Grant Risk Assessment Model v3
Description
Improved selection of grants to audit
Detailed example
Estimated questioned costs and findings for an audit
AI / analytics pattern
Classical/Predictive Machine Learning: Models trained on data to make predictions or classifications based on identified patterns or relationships.
Automation level / stage
a) Pre-deployment – The use case is in a development or acquisition status.
Expected benefit
Provide auditors with an additional resource in performing risk assessments that assists in the audit selection process. Allowing auditors to focus work on higher-risk grants can allow for the recovery or redirection of misused government funds and improve auditor effectiveness and efficiency.
Audit / financial statement impact
Does not produce an output that serves as a principal basis for decisions or actions with legal, material, binding, or significant effect on any of the individuals or entities identified in OMB-25-21.
Controls / human review
ATO: Not reported; PIA: Not published