CASE STUDY STEP ONE: From the information above and using the 'horizontal' or 'cross-cutting' approach, identify areas that you believe could be objects of audits. In addition: try to formulate the related policy and/or operational objectives that are related to these areas. Note that you are already aware that you will not have the resources in 2014 to audit the entire audit universe. You have 30 minutes to complete this step of the case study. You can use the template below to assist in meeting this objective: AREA Objective REASON FOR SELECTION FOR AUDIT 2014 FINANCIAL REPUTATIONAL OPERATIONAL REGULATORY RISK RISK RISK OR COMPLIANCE RISK STEP TWO: You have already in Step One identified the objects from your audit universe. The next step is to identify the specific events in each of the selected areas that may generate risks to the achievement of the policy and operational objectives provided in the information above. Once you have identified the specific events that can give rise to the emergence of risk that will have an adverse effect on the achievement of an objective, you will need to assess these for impact and probability Therefore in no more than 30 minutes and applying the requirements of the Planning and Risk Assessment Guide identify those events that may pose risks to the achievement of objectives; assess these in terms of impact and probability; and, describe the findings in a matrix that will clearly show those risks that pose the highest threat to the achievement of objectives. For assessing the impact and probability use scoring criteria as described in the Risk Assessment Guide. 9 CASE STUDY STEP ONE: From the information above and using the 'horizontal' or 'cross-cutting' approach, identify areas that you believe could be objects of audits. In addition: try to formulate the related policy and/or operational objectives that are related to these areas. Note that you are already aware that you will not have the resources in 2014 to audit the entire audit universe. You have 30 minutes to complete this step of the case study. You can use the template below to assist in meeting this objective: AREA Objective REASON FOR SELECTION FOR AUDIT 2014 FINANCIAL REPUTATIONAL OPERATIONAL REGULATORY RISK RISK RISK OR COMPLIANCE RISK STEP TWO: You have already in Step One identified the objects from your audit universe. The next step is to identify the specific events in each of the selected areas that may generate risks to the achievement of the policy and operational objectives provided in the information above. Once you have identified the specific events that can give rise to the emergence of risk that will have an adverse effect on the achievement of an objective, you will need to assess these for impact and probability Therefore in no more than 30 minutes and applying the requirements of the Planning and Risk Assessment Guide identify those events that may pose risks to the achievement of objectives; assess these in terms of impact and probability; and, describe the findings in a matrix that will clearly show those risks that pose the highest threat to the achievement of objectives. For assessing the impact and probability use scoring criteria as described in the Risk Assessment Guide. 9