The risk assessment process of an entity determines the manner in which an entity handles the risks that they are faced with and how this risk in addressed. It is important to note that the objectives of an entity will need to be thoroughly defined before the risks are identified, assessed and responded to. As a junior auditor for ABC Limited, your manager requested for you to: 

a. Indicate the 5 steps of the risk assessment process. 

b. List and explain the various ways in which risk can be described and the 6 control activities that can help to control the risks. (9 Marks) c. List 6 control activities that can assist in controlling these risks.