Ch 3 · Risk Assessment & Internal Control

⭐ Important points (exam-critical)

• ⭐Significant risks (SA 315): require special audit consideration (fraud, related party, non-routine).
• ⭐ITGCs: change management, logical access, operations — pervasive to all CAATs.
• ⭐Internal Financial Controls (IFC) audit mandatory for listed cos under Sec 143(3)(i).
• ⭐Reliance on internal audit (SA 610) — assessed for objectivity, competence, systematic approach.