Appendix B: Basis of findings rating and report classification

Findings rating matrix

Audit Findings Rating		Impact
		Low	Medium	High
Likelihood	Highly Likely	Moderate	Significant	Significant
	Likely	Low	Moderate	Significant
	Unlikely	Low	Low	Moderate

Likelihood consideration

Rating Description
Highly Likely	History of regular occurrence of the event.The event is expected to occur in most circumstances.
Likely	History of occasional occurrence of the event. The event could occur at some time.
Unlikely	History of no or seldom occurrence of the event. The event may occur only in exceptional circumstances.