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 the surrounding community. Use your imagination and ingenuity. Each team must work independently to produce two 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. Control Objective: The objective that the control activity is designed to help achieve.

ii. The controlled risk: 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. The control design: How the control activity is meant to operate (that is, how the control works).

iv. How to test the control effectiveness: As an internal auditor, how would you test the control activity to determine whether it is operating effectively.