[Anonymous]

Hello Jeff,

Reference 5122.03 is laid out on NINJA MCQ just like this:

There are two types of risk. Inherent risk is the risk that exists before management takes any steps to control the likelihood or impact of a risk. Residual risk is the risk that remains after management reacts to the risk, such as by implementing internal controls.

An internal control risk assessment has six steps and is performed as follows.

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What are those six steps?

Thanks.