Week 5 - Steps to Assessing Control Risk Flashcards
1
Q
What is the first step to assessing control risk?
A
What could go wrong? Identification of risks
2
Q
What is the second step to assessing control risk?
A
Control objective
3
Q
What is the third step to assessing control risk?
A
Control procedure
4
Q
What is the fourth step to assessing control risk?
A
Test of control
5
Q
What do we do if the control is working?
A
Lower control risk - less testing
6
Q
What do we do if the control is not working?
A
Increase control risk - more testing
