fundamental auditing concepts such as 1. 40 pts. One of the course objectives is to be able to explain risk. control evidence, materiality.. A) Describe inherent risk and provide a real life example of an inherent risk B) Describe what a control is does its objective, and identify a control or controls involved in reducing the inherent risk you identified above (A) down to your residual risk level. C) Identify the evidence of control operation relative to the control(s) you identified above (B). D) Describe how you might modify your control(s) if the materiality significance of the risk were to go down and if it were to go up