Are We Measuring Risk Without a Yardstick?

Posted on Jul 10, 2012

For the past 30 years the audit profession has evolved its risk consciousness, and all professionals embed some type of risk assessment into their periodic audit cycles. These audit risk models tend to apply broad labels such as high, medium, and low risk to various classifications of assets, resources, or programs. Some models attempt to be data-driven by building up from very granular entity information while others are based on qualitative, long-term views of inherent risk. 

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