Standard provides guidance on systematic risk assessment techniques for ISO 31000. Assumes risk assessment is performed within ISO 31000 framework. Not intended for certification, regulatory or contractual use
COSO cube shows relationships among internal control system components. Framework created by five major accounting and auditing organizations. Original framework developed in 1992, updated in 2013 and 2017. Framework helps organizations achieve operations, reporting and compliance objectives
COSO is a widely recognized internal control framework developed in the US. Framework consists of five interrelated components for risk management. Framework is applicable to organizations of all types and sizes
Quality control prevents defects before production starts. Aerospace industry saves $80 million by identifying defects early. Defects later in production are more costly and time-consuming
RCM helps identify and assess potential risks and controls in projects. COSO framework provides globally recognised standard for internal control. Project scope and objectives must be clearly defined first
IPE refers to information provided by the audited entity during an audit. IPE can include both financial and non-financial information. System-generated reports from service organizations are considered IPE