a) As a lead auditor, you have reminded two of your new auditors in the team to use the Risk Based Thinking when creating the internal audit schedule. Elucidate the Risk Base Thinking to them and explain how Risk Based Thinking and Risk Based Auditing will go together?

b) Based on the Risk Based Thinking, what could possibly happen if we are not considering any risk in our organisation? Discuss SIX impacts of ignoring Risk Management to the organisation.