Describe some of the risks events within the following major categories of risk: (1) strategy andreputation, (2) control and compliance, (3) hazards,(4) human resources, (5) operations, (6) technology,and (7) financial management.

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: For an enterprise wide risk management program to be most effective, it should be led by which of…

A: Risk management program An organization's structured procedure for identifying, evaluating, and…

Q: The COSO Enterprise Risk Management Framework ___ A. stresses that effective risk management is…

A: Risk Assessment: A risk assessment is the consolidated exertion of recognizing and examining…

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: Internal controls are grouped into the following categories: Efficient operations, financial…

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

Q: Place the auditor's activities to assess control risk in the proper order: Group of answer choices…

A: Control risk refers to misstatement in financial statements that occur due to error and fraud and…

Q: Calculate planning materially in a dollar ($) amount. You must include a breakdown of your…

A: Control risk seems to be the possibility of a major misrepresentation in a firm's financial…

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

A: Answer: I. Internal auditors must understand the risk assessment process and the tools used to make…

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: Risk management program should be intertwined with organizational strategy.

A: Risk management can be defined as the process of identifying, analyzing, and accepting or mitigating…

Q: 39. For risk enabled and risk managed organizations, the conclusion on risk maturity is the first…

A: Risks are the unfavourable situations and circumstances which can tend to loss for the organisation.…

Q: An auditor uses assessed control risk to(1) evaluate the effectiveness of the entity’s internal…

A: Answer:   Option (4)

Q: Discuss the weaknesses in COSO’s internal control framework that led to the development of the COSO…

A: Enterprise risk management is a formal program or frame work that is implemented to mitigate the…

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

A: One of the board’s or its equivalent’s main responsibilities is to ensure that risk management…

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: Which are the three core areas for which a financial manager is expected to devise a financial…

A: Financial management deals with the raising and allocation of funds in an efficient and effective…

Q: In finance, the term risk management involves identifying the potential risks the organization may…

A: Risk management is a method of identifying, evaluating, and accepting or minimizing risk in…

Q: Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires…

A: Enterprise risk management :-  It provides framework for risk management. It Involves the…

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: Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: The basic components of an organization's internal control are:                 Select one: a.…

A: Internal control is a system of organizing the company in which a set of rules, policies, and…

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: Define Operational risk.

A:

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 following are the key types of risk that audit firms consider when they make client acceptance…

A: Given: The risk types of audit company in making decisions for the client.

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: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: Explain the importance of pooling anddiversification for managing risk.

A: Pooling of risk can be defined as the spread of financial risk evenly among a large number of…

Q: 1. How does internal control impart on the achievement of organization’s goals? 2. Why risk…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: one of the components of internal control is the control activities;which are the policies and…

A: Control activities- These are the rules and processes that assist management in attaining its…

Q: Discuss the importance of establishing an effective risk management policy at financial institutions…

A: The question is based on the concept of financial risk management and its importance in financial…

Q: Why is identification of risks, through a listing of assets and their vulnerabilities, so important…

A: Answer: One can never underestimate the importance of risk management that he is engaged in a…

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: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

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: Explain relationship between the client’s performance measurement system and client’s inherent risk.

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Providing timely information about transactions in sufficient detail to permit proper classification…

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

Q: Risk management practice has seen significant development in recent time’. Provide a critical…

A: The whole process of risk management includes assessing the risk levels and extent in line with the…

Q: The auditor’s risk assessment procedures should always include the following, except       a.…

A: Risk assessment processes should be performed by the auditor to provide a foundation for identifying…

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…

Q: Describe how the audit team assesses control risk in an IT environment.

A: Control risk in the audit :           As the name suggests, it is the risk associated with the…

Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…

A: Financial risk refers to a variety of risks related with funding, such as financial transactions…