{"id":14186,"date":"2020-09-15T07:20:14","date_gmt":"2020-09-15T07:20:14","guid":{"rendered":"https:\/\/www.cagmc.com\/?p=14186"},"modified":"2024-06-03T17:42:31","modified_gmt":"2024-06-03T12:12:31","slug":"risks-as-in-internal-audit","status":"publish","type":"post","link":"https:\/\/www.cagmc.com\/blog\/risks-as-in-internal-audit\/","title":{"rendered":"\u201cRisks\u201d as in Internal Audit"},"content":{"rendered":"<p style=\"text-align: justify;\">Risk is defined as \u2018the possibility of an event occurring that will have an impact on the achievement of objectives\u2019. In simple words, risk management is concerned with positive and negative aspects of risk. Risk can have an adverse impact as well as can have potential benefit.<\/p>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 10px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Content<\/strong><\/p>\n<p><a href=\"#types\">Types of risks<\/a><\/p>\n<p><a id=\"types\" href=\"#risk\">Risk management framework<\/a><\/p>\n<p><a href=\"#steps\">Steps in a Risk management framework<\/a><\/p>\n<p><a href=\"#different\">Different frameworks for risk management<\/a><\/p>\n<p><a href=\"#control\">17 principles of COSO framework\u2019s effective internal control<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-14844 size-full\" src=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1.png\" alt=\"\u201cRisks\u201d as in Internal Audit\" width=\"1200\" height=\"630\" srcset=\"https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1.png 1200w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-300x158.png 300w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-1024x538.png 1024w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-768x403.png 768w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-615x323.png 615w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-400x210.png 400w, https:\/\/www.cagmc.com\/blog\/wp-content\/uploads\/2020\/09\/Risks-as-in-Internal-Audit-1-292x153.png 292w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/h3>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\"><strong>Types of risks<\/strong><\/h3>\n<p style=\"text-align: justify;\">There are three types of risks. These are as follows:<\/p>\n<ol style=\"text-align: justify;\">\n<li><strong>Inherent risk<br \/>\n<\/strong>This kind of risk could not be detected by entity\u2019s internal controls. It could happen as a result of complexity of the client\u2019s nature of business or transactions.<\/li>\n<li id=\"risk\"><strong>Control risk<\/strong><br \/>\nThis is the risk that potential material misstatements would not be detected or prevented by a client\u2019s control system.<\/li>\n<li><strong>Detection risk<br \/>\n<\/strong>This risk states that the audit procedures used are not capable of detecting a material misstatement.<\/li>\n<\/ol>\n<h3 id=\"steps\" style=\"font-size: 20px !important; color: #1e82b6;\"><strong>Risk management framework<\/strong><\/h3>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/www.investopedia.com\/articles\/professionals\/021915\/risk-management-framework-rmf-overview.asp\" target=\"_blank\" rel=\"noopener\">Risk management framework<\/a> is a structured process which defines the strategy for reducing or eliminating the impact of risks, as well as the mechanisms to effectively monitor and evaluate the strategy, for an organisation.<\/p>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\"><strong>Steps in a Risk management framework<\/strong><\/h3>\n<ul style=\"text-align: justify;\">\n<li>Identification of potential threats<\/li>\n<li id=\"different\">Measure or analyse threats<\/li>\n<li>Mitigation<\/li>\n<li>Reporting &amp; Monitoring<\/li>\n<li>Governance<\/li>\n<\/ul>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\"><strong>What are the different frameworks for risk management?<\/strong><\/h3>\n<p style=\"text-align: justify;\">The some of the common used frameworks are as follows:<\/p>\n<ul style=\"text-align: justify;\">\n<li>COSO: In 1992, the Committee of sponsoring organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. The COSO model defines internal control as \u2018a process, effected by an entity\u2019s board of directors, management and other personnel, designed to provide reasonable assurance of the achievement of objectives in the following categories:<\/li>\n<\/ul>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"text-align: justify;\">\n<li>Effectiveness and efficiency of operations<\/li>\n<li>Reliability of financial reporting<\/li>\n<li>Compliance with applicable laws and regulation<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Five components of COSO are:<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul style=\"text-align: justify;\">\n<li>Control environment<\/li>\n<li