Audit Information systems & IT Security
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Audit Information systems & and IT Security

Information System audit and IT Security

Definitions and Terminology

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Likelihood



The possibility that a given event will occur. Terms sometimes take on more specific connotations, with “likelihood” indicating the possibility that a given event will occur in qualitative terms such as high, medium, and low, or other judgmental scales, and “probability” indicating a quantitative measure such as a percentage, frequency of occurrence, or other numerical metric.

source: COSO, 2004



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