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In making risk based audit plan, we reply on the results of the assessment of inherent risk and plan our further tests accordingly.
The inherent risk (IR) score should drive the risk-based audit schedule. This is because the IR is the risk to the organization if there were no control environment mitig ... See More
Hi Asadullah, Inherent risk is one that is addressed in one's risk management plan & can be managed. Residual risk is something which after having a mitigating p ... See More
One can visit Protivity web site for Audit Programs. free versions offer good material for Risk Based Internal Audit however to have access to premium contents one has to ... See More
I agree with Sai Animesh Kumar Nandivada
Thank you Imran for your answer. But given that Internal Auditors have limited resources, wouldn't it be better if we take residual risk as as basis of our Internal ... See More
Hi, Thanks for inviting me to answer. It did happen once when I was working with SBI. Despite many officials against my decision of going back to the sanctioning commit ... See More