1 Use arrow keys to expand/collapse, and navigate this outline. 2  When revisiting this page, be sure to perform a page refresh (in your web browser) to load the latest version. 3  To search this document, click the expand link located on the top left of this page, and then use the Find command in your web browser.
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.
The truth is, that the design of the ideal city, the ideal business, the ideal product or the ideal operations plan, can't evolve and survive without Operational Risk Management: Operational risk is defined as the risk of loss resulting from inadequate or failed processes, people, and systems or from external events. These risks are further defined as follows: * Process risk â breakdown in established processes, failure to follow processes or inadequate process mapping within business lines.