What is the difference between Risk Based Audit and Control Based Audit ?

Question added by Alhussein Elsawy , Internal Audit Supervisor , Bindawood Holding
Date Posted: 2015/11/26

Upvote (0) Views (7) Followers (3) Answers (2) Report Question

by Gert Abraham Venter , Flight Seargent and Head of Department , South African National Defence Force

Risk Based Audit is an Audit that is done according to the highest risks identified in the Baseline Risk assessment.

Control based Audit is an Audit that is conducted to measure the effectiveness of the critical controls that was put in place to minimise the risk.

Risk audit mean any thing loss & control audit for again corruption

Do you think that Internal Audit should keep following the Risk-Based Audit approach or we should follow another approach (Objective-Based) ?
Top Answer: Adopt internal audit when implementing its disciplined and systematic approach to evaluate and improve th ... See More

Answers (1)
While preparing risk based audit plan, shall we rely on inherent risk or go for residual risk?
Top Answer: In making risk based audit plan, we reply on the results of the assessment of inherent risk and plan our ... See More

Answers (4)
What is the difference between traditional audit and risk based audit?
Top Answer: The difference(s); Traditional auditing is associated with conducting tests to issue an opinion on the tr ... See More

Answers (7)
What is difference between Risk based audit and Internal audit?
Top Answer: Major difference is the fact that Risk based audit is based on intensity of risk; related to assignment / ... See More

Answers (5)

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.