Year 18 – 2005 – Quantitative Indicators of Risk – part 1
This was my first attempt at identifying risk to support the development of the annual risk-based audit plan (RBAP). I have been involved in the development of the RBAP – even responsible for it – over the years and always felt that it was more professional opinion than anything else. Some people built a spreadsheet with weighting factors 1-5 and fooled themselves into believing that there is a logic and…