What is risk assessment when related to internal control? Why is risk assessment important? What conditions affect an organization's risk assessment? How can management overcome these risks?© BrainMass Inc. brainmass.com June 3, 2020, 9:43 pm ad1c9bdddf
What is risk assessment when related to internal control?
When related to internal control, risk assessment is the identification and appraisal of the risk of material misstatements at the financial statement level and each assertion level. This evaluation is done by carrying out risk assessment procedures. ...
This answer provides you an excellent discussion on risk assessment.