Entity Risk Profile
An entity risk profile addresses specific risks that affect an organization in accordance with the Office of the Auditor General’s Generic Government Risk Model.
(Office of the Auditor General: Manual on Annual Audit – Approach to Annual Audits)
This model categorizes risk factors along four dimensions: factors in the operating environment, factors that affect the achievement of mandate, factors that affect governance, and factors that affect operations.
Acquiring sufficient knowledge to build an entity control profile that allows the auditor to formulate a preliminary assessment of whether, on an overall basis and for particular business processes, a controls-reliant approach to the annual audit is feasible.