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Dear Sir,
When we were asked to evaluate the business risk or audit risk, do we need to mention any recommendations to mitigate the risks or just state why it is a risk and how it affects the company?
Thank you.
That depends entirely on the number of marks available and the precise wording of the question but with the verb ‘evaluate’ I suggest that you would sensibly go beyond identification and affect to include also recommendations as to how that risk could be managed effectively
A lot also depends on just how many risks you can identify and how many marks are available for that part of the question
If there are only 4 risks jumping out at you and it’s a 12 mark part question, I don’t think it will be enough simply to identify nor even to identify and explain
But if the question is worth only 6, 7 or 8 marks … you really won’t have time to wallow in the luxury of bringing recommendations for managing risk into your answer
OK?
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