The German Bilanzrechtsmodernisierungsgesetz (short: BilMoG) is a German accounting law reform act usually first applied in fiscal year 2010.
It emphasizes that the
supervisory board has to (1) guarantee the effectiveness internal control system of a firm, (2) check the
internal audit
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach t ...
function and (3) evaluate the
risk management
Risk management is the identification, evaluation, and prioritization of risks, followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. Risks can come from various sources (i.e, Threat (sec ...
system.
References
External resources
* Original law (in German)
Bundesgesetzblatt Jahrgang 2009 Teil I Nr. 27
2010 establishments in Germany
Financial regulation
Accounting terminology
Regulation in Germany
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