Controls mitigate risks that threaten objectives and thus provide reasonable assurance that objectives will be achieved. Risks

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Controls mitigate risks that threaten objectives and thus provide reasonable assurance that objectives will be achieved. Risks encompass both threats of bad things happening and threats of good things not happening. Some controls are visible and therefore can be photographed.
A. Choose one or two classmates you want to work with on this assignment.

B. As a team, photograph five 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. At least two of the controls photographed must be controls designed to mitigate risks of something good not happening (that is, controls designed to help something good happen).

C. For each control photographed:
1. Clearly indicate whether the control is designed to mitigate the threat of bad things happening or the threat of good things not happening.
2. Then briefly and separately describe:
a. An objective the control is designed to help achieve.
b. A risk the control is designed to mitigate. (Note: The risk you describe must be something other than merely the inverse of the objective.)
c. How the control is meant to operate (that is, how the control works).
d. How you would test the control to determine whether it is operating effectively.
To be submitted:

A. The set of five pictures.

B. The descriptions of the five controls the pictures represent, as called for in requirement C.

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Internal Auditing Assurance & Advisory Services

ISBN: 9780894139871

4th Edition

Authors: Urton L. Anderson, Michael J. Head, Sridhar Ramamoorti, Cris Riddle, Mark Salamasick, Paul J. Sobel

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