Audit Risk Rating 
An audit risk rating (ARR) establishes the risk assessment criteria for an organization to calculate the risk rating and establish the ranking of auditable entities.
Within the ARR, each auditable entity is rated based on management feedback and judgment.
Performing an ARR enables you to complete the following:
Define a set of auditable entities and risk factors.
Define and evaluate risk scores for each risk factor within the auditable entity.
Rate the auditable entity based on the risk score.
You can generate an audit proposal and audit plan proposal from an ARR. By generating from an ARR, you can, in order:
Compare the risk scores for different auditable entities.
Select the auditable entities with the higher risk scores.
Generate the audit proposal and the audit plan proposal.