Webclass 65: What all heads of Internal Audit need to know about data and risk assessment?

Q1. Why does Claire say that Risk, Control, Test is “has-been”?

Lack of focus on risk/ silo thinking

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Because it takes too long

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Q2. Which risk does Claire consider has the highest probability/ impact?

FCPA/ UKBA fines

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Misappropriation of cash

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Q3. What makes the probability of a risk increase?

Increased internal control gaps and inherent risks

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Increased value and criticality

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Q4. What makes the impact of a risk increase?

Increased value and criticality

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Increased internal control gaps and inherent risks

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Q5. What might the risk of insufficient working capital be indicated by?

Special arrangements with suppliers

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Inventory adjustments

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Q6. Why might poor supplier performance be indicated by “dodgy suppliers” tests?

Because the supplier may not be qualified

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Because the supplier may be chosen on the basis of call for tender

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Q7. What might indicate a risk of fines from the tax office?

Miss-statements – cancellations

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Invoices exceeding POs

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Q8. What might indicate incorrect budgeting/ accruals?

POs without approbation/ open POs

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Invoices without descriptions

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Q9. What might cause erosion of image/ HR performance?

All tests that might indicate fraud

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Flip-flop IBAN

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Q10. Which other aspects can impact the consideration of risk?

User profile/ type; Supplier profile/ type; time of year; inherent/ external: round amounts; incoherent dates; correlation

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Predictions that have been made by the business

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Q11. How does Correlation help us to tell a story?

More easily see all results for a particular third-party/ transaction, which can hep us to find our story more easily

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Classify results per type: suppliers/ purchase orders/ invoices/ payments

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Webclass 65: What all heads of Internal Audit need to know about data and risk assessment?

Webclass 65: What all heads of Internal Audit need to know about data and risk assessment?

admin June 9, 2026

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