7.12: Difference between revisions
Created page with "'''Risk Assessment''' '''Principle 7 - Identify, Analyze, and Respond to Risks''' '''Attribute''' '''7.12''' - When designing controls to mitigate risk, management may modify controls related to the entity's oversight responsibilities, organizational structure, and responsibilities and authorities throughout the entity. Management may also develop separate processes within the periodic and ongoing risk assessment process<sup>50</sup> with separate oversight responsibil..." |
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'''Attribute''' '''7.12''' - When designing controls to mitigate risk, management may modify controls related to the entity's oversight responsibilities, organizational structure, and responsibilities and authorities throughout the entity. Management may also develop separate processes within the periodic and ongoing risk assessment process<sup>50</sup> with separate oversight responsibilities, to manage certain risks as part of the entity's overall internal control system. This may be necessary to achieve objectives due to the nature of certain types of risks, such as for risks related to fraud, improper payments, or information security, or when a risk is pervasive or has an impact on multiple processes. These separate processes would cover all components of internal control related to these specific risks. | '''Attribute''' '''7.12''' - When designing controls to mitigate risk, management may modify controls related to the entity's oversight responsibilities, organizational structure, and responsibilities and authorities throughout the entity. Management may also develop separate processes within the periodic and ongoing risk assessment process<sup>50</sup> with separate oversight responsibilities, to manage certain risks as part of the entity's overall internal control system. This may be necessary to achieve objectives due to the nature of certain types of risks, such as for risks related to fraud, improper payments, or information security, or when a risk is pervasive or has an impact on multiple processes. These separate processes would cover all components of internal control related to these specific risks. | ||
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Revision as of 22:03, 15 August 2026
Risk Assessment
Principle 7 - Identify, Analyze, and Respond to Risks
Attribute 7.12 - When designing controls to mitigate risk, management may modify controls related to the entity's oversight responsibilities, organizational structure, and responsibilities and authorities throughout the entity. Management may also develop separate processes within the periodic and ongoing risk assessment process50 with separate oversight responsibilities, to manage certain risks as part of the entity's overall internal control system. This may be necessary to achieve objectives due to the nature of certain types of risks, such as for risks related to fraud, improper payments, or information security, or when a risk is pervasive or has an impact on multiple processes. These separate processes would cover all components of internal control related to these specific risks.
>>>Navigational Buttons<<<
- Index of Attributes
- Previous Attribute - ?
- Next Attribute - ?
