Report on the Audit of Timekeeping Compliance – February 2014
Appendix C – Risk Assessment Guidelines
| Assessment |
Significance Level and Impact |
| High |
Immediate Management Attention Required
IMPACT:
- Weaknesses exist that could impact the Department's financial statements, reputation and/or the Department's goals or objectives.
- Weaknesses could impact the Department's efficiency and effectiveness of operations.
- Risk to the Department is significant.
|
| Medium |
Monitoring and Mitigation Required
IMPACT:
- Weaknesses exist that could impact the entity's financial records, the entity's reputation, the entity's goals or objectives or the efficiency and effectiveness of the entity's operations.
- Risk to the Department is medium.
|
| Low |
Improvement Required
IMPACT:
- Opportunities are identified that could enhance operations by improving efficiency, effectiveness or control.
- Risk to the Department is low.
|
It should be noted that, in applying the above criteria to a recommendation, Internal Audit Branch takes into consideration the nature, scope, and significance of the audit finding(s), the impact of the recommendation on the organization, and the auditors' professional judgment.
