risk

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Last updated 2:51 AM on 10/6/26
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4 Terms

1
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inherent risk

the susceptibility of a set of accounts or transactions to significant control problems in the absence of internal control

2
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residual risk

The risk that remains after management implement internal controls or some other response to risk

3
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what is the equation for expected loss?

Expected loss = impact x likelihood

4
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what are the three components of the fraud triangle?

  1. Pressure

  2. opportunity

  3. rationalism