id=\"control\">Risk assessment<\/li>\n<li>Information and communication<\/li>\n<li>Monitoring activities<\/li>\n<li>Existing control activities<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3 style=\"font-size: 20px !important; color: #1e82b6;\"><strong>17 principles of COSO framework\u2019s effective internal control are:<\/strong><\/h3>\n<table style=\"border: 1px solid #ddd; text-align: left; margin-top: 1px; margin-bottom: 10px;\" width=\"100%\">\n<tbody>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Internal control component<\/strong><\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\"><strong>Principles<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Control environment<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">1.\u00a0\u00a0\u00a0\u00a0\u00a0 Demonstrate commitment to integrity and ethical values<\/p>\n<p>2.\u00a0\u00a0\u00a0\u00a0\u00a0 Ensure that board exercises oversight responsibility<\/p>\n<p>3.\u00a0\u00a0\u00a0\u00a0\u00a0 Establish structures, reporting lines, authorities and responsibilities<\/p>\n<p>4.\u00a0\u00a0\u00a0\u00a0\u00a0 Demonstrate commitment to a competent workforce<\/p>\n<p>5.\u00a0\u00a0\u00a0\u00a0\u00a0 Hold people accountable<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Risk assessment<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">6.\u00a0\u00a0\u00a0\u00a0\u00a0 Specify appropriate objectives<\/p>\n<p>7.\u00a0\u00a0\u00a0\u00a0\u00a0 Identify and analyse risks<\/p>\n<p>8.\u00a0\u00a0\u00a0\u00a0\u00a0 Evaluate fraud risks<\/p>\n<p>9.\u00a0\u00a0\u00a0\u00a0\u00a0 Identify and analyse changes that could significantly affect internal controls<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Control activities<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">10.\u00a0 Select and develop control activities that mitigate risks<\/p>\n<p>11.\u00a0 Select and develop technology controls<\/p>\n<p>12.\u00a0 Deploy control activities through policies and procedures<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Information and communication<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">13.\u00a0 Use relevant, quality information to support the internal control function<\/p>\n<p>14.\u00a0 Communicate internal control information internally<\/p>\n<p>15.\u00a0 Communicate internal control information externally<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">Monitoring<\/td>\n<td style=\"padding: 9px; border: 1px solid #ddd; text-align: left; font-size: 16px;\">16.\u00a0 Perform ongoing or periodic evaluations of internal controls (or a combination of the two)<\/p>\n<p>17.\u00a0 Communication internal control deficiencies<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<ul style=\"text-align: justify;\">\n<li>COCO:<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Coco (confidential consortium) is an open source block chain framework designed by Microsoft. Microsoft announced the \u2018Coco\u2019 in August 2017 in their whitepaper \u2018Coco Framework Technical Overview\u2019. Coco is not just a standalone block chain protocol like <a href=\"https:\/\/www.cagmc.com\/cryptocurrencies-and-their-likely-tax-treatment-in-india\/\">bitcoin<\/a> or ethereum rather it provides a platform for building trusted networks using any of the existing protocols.<\/p>\n<p style=\"text-align: justify;\">The Coco framework outlines the criteria for effective controls in the following four areas:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Purpose<\/li>\n<li>Commitment<\/li>\n<li>Capability<\/li>\n<li>Monitoring and learning<\/li>\n<\/ul>\n<ul style=\"text-align: justify;\">\n<li>COBIT:<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">COBIT is an acronym for \u201cControl Objectives for Information and Related Technologies\u201d. This is the only business framework for the Governance and Management of enterprises IT developed by ISACA (information systems audit and control association) and launched in April 2012.<\/p>\n<p style=\"text-align: justify;\">Principles of COBIT:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Meeting stakeholder needs<\/li>\n<li>Covering the enterprise end to end<\/li>\n<li>Applying a single integrated framework<\/li>\n<li>Enabling a holistic approach<\/li>\n<li>Separating governance from management<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Main focus areas of COBIT are:<\/p>\n<ul style=\"text-align: justify;\">\n<li>Planning &amp; organizing<\/li>\n<li>Delivery and support<\/li>\n<li>Acquiring and implementation<\/li>\n<li>Monitoring and evaluating<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Risk is defined as \u2018the possibility of an event occurring that will have an impact on the achievement of objectives\u2019. 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