Inherent risk refers to the susceptibility of an area or process to significant risk before considering any controls. During a risk assessment, auditors evaluate inherent risks to understand the potential for material misstatements or operational failures in the absence of controls. This assessment helps in identifying areas that may require more intensive audit attention
When internal auditors perform a risk assessment, they generally focus on inherent risk—the risk that exists in the absence of any controls. This helps auditors identify areas that are naturally more prone to risk and where controls are most needed, forming the foundation for the overall risk-based audit plan.
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