Homework Answers
Question 3. Ans:-The overview of risk mechanism is the Responsibility of each community of interest within an organization to manage risks that are encountered.
Q.4. Ans:- Evaluating the risk controls.
Q.5. Ans:- Hardware and software.
Q.6. Ans:prioritization
Q.7.Ans. Begin by following your project management principles.
Q.8. Ans:- Reliable process
Q.9.Ans:-False
Q10.Ans:-IP address.
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3. Which of the following is NOT considered an overview aspect of risk management? 2. Know...
it's Risk management subject 1. In the risk identification process, those involved should recognize that it...
it's Risk management subject
1. In the risk identification process, those involved should recognize that it is a misperception to think of a risk as a sudden event." Identifying an issue that is facing the organization and discussing it in advance can potentially lead to the risk being mitigated. Before considering some of the specific techniques available for organizations to identify risks, several important factors should be noted about this process; identify and explained the five (5) factors. (25 marks)...
11) Risk management should A) Focus on loss minimization only B) Not be an objective by...
11) Risk management should A) Focus on loss minimization only B) Not be an objective by itself C) Be driven by internal audit D) Be rules-based so it is the same throughout the organization E) Should be software driven 12) What is typically the weakest link in internal controls? A) Technology B) The human elements C) Lack of funding D) Lack of a risk assessment E) No internal audit department 13) Which of the following is not likely to cause...
3. Which of these is likely to increase the quality of the fraud risk assessment or...
3. Which of these is likely to increase the quality of the fraud risk assessment or help an organization understand and use a fraud risk assessment? A. The fraud risk assessment was created by someone who kept the process very confidential. B. The fraud risk assessment was very long and thorough, addressing all aspects of the business. C. The fraud risk assessment was done with outsiders who were truth-seekers but had limited knowledge of the detail systems. D. The fraud...
Which overview defines audit strategy? A. The determination of the amount of time to spend testing...
Which overview defines audit strategy? A. The determination of the amount of time to spend testing the client’s internal controls and conducting detailed testing of transactions and account balances. B. Gaining an understanding of the client, including identifying risk factors. C. Performing tests of controls and detailed substantive testing of transactions and accounts. D. Evaluation of results of the detailed testing in light of the auditor’s understanding of the client and forming an opinion on the fair presentation of the...
Principles of auditing ch 8 Internal Controls QUESTION 10 Which of the following elements is not...
Principles of auditing
ch 8 Internal Controls
QUESTION 10 Which of the following elements is not a part of an entity's internal controls? A. Information and communication systems support. B. Control risk. C. Control activities. D. The control environment. QUESTION 11 Which of the following is the correct order for performing the procedures noted? A. Perform substantive tests, test controls, understand the system of internal control. B. Test controls, understand the system of internal control, perform substantive tests. C. Test...
1. Detection risk is the risk a. that internal controls will not be followed. b. that...
1. Detection risk is the risk a. that internal controls will not be followed. b. that the business will naturally experience, regardless of internal controls. c. that measures the effectiveness of a firm's internal controls. d. that an internal audit will not uncover incidents where controls have not been followed. 2. Which one of the following types of audits would be most likely to focus on objectives related to the efficient use of resources? a. Operational audit b. Independent audit...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
19. Activity-based management can reduce customer response time by all of the following, except for a....
19. Activity-based management can reduce customer response time by all of the following, except for a. identifying those activities that consume the most resources. b. making activities more efficient. c. identifying non-value added activities. d. identifying fraudulent activities. 20. Which statement best describes an activity center? a. An organizational command post from which management controls activity. b. A unit of the organization that performs a set of tasks. c. A think-tank where managers select value-added activities. d. A part of...
1. A CPA has accepted an engagement in which inquiry and analytical procedures are the primary...
1. A CPA has accepted an engagement in which inquiry and analytical procedures are the primary procedures to be performed. These procedures will form the basis for issuance of: A) A compilation report B) Audit report on supplemental information issued by the client C) An agreed-upon procedures report D) Review report on financial statements for a nonpublic company 2. Auditors frequently use analytical procedures as substantive tests, but this is not required by auditing standards. A) True B) False 3....
6. Attestation risk is limited to a low level in which of the following engagements? a...
6. Attestation risk is limited to a low level in which of the following engagements? a Both examinations and reviews. b. Examinations, but not reviews. C Reviews, but not examination d. Neither examinations nor reviews. a b 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements Management and the auditors have responsibility for the preparation of financial...
it's Risk management subject
1. In the risk identification process, those involved should recognize that it is a misperception to think of a risk as a sudden event." Identifying an issue that is facing the organization and discussing it in advance can potentially lead to the risk being mitigated. Before considering some of the specific techniques available for organizations to identify risks, several important factors should be noted about this process; identify and explained the five (5) factors. (25 marks)...
Principles of auditing
ch 8 Internal Controls
QUESTION 10 Which of the following elements is not a part of an entity's internal controls? A. Information and communication systems support. B. Control risk. C. Control activities. D. The control environment. QUESTION 11 Which of the following is the correct order for performing the procedures noted? A. Perform substantive tests, test controls, understand the system of internal control. B. Test controls, understand the system of internal control, perform substantive tests. C. Test...
6. Which of the following statements is not correct? If (a) (b) (c) individual audit risk remains the same, detection risk has an inverse relationship to inherent risk and control risk. The auditor may make separate or combined assessments of inherent risk and control risk. Detection risk cannot be changed at the auditor's discretion The greater the inherent and control risks the auditor believes exist, the less detection risk that can be accepted. (d) 7. Inherent risk and control risk...
6. Attestation risk is limited to a low level in which of the following engagements? a Both examinations and reviews. b. Examinations, but not reviews. C Reviews, but not examination d. Neither examinations nor reviews. a b 7. Which of the following is not an underlying premise of an audit? Management must provide the auditor with all information relevant to the preparation and fair presentation of the financial statements Management and the auditors have responsibility for the preparation of financial...
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