Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer. a) True b) False
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Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer.
a) True
b) False
Step by step
Solved in 3 steps
- TRYE OR FALSE 1- Insurance should be considered as a last resort in risk management ,and should be used only. 2- The probability that a loss may or may not occur is the most important factor in deciding what should be done about a risk.Which of the following conditions is not necessary for a fraud to occur?Select one:a. Explanationb. Pressurec. Opportunityd. Rationalization5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit Principle d) A, B, and C e) A and B only
- What is the risk of Incorrect Acceptance?Contrast the liability issues and disclosure of errors. Does disclosure minimize the risk? Does the disclosure improve avoidable events?Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc. Incentived. Rationalization
- Which of the following would not result in exposure to nonsampling risk?a. Measuring the characteristic of interest in an inappropriate manner.b. Selecting items that are not representative of the population of interest.c. Making an unintentional mistake in measuring the characteristic of interest.d. All of the above would result in exposure to nonsampling risk.. Differentiate between systematic and unsystematic risks.The risk associated with inefficient use of inputs or over-provision of services is ⚫ A. An actuarial risk • B. A utilization risk⚫ C. A cost risk. D. A financial risk
- 2. Assessing control risk begins with understanding entity-level controls. a. True b. FalseExplain Briefly these five methods of dealing with risks. the risk may be avoided the risk may be retained the hazard may be reduced the losses may be reduced the risk may be shiftedWhat do "threat," "vulnerability," and "risk" really mean?