Week 3 - Links to Planning Procedures

Question 1

What are the first two ways proper planning can help us identify and assess potential inherent, control and detection risks?

Answer 1

• understanding the business
• understanding the systems and processes of the organisation

Question 2

What are the final three ways proper planning can help us identify and assess potential inherent, control and detection risks?

Answer 2

• analytical review
• determining the team and skill sets required
• understanding the purpose of the audit