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1. The three types of risk are normally considered when using a risk-based audit approach...

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Accounting

1. The three types of risk are normally considered when using a risk-based audit approach are __________, __________ and __________ risk

.2. The likelihood of a significant loss occurring before taking into account any risk-reducing factors is known as ________ risk.

3. The likelihood that the control processes established to limit or manage inherent risk are ineffective is known as ____________ risk

4. Enterprise risks come in a variety of forms including _______, ________, and _____________.

5. COSO has defined the ERM Framework as encompassing ___________, ___________, and _________________.

6. During the risk assessment, IT auditors develop an understanding of the operations business in order to facilitate the ________ and ___________ of significant risks to and from the information systems.

7. Three common categories of risk are ____________, ________________, and _________________ risk.

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