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Risk Assessment and Internal Control Homework help is common query of all students who are solving Auditing Assignments as it is considered to be one of the most confusing topic . Risk Assessment procedures are the method applied by the Management to achieve the objectives of an organization. It is considered as the most important procedures as it helps management to have regular update regarding the risk faced by their business.
Risk Assessment generally helps management to know 3 types of Risk:
1) Avoidable Risk: Risk that can be avoided by the management by adopting proper safeguarding methods.
2) Unavoidable Risk: Risk that cannot be avoided by the management even after adopting proper safeguarding methods. Unavoidable Risks are also known as Inherent Risk.
3) Undetectable Risk: Risk which cannot be detected by the management after applying safeguarding methods.
Following are the major objectives of Risk Assessment Procedures implemented by the Management:
i) Prevention and Detect of all types of Frauds
ii) Proper Safeguarding of Assets
iii) Preparation of Financial Statements from reliable and true Financial information
iv) Proper Adherence and followance of Accounting procedures and Accounting Records.
Internal Control refers to Plan, Policies of an organization which helps management to safeguard the Assets of an entity. Maintenance of Internal Control is the primary responsibility of the management and it is Auditor’s duty to apply appropriate Auditing procedures to get sufficient Audit evidence regarding Authenticity of Internal Controls.
The Auditor Should know the following points on Internal Controls:
i) Whether management has implemented proper Internal Control System.
ii) Whether the Internal Control implemented by the Management is actually existing or not.
iii) Whether Internal Control systems are commensurate with the nature and size of the business implemented by the Management.
iv) What types of Controls are implemented by the management and how they are operating?
v) Whether the controls that have been implemented by the management has understood by the employees of an organization in the same manner in which the management has actually intended to be.
Other topics covered by Experts of Assignment Consultancy on Risk Assessment and Internal Control Assignment help are as follows :
| Internal control Structure in an Organization | Limitations of Internal Control | Internal Audit | Relationship Between Internal and Statutory Auditors |
| Compliance Procedures and Evaluation of Internal Controls | Internal Control and Risk Enterprises | Reporting to Client on Internal Control Weaknesses | Review of the System of Internal Controls |
| Internal Control System—Nature, scope, objective and Structure | Methods for the Proper review and Evaluation of the adequacy of the Internal Control | Component of Internal Controls | Plan of Work by an Internal Auditor |
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