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RISK-BASED AUDITING (In analyzing Business risk IS auditor should have…
RISK-BASED AUDITING
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Overview
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- Obtain Understanding of Internal Control
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- Perform Substantive Tests
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This approach is used to
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assist an IS auditor in making the decision to
perform either compliance testing or substantive testing
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This type of risk assessment decision can help relate the cost-benefit analysis of the control to the known risk, allowing practical choices.
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DEFINITION
Risk-based audit planning is the deployment of audit resources to areas within an organization that represent the greatest risk.
It requires an understanding of the organization and its environment, specifically:
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risk
model assessment
creating weights for the types of risk associated with the business and identifying the risk in an equation.
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