Attention: The URL for GoJ Internal Auditors Cummunity website is now online.mof.gov.jm/giac

GIAC Glossary of terms

We have provided explanations of some Internal Auditing terms. Please click on a highlighted letter below.

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R Terms

1. Risk
The uncertainty of an event occurring that could have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.

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2. Risk, Audit
The potential for a combination of material errors to occur and not be detected.

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3. Risk, Control
Risk of error or loss not prevented or detected by the internal control structure.

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4. Risk, Detection
A risk of major error or loss going undetected despite controls and audit effort. This is also referred to as audit risk.

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5. Risk, Inherent
The risk that is intrinsic to the organization and is unrelated to the internal control system.

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6. Risk, Non-sampling
Non-sampling risk arises from factors that cause the auditor to reach an erroneous conclusion for any reason not related to the size of the sample. For example, he/she might use inappropriate procedures, or might misinterpret evidence and fail to recognise an error.

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7. Risk, Sampling
The possibility that the conclusion of the auditor, based on a sample of a certain size, may be different from the conclusion that would be reached if the entire population were subjected to the same audit procedure.

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8. Risk Management
A process to identify, assess, manage and control potential events or situations, to provide reasonable assurance regarding the achievement of the organization?s objectives.

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