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Professor do you think CONTROL RISK increases if a finance director(ex finance controller of a bank) is employed in a pharmaceutical company?
Please note my adjacent post that I am away – so I will be brief.
Short answer – no.If there are no controls that the auditor wants to tests, control risk is as high as it can be – 100% The auditor assess control risk as less than high through the effective operation of controls – which has to be proven with tests of controls – please look at the audit risk model in the notes.
If a finance director is a qualified individual I do not see why he would be any less capable of a finance role in any company as opposed to a bank.
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