DAY 43 OF 100 AUDIT LESSONS · Risk & Controls
Risk Assessment Is Not Just Filling a Risk Matrix
Risk assessment is not an administrative exercise completed because the template requires it.
Why this matters
Use the risk assessment to decide where audit effort should go and why.
Take it into your next audit
Do not treat this lesson as theory. Connect it to the process objective, the risk, the control and the evidence available. Ask what the lesson changes about the way you plan, test, discuss or report your work.
Auditribe takeaway: Use the risk assessment to decide where audit effort should go and why.
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