Risk Ratings and Audit Opinions

Hello,

We are rethinking our audit reports to evaluate our risk ratings per audit finding and then our overall opinion on audits.

Currently we use the following risk ratings per audit finding based on Significance and Likelihood:(Lowest - Highest Ratings)

1. Insignificant
2. Negligible
3. Caution
4. Important
5. Critical

Based on the number of findings and the risk ratings our overall audit opinion on the area reviewed/controls tested are the following: (Best to worst rating)

1. Well Controlled
2. Satisfactory
3. Needs Improvement
4. Unsatisfactory
5. Non-Existent

We are discussing simplifying this on both the risk ratings and audit opinions down to 3 options for each. I have 2 questions.

1. What are you using for risk ratings and audit opinions

2. Thoughts on having more/less options.

Thank you!