Assignment
Case study
Control activities mitigate risks that threaten objectives and thus provide reasonable assurance that objectives will be achieved.
Risks cover both:
· Threats of bad things happening
· And threats of missing opportunities.
Some control activities are visible and therefore can be photographed.
Instructions
1. Photograph two different controls you observe around campus and/or the surrounding community. Use your imagination and ingenuity. Each team must work independently to produce a unique set of pictures.
a. One of the controls photographed must be control designed to mitigate risks of bad things happening.
b. The other control photographed must be control designed to mitigate risks of missing opportunities (that is, controls designed to help something good happen).
2. For each control activity photographed:
a. Clearly indicate whether the control is designed to mitigate the threat of bad things happening or the threat of missing opportunities.
b. Then briefly and separately describe:
i. The objective that the control activity is designed to help achieve.
ii. The risk that the control activity is designed to mitigate.
(Note: The risk you describe must be something other than merely the inverse of the objective.)
iii. How the control activity is meant to operate (that is, how the control works).
iv. As an internal auditor, how would you test the control activity to determine whether it is operating effectively.
Format your assignment according to the following formatting requirements:
1. The answer should be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides.
2. The response also includes a cover page containing the title of the assignment, the student's name, the course title, and the date. The cover page is not included in the required page length.
3. Also include a reference page. The Citations and references should follow APA format. The reference page is not included in the required page length.