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RISK TOPIC 4: CONT' (RISK IDENTIFICATION (Internal Auditor’s role: (He…
RISK TOPIC 4: CONT'
RISK IDENTIFICATION
Internal Auditor’s role:
He should independently evaluate whether all probable risks have been identified and prioritized in the order of their significance.
He should ascertain whether even events with a relatively low possibility of occurrence has been identified and considered if the impact of achieving an important objective is great.
RISK ASSESSMENT
Internal auditor’s role:
He should ascertain that the organization has adopted the appropriate techniques to assess the severity of the risks.
He should ascertain that the management has used a combination of qualitative and quantitative techniques in risk assessment
RISK TREATMENT
Internal auditor’s role:
He should ascertain that any system of risk treatment should be designed to bring anticipated risk likelihood and impact within tolerance level.
The risk response should ensure effective internal controls and adhere to applicable laws and regulations
RISK REPORTING
Internal auditor’s role:
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He should ensure that significant deficiencies discovered in the risk management process are clearly documented.
MONITORING
Internal auditor’s role:
He should be satisfied that appropriate controls exist in the organization and that monitoring activities are progressing in an efficient manner.
He should be satisfied that separate evaluations focus on the effectiveness of the enterprise risk management.