Question

In phase 5 of the risk-focused examination process, if you have determined that limited or no detail procedures are necessary to be performed and procedures may be limited to analysis, what is the risk assessment?

Answer 1

In phase 5 of the risk-focused examination process, the risk assessment focuses on analysis rather than performing extensive procedures.

Step-by-step explanation:

In phase 5 of the risk-focused examination process, if limited or no detail procedures are necessary, the risk assessment focuses on analysis rather than performance of procedures. The goal is to evaluate the risks associated with the subject matter without extensive testing. For example, instead of conducting detailed procedures to gather evidence, analysts may use a combination of data analysis, interviews, and observation to assess the risk. This approach allows for a more efficient examination process, saving time and resources.