Risk Analysis

Identifies and manages the risks of failing to detect a misstatement, caused by inadvertent error or fraud that is material to financial statements.

Key Behaviors:

  • Identifies risks of negative outcomes (including fraud)
  • Evaluates controls that mitigate risk of negative outcomes through prevention or detection and correction
  • Assesses and controls unmitigated risks through various methods (e.g., designing and applying tests)
  • Communicates the impact of identified risks and recommends corrective action

Developmental opportunities for this competency are available from the NIH Training Center.