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Significant risk

This topic has 3 replies, 4 voices, and was last updated 9 years ago by ahmedzabith.

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June 12, 2014 at 2:44 pm #176236
nari
Member
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Hello
In every process, there are risks and controls. My question is how you know which risks and controls are considered significant?
June 12, 2014 at 6:07 pm #176298
Anonymous
Inactive
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so then back to: how do you define “significant”
June 15, 2014 at 8:05 pm #176667
Ken Garrett
Keymaster
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I would suggest that significant risks nd controls are those that could lead to material misstatement.
June 14, 2015 at 7:45 am #256786
ahmedzabith
Participant
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Significant risks are those risks that have more opportunity to result material mistatements.
Eg. Risk of fraud, risk of unsual transaction.
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