The first part of the process involves identifying and prioritizing the financial risks facing an organization and understanding their relevance. It may be necessary to examine the organization and its products, management, customers, suppliers, competitors, pricing, industry trends, balance sheet structure, and position in the industry. It is also necessary to consider stakeholders and their objectives and tolerance for risk.Once a clear understanding of the risks emerges, appropriate strategies can be implemented in conjunction with risk management policy. For example, it might be possible to change where and how business is done, thereby reducing theorganization’s exposure and risk. Alternatively, existing exposures may be managed with derivatives. Another strategy for managing risk is to accept all risks and the possibility of losses.There are three broad alternatives for managing risk:1. Do nothing and actively, or passively by default, accept all risks.2. Hedge a portion of exposures by determining which exposures can and should be hedged.3. Hedge all exposures possible.Measurement and reporting of risks provides decision makers with information to execute decisions and monitor outcomes, both before and after strategies are taken to mitigate them. Since the risk management process is ongoing, reporting and feedback can be used to refine the system by modifying or improving strategies.An active decision-making process is an important component of risk management. Decisions about potential loss and risk reduction provide a forum for discussion of important issues and the varying perspectives of stakeholders.Factors that Impact Financial Rates and PricesFinancial rates and prices are affected by a number of factors. It is essential to understand the factors that impact markets because those factors, in turn, impact the potential risk of an organization.Factors that Affect Interest RatesInterest rates are a key component in many market prices and an important economic barometer. They are comprised of the real rate plus a component for expected inflation, since inflation reduces the purchasing power of a lender’s assets .The greater the term to maturity, the greater the uncertainty. Interest rates are also reflective of supply and demand for funds and credit risk.Interest rates are particularly important to companies and governments because they are the key ingredient in the cost of capital. Most companies and governments require debt financing for expansion and capital projects. When interest rates increase, the impact can be significant on borrowers. Interest rates also affect prices in other financial markets, so their impact is far-reaching.Other components to the interest rate may include a risk premium to reflect the creditworthiness of a borrower. For example, the threat of political or sovereign risk can cause interest rates to rise, sometimes substantially, as investors demand additional compensation for the increased risk of default.Factors that influence the level of market interest rates include:1、Expected levels of inflation2、General economic conditions3、Monetary policy and the stance of the central bank4、Foreign exchange market activity5、Foreign investor demand for debt securities6、Levels of sovereign debt outstanding7、Financial and political stabilityYield CurveThe yield curve is a graphical representation of yields for a range of terms to maturity. For example, a yield curve might illustrate yields for maturity from one day (overnight) to 30-year terms. Typically, the rates are zero coupon government rates.Since current interest rates reflect expectations, the yield curve provides useful information about the market’s expectations of future interest rates. Implied interest rates for forward-starting terms can be calculated using the information in the yield curve. For example, using rates for one- and two-year maturities, the expected one-year interest rate beginning in one year’s time can be determined.The shape of the yield curve is widely analyzed and monitored by market participants. As a gauge of expectations, it is often considered to be a predictor of future economic activity and may provide signals of a pending change in economic fundamentals.The yield curve normally slopes upward with a positive slope, as lenders/investors demand higher rates from borrowers for longer lending terms. Since the chance of a borrower default increases with term to maturity, lenders demand to be compensated accordingly.Interest rates that make up the yield curve are also affected by the expected rateof inflation. Investors demand at least the expected rate of inflation from borrowers, in addition to lending and risk components. If investors expect future inflation to be higher, they will demand greater premiums for longer terms to compensate for this uncertainty. As a result, the longer the term, the higher the interest rate (all else being equal), resulting in an upward-sloping yield curve.Occasionally, the demand for short-term funds increases substantially, and short-term interest rates may rise above the level of longer term interest rates. This results in an inversion of the yield curve and a downward slope to its appearance. The high cost of short-term funds detracts from gains that would otherwise be obtained through investment and expansion and make the economy vulnerable to slowdown or recession. Eventually, rising interest rates slow the demand for both short-term and long-term funds. A decline in all rates and a return to a normal curve may occur as a result of the slowdown.Source: Karen A. Horcher, 202X. “What Is Financial Risk Management〞. Essentials of Financial Risk Management, John Wiley & Sons, Inc.pp.1-22.财务风险治理尽管近年来金融风险大大增加，但风险和风险治理不是当代的主要问题。