CONTROL RISK ASSESSMENT

MEDIUM

LOW

HIGH

Limited controls

Controls tested

No controls

tested and able

extensively and

tested and no

to be relied upon

assurance from

able to be relied

controls

upon

Some substantive Considerable

Lower risk of material

Few substantive

INHERENT

errors if no controls in

procedures

required

procedures

required

substantive

RISK

procedures

required

LOW

place

Some substantive Considerable

Extensive

Higher risk of material

errors if no controls in

INHERENT

procedures

required

substantive

substantive

RISK

procedures

required

procedures

required

place

HIGH