Report on the Audit of Travel, Hospitality and Conferences – 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, the 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.