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Hi Tutor,
simply, is it OK to write the risk factor explicitly as follows- in the risk assessment question?
Risk Factor: the Audit client has no audit committee
or just say – the audit client has no audit committee ( without mentioning the word Risk factor)
That depends upon the precise nature / wording of the question
But ask yourself this … “How much time have I used in writing the words ‘Risk Factor’ and do I believe that that nano-second is going to be effectively used gaining another mark?”
In addition, why not (having planned and accumulated all the risk factors together within your plan) start this part of your answer with a heading, like this:
Risk Factors:
the Audit client has no audit committee
the audit client has no auditable controls
the audit client has incompetent directors
In this way, you write “Risk Factors” only once
Does that do it for you?
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