Which of the following is an element of the Oa. Risk assessment plans Ob. Managements' operating styles Oc. Control procetdres Od. Information and communication activities

Q: Define the term Enterprise Risk Management.

A: Enterprise Risk Management (ERM) is a business plan designed to recognize, evaluate, and organize…

Q: GRI Reporting Framework disclose outcomes and results occurred within the reporting period EXCEPT…

A: GRI reporting framework is global reporting initiative which are independent standards at…

Q: All of the following are components of internal control except Monitoring The information and…

A: Internal controls are implemented to prevent fraud in an organization. These are the rules or…

Q: Describe a situation in risk management that involves ethical aswell as financial issues.

A: Ethical issue: the risk that arrives due to not following the code of conduct as prescribed by the…

Q: Issues that can be caused by the following risks: Execution risk Strategic risk Technology risk…

A: Operational risk management (ORM) is characterized as a continuous cyclic process that comprises…

Q: The plans of management are expressed formally in ________________________.

A: Budget: Budget is an effective tool to achieve the financial and operational goals of the business.…

Q: The internal audit, which is a tool to evaluate the working of each management function, It refers…

A: Internal audit: Internal Audit is a department or a corporation of individuals within a corporation…

Q: Define enterprise risk management.

A: It is basically a strategy that helps businesses to find out the potential various type of risks…

Q: Explain the equation HxP=R Name each component      What is the significance of each component? How…

A: Since more three sub parts are posted at a time, the answer for first three sub-parts is only…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: List and explain briefly the phases of an internal control evaluation.

A: Internal controls are indeed defined as the measures put in place by a corporation to secure its…

Q: taining in

A: Managerial Responsibilities entail being in charge of the overall management of a work unit (or…

Q: Performance Principle. Identify how each of the following statements relates to the performance…

A: Performance Principle The guiding principle known as the performance principle defines the general…

Q: What are objectives? What three categories of objectives are set forth in the COSO framework?

A: COSO ERM framework defines internal control in an organisation as “a. process, effected by an…

Q: grity of information. policies, plans, procedures, law ssets. efficiency of onerations

A: Segregation of duties is an internal control measure. It refers to the division of duties among more…

Q: For risk enabled and risk managed organizations, the conclusion on risk maturity is the first step…

A: Correct option is D. The internal audit activity's assurance strategy is therefore to provide…

Q: Discuss and explain the sub-processes of risk management

A: Risk management refers to those processes and steps which a finance manager undertakes to reduce the…

Q: Explain the connection between business risk and Audit risk model (inherent risk x control risk x…

A: Inherent risk is the risk which is present in the organization before applying any control. Audit…

Q: Define each of the following terms:b. Enterprise risk management

A: Definition of Enterprise Risk Management   Enterprise risk management (ERM) is a plan-based business…

Q: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: Define Operational risk.

A:

Q: Describe some of the risks events within the following major categories of risk: (1) strategy…

A: Risk events are the uncertain and unfortunate events that take place inside an organization due to…

Q: _____, which constitute one of the most important elements of internal control, include separating…

A: Explanation: Internal control systems need to be monitored - a process that assesses the quality of…

Q: The attitudes and actions of those charged with governance concerning an entity's internal control…

A: Control activities involves policies and procedure taken by the management to minimize risk. It…

Q: risk remaining after management’s actions is

A: Option A is wrong because inherent risk is the risk of fraud or error which may exist even if the…

Q: What is the purpose of an audit strategy memorandum? What information should it contain?

A: Audit Strategy Memorandum: After the calculation of all financial statement risks, identification…

Q: What principles are essential to an effective risk management program?

A: All types of organizations face different types of risks which may affect their chances of success.…

Q: what is Strategic Systems Auditing and how it apply to the company?

A: Strategic System Auditing While adopting the strategic system auditing procedures which helps to the…

Q: Which of the following documenting the auditor's understanding of internal controls is the best:…

A: Internal controls are defined as the procedures, mechanisms and rules executed through company in…

Q: Describe three criteria you would use to evaluate whether a management control system is effective

A: Management control system:

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: STATEMENT I :  Risk assessment process is understanding and analyzing the relevant risks to achieve…

Q: Which of the following is not a component of internalcontrol?a. Environmental assessmentb. Control…

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Define the management assertions of existence or occurrence, completeness, rights and obligations,…

A: Management assertion is the declaration by the management about the content of the financial…

Q: Why risk management process is essential

A: Risk management:- Risk management is the method of planning, organizing, directing, and dominant the…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: Internal Auditor - It is the person having trained professional tasked with providing separate,…

Q: controls are relevant to the auditor’s risk assessment

A: The statement S1 is true because the objectives are concerned about the plans or ideas regarding…

Q: Refer to the system flowchart below and identify the internal control risks represented in it:

A: System flowchart is a data flow diagram that analyze the beginning criteria and end results of a…

Q: Which of the following is considered different and more limited in objectives than theothers?a.…

A: Auditing is basically an inspection or checking of books of accounts maintained by the business.…

Q: Which of the following tasks that the auditor may perform in relation to Risk Management without any…

A: The auditor is responsible for identifying the fraud and errors presented in the financial statement…

Q: Which of the following is not one of the components of COSO’s framework? A. Objective setting which…

A: COSO's Framework: It implies to a framework that includes the division of company's internal…