Risk Matrix and Audit Opinion Levels

360 Assurance assesses risks using the standard 5x5 risk matrix below. The risk score is determined by consideration of the impact the risk may have and its likelihood of occurrence, in relation to the system’s objectives. The two scores are then multiplied in order to identify the risk classification of low, medium, high or extreme.

Tables showing risk scoring

Individual Assignment Opinion Ratings

Our audit opinions are determined in relation to the objectives of the system being reviewed. It takes into consideration the volume and classification of the risks identified during the review.

Table showing the wording associated with individual audit opinions

Head of Internal Audit Opinion Ratings

Table showing the narrative statement associated with each head of internal audit opinion level.