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Assurance auditing an obj examination of evidence for the purpose of…

- - - - Elements
        
        Communication and consultation
        
        Scope, context and criteria
        
        Risk assessment -
        identification, analysis, evaluation
        
        Risk treatment
        
        Monitoring and review
        
        Recording and reporting
      - Principles
        
        Framework and processes - customized and proprtionate
        
        Appropriate and timely involvem of stakeholders
        
        Structured and comprehensive approach
        
        Risk mgt - integral part of all org activities
        
        Risk mgt anticipates, detects, acknowledges
        and responds to changes
        
        Risk mgt explicitly considers any
        limitation of available info
        
        Human and cultural factors influence
        all aspects of risk mgt
        
        Risk mgt is continually improved
        through learning and experience
  - - - Start: Objective
        ctrl procedures are working effectively
        and residual risk - acceptable level
    - - Start : Risk
        restrict from achieving objective
        whether suff ctrl to address those risks
    - - Key risks and ctrl
        gap analysis: how ctrl are working vs
        how well mgt expects those ctrl to work
    - - process as a whole
        to evaluate, update, validate, improve
        and even streamline the whole process
    - - Survey
        
        ask "yes/no"
        
        too numberous/ widely dispersed
        
        min the time spent/ cost incurred
      - Self-certification (by mgt)
        
        mgt-produced analyses to produce info abt
        business processes, risk mgt activities, and
        ctrl procedures
        IA synthesize this analysis with other info
        to enhance understanding abt ctrl and
        share the knowledge with mgr
- - - - ERB audit
        
        understand the org, environm, processes, nature
        and risk of non-compliance
        
        understand EBR's inherent risks and design of relevant ctrl
        
        perform the audit
        
        evaluate results and identify findings
        
        report to BOR and senior mgt
        
        monitor progress - whether findings have been addressed
  - - - Risk: little incentive for economy and efficiency
        fully reimburse
      - To deal with:
        
        max costs
        
        incentives for early completion
    - - Risk: accurate measurem of work performed
      - To deal with:
        
        involved throughout the contracting process (starting)
        -> safeguard best int of the org
        
        terms: procedures for bidding, cost est and ctrl,
        budget and fin forecast, contractor's fin position, fin position,
        funding and tax matters, progress of proj and costs incurred