Question
1. The three types of risk are normally considered when using a risk-based audit approach are __________, __________ and __________ risk .2. The likelihood of
1. The three types of risk are normally considered when using a risk-based audit approach are __________, __________ and __________ risk
.2. The likelihood of a significant loss occurring before taking into account any risk-reducing factors is known as ________ risk.
3. The likelihood that the control processes established to limit or manage inherent risk are ineffective is known as ____________ risk
4. Enterprise risks come in a variety of forms including _______, ________, and _____________.
5. COSO has defined the ERM Framework as encompassing ___________, ___________, and _________________.
6. During the risk assessment, IT auditors develop an understanding of the operations business in order to facilitate the ________ and ___________ of significant risks to and from the information systems.
7. Three common categories of risk are ____________, ________________, and _________________ risk.
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