As the name suggests, Risk assessment service involves assessing the risks to which the entity is exposed and suggesting mitigating procedures in relation to entities control environment. Risks to which the entities are exposed includes systematic and non-systematic risks.
We, at Virtual Accountants LLC, provides risk assessment services by taking into consideration all types of risks affecting the entity. Our methodology to perform the service is as follows:
•Identification of the risks to which the entity is exposed.
•Reviewing the entities existing control environment for risk mitigation.
•Comparing the mitigated and non-mitigated risks and determining the impacts of risks which are not mitigated by the entity at the date of our assessment.
•Review of entity’s risk mitigation costs and suggestions on cost reduction strategies by keeping the risk appetite of the entity the same.
•Delivering the deliverables as per agreed scope and within the agreed timeframe.