Auditing Special Assignment

Report and record outcome – the findings of the risk assessment must be recorded and all those involved and who need to know should be given explanations and information on how these risks can be prevented and/or controlled.

The purpose of risk assessment is not to remove risks, but to take reasonable steps to reduce them. The process involves looking at the risk, and considering what can be done to make it less likely that the risk will develop into a reality. This can be done through implementing policies and codes of practice, acting in individual’s best interests, fostering culture of openness and support being consistent, maintaining professional boundaries and following systems for raising concerns.

For the case study provided with this Assessment Task, you are required to review risk management processes and determine scope and objectives, taking into account stakeholder input and both internal and external environmental factors affecting the organisation. With the information gathered, you are

Risk assessments can help address dilemmas between rights and health and safety concerns by helping reduce any risks created by undergoing certain tasks, risks assessments are not in place to prevent an individual doing things that they want to do, they are in place to concentrate on the risk factors and to look at any other ways to reduce the risk of the task in hand.

Risk assessments are vital to be included within a laboratory setting as it involves evaluating the potential risks which may be involved when completing an experiment or activity. The employer must be aware that risks which someone is exposed to at work must be reduced by them responsibly implementing precautions in order to make the setting safer. They need to analyse: what could possible go wrong? How likely is it? And what would be the consequences? These questions are regularly used when creating a risk assessment so that every risk sheet has a similar outline and meets the criteria of an effective risk assessment. It covers the general procedures, the working environment and the handling, storage and transportation of various substances.

The purpose of a risk assessment (RA) is to identify the entire organization’s risks and quantify the

It is important to assess health and safety risks in order to reduce or eliminate them. Risk assessments are vitally important in order to protect the health and safety of both you and the individual’s you support. You should always check that a risk assessment has been carried out before you undertake any task in order for you to follow the steps identified and reduce any risk posed. There are many regulations that require risks

CAS 300 requires auditors to their audit using a risk based model where the nature, timing and extent of audit procedures are based on the assessed risk of material misstatement. Pickett (2006) argues that for audits to be effective and efficient, much of the audit effort should be focused on areas that are considered to pose the highest audit risk. Additional audit procedures should be linked to individual audit assertions whereas other audit procedures need to be performed as and when needed. Thus, for an audit plan to be put in place, it is necessary for an auditor to come up with a risk profile of the client comprising an understanding of the business operating by the audit client, assess business risk and also perform its preliminary analytical review.

6. The risk assessment team will conduct an inspection of the department/area being assessed for risk or observe the process being assessed for risk in action. The members of the risk assessment team will individually document their findings on the “ABC Proactive Risk Assessment Worksheet” (Attachment A). To determine the appropriate score for each identified risk, the reviewer will consider information obtained through a physical tour of the facility, review of annual incident

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

3.4 Summarise the types of risks that may be involved in assessment in own area of responsibility

Assess the risk in terms of likelihood and impact (be sure to explain your assessments). High risk assessments should be given a weighting of 5, medium a weighting of 3

Auditing standards that give guidance for internal control reporting are AS 2 & AS 5.

b. Assess acceptable audit risk as high, medium, or low considering the items you identified in requirement a. (A risky client will be assessed as a low acceptable audit risk.)

Auditors should plan the audit so that the engagement is conducted in an effective manner.