Objectives
- Identify important components/sub-components of a control system.
- Understand how risk affects such things as strategy and business direction.
- Recall important concepts such as “Risk Appetite”, “Framing Risk”, and “Risk Tolerance”.
- Recognize how the control environment can help or hinder the operation of control measures in use at an entity, and
- Identify important steps that an organization can undertake, specifically related to control development that can drive the direction of the entity.
Prerequisite
A basic understanding of internal control concepts