lecture 6
da shuhui1208 student
1. risk assessment
1.1. assess likelihood
1.2. assess consequence
1.3. used to
1.3.1. decide which IA to conduct
1.3.2. decide where to focus the IA
1.3.3. determine whether controls are adequate
1.3.4. decide which controls to test
1.3.5. design recommendations
1.3.6. rank recommendations
1.4. risk scoring
2. individual controls effectiveness measures
2.1. risk control effectiveness
3. inherent risk , residual risk
3.1. risk management
3.1.1. strategy
3.1.2. vision
3.1.3. values
3.1.4. interdependent on governance
4. professional skepticism
4.1. an attitude that includes a questioning mind & an ongoing critical assessment of audit evidence throughout the engagement
5. due professional care
5.1. apply the care & skill expected of a reasonably prudent and competent internal auditor
6. IA PROCESS
6.1. planning
6.2. evidence collection
6.3. documentation/ working paper
6.4. evaluate/conclusion
6.5. reporting / communication
6.6. follow up
7. ENGAGEMENT PROCESS
7.1. engagement planning
7.1.1. engagement objectives
7.1.2. engagement scope
7.1.3. engagement resource allocation
7.1.4. engagement work program
7.2. perform engagement
7.2.1. identify info
7.2.2. analyse and evaluate
7.2.3. document info
7.2.4. supervise
7.3. communicate results & monitor progress
7.3.1. criteria for communicating
7.3.2. quality for communicating
7.3.3. use of "conducted in conformance to the Standards"
7.3.4. disseminate results