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Hello everyone. I want to discuss two key elements of audit risk and how they made perfect sense while studying them. So inherent risk is the risk of misstatement assuming no controls are in place, while control risk is the risk of misstatement if the controls dont work. These are the two elements of audit risk that the auditor doesnt control, but are very important.
Effective Risk Management in 5 Steps. Risk is inherent in all our projects (and, in fact all we do). Risks are often considered in an informal way by the project manager when planning and devising project strategies, but a more disciplined approach to risk management minimises threats and maximises opportunities. This article sets out 5 steps for effective project risk management and provides a risk register template.