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During Assessment Planning, it is important to conduct a complete risk assessment and conduct detailed testing to understand inherent risks and control risk.
During the planning phase of an assessment, it is not necessary to conduct a complete risk assessment and detailed testing. Instead, limited information gathering and initial procedures are sufficient to estimate inherent risk and control risk, allowing planning to proceed. This initial estimate helps to set the scope and focus of the assessment. Detailed testing and a comprehensive risk assessment can be conducted during the actual assessment phase. This approach allows for a more efficient and flexible planning process. Reference:
ISO 19011:2018 - Guidelines for auditing management systems
NIST SP 800-30 Rev. 1 - Guide for Conducting Risk Assessments
When should Assessment Notification be announced?
The timing of assessment notification should depend on the purpose and parameters of the assessment and whether fraud is suspected. In cases where fraud is suspected, notifying too early might allow those involved to conceal evidence. Conversely, early notification can facilitate better planning and coordination for assessments where fraud is not a concern. The decision should be based on the specific context and objectives of the assessment. Reference:
ISO 19011:2018 - Guidelines for auditing management systems
COSO Internal Control -- Integrated Framework
Achieving Principled Performance means to:
Achieving principled performance means reliably achieving objectives, addressing uncertainty, and acting with integrity. This concept integrates the management of performance, risk, and compliance to ensure that an organization not only meets its goals but does so ethically and sustainably. It involves creating a culture of accountability, transparency, and ethical behavior while systematically managing risks and ensuring compliance with relevant regulations and standards. Principled performance is about achieving success while maintaining high standards of integrity and responsibility. Reference:
OCEG (Open Compliance and Ethics Group) Red Book GRC Capability Model
ISO 37001:2016 - Anti-bribery management systems
Follow-up on the implementation status of the recommendation by assurance personnel is known as
Follow-up on the implementation status of recommendations by assurance personnel is known as Follow-Up by Independent Assurance. This process involves independent assurance providers reviewing the actions taken to address the recommendations and verifying that they have been implemented effectively. This follow-up ensures that issues identified during the assessment have been resolved and that improvements have been made. Reference:
IIA Standards for the Professional Practice of Internal Auditing
ISO 19011:2018 - Guidelines for auditing management systems
An Assessment should target very low or zero Assurance Risk
The level of assurance risk targeted by an assessment should be driven by the assessment's purpose and parameters. Not all assessments require very low or zero assurance risk; some may appropriately target higher levels of assurance risk depending on the context and objectives. The purpose and scope of the assessment, as well as the risk tolerance of the organization, will dictate the acceptable level of assurance risk. This approach ensures that resources are allocated efficiently and that the assessment is tailored to the specific needs and risks of the organization. Reference:
ISO 31000:2018 - Risk management -- Guidelines
COSO Enterprise Risk Management -- Integrating with Strategy and Performance
