What is Audit Risk Rating ARR?
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What is Audit Risk Rating ARR?
Answer
Fateh
Web Developer at Wipro
Audit Risk rating is used to define the criteria for an organization to find risk rating and establish ranking for risk rating. Each audible entity is rated as per management feedback in ARR.
- You can use ARR to perform the below
- You can find set of auditable entities and risk factors
- Define and evaluate risk scores for risk factor in each auditable entity.
- As per risk score, you can rate the auditable entity.
- You can also generate an Audit plan from ARR by comparing risk scores for different auditable entities. Selecting the high risk score auditable entities and generate audit proposal and audit plan proposal.
