Discuss the objectives of the risk management process. Why should you follow a regimented and well defined process?

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Name two risk management models and how any of them can resolve an operational risk problem.

A: Risk management is that the process of recognising, analysing, and accepting or mitigating…

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: 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: Which method you would advise the management to use and why?

A: Inventory refers to finished goods ready for sale or the goods which are used in production process.…

Q: Identify the three levels of decision making in risk management.

A: 1. Identification and Assessment of Risk how to identify and assess risks. i,e tools to identify…

Q: Which of the following is not part of the control process? a) Monitoring of actual activity b)…

A: Control Process Control process begins after the planning function is done Controlling basically…

Q: Distinguish between inherent risk and control risk. How do internal controls affect inherent risk…

A: Audit Risk: The risk of issuing an unqualified audit report due to failure in detecting material…

Q: Describe the effects of risk planning on risk evaluation and treatment.

A: Risks Planning plans help a business to determine what their risks are so that one can lessen their…

Q: What is takaful and how it can be used as a risk mitigation tool and write down the names of types…

A: Takaful may be a style of monotheism insurance whereby members contribute cash into a pool system to…

Q: analysis needed

A: Risk Analysis is a process that helps you identify and manage potential problems that could…

Q: For the given scenario, identify the weakness or weaknesses in internal control and opposite the…

A: Internal control is a process, performed by a board of directors of business, management and other…

Q: Which of the following is not one of the elements of a good system of internal control? a.Control…

A: Internal controls are the policies and procedure implemented by the organization to control day to…

Q: For each of the internal controls: a. Describe the risks that the above-mentioned internal control…

A: For prevention of fraud, theft, and manipulation of records, control over the internal…

Q: In the context of your organization, evaluate its main sources of potential financial risk using…

A: Financial risk: Financial risk is defined as the chance of uncertainty in a financial incident, such…

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: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

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: 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: Define control risk and detection risk. What is the difference between control risk and detection…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: What happens when Control Risk is assessed to be at the maximum level?

A: Control risk Control Risk refers to the type of audit risk which evaluates the misstatement of…

Q: With the aid of an appropriate diagram, explain 3 main categories of attitude towards risk and…

A: The three types of risk which the investors are categorized are as follows: Risk Seeker – An…

Q: Explain the specific relationship between risk and reward and why this relationship must be true.

A: Risk refers to probability for loss of investment value by an investor whereas Reward refers to…

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: 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: 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: hat are the primary tasks and Education, Training, & Certification, the primary industries of a risk…

A: Risk management is a broadly applicable business concept that is widely recognized as vital to an…

Q: Briefly explain the main purpose of Risk Governance Framework (RGF)

A: Every organisation maintains risk governance framework.It has certain objectives and purposes in…

Q: Which of the following is the first stage to be performed in order to properly manage risks? a.…

A: The steps followed to properly manage risks are as follows: 1. Identify the risk 2. Analyse the risk…

Q: "Risk management is essentially about looking at your project goals and finding out what the dangers…

A: Project risk management is the process of identifying, analysing, and responding to any risk that…

Q: Describe some regulatory actions that have influenced theevolution of risk management.

A: Regulatory Actions are the actions that are substantive, i.e. required to meet the expectations.…

Q: Using the flowchart provided below, identify control problems, related risks of the problem and…

A: A cost accountant is different than a cost accountant when we talk about performing duties. The…

Q: ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate…

A: Audit Risk- Audit risk is the possibility that an auditor will issue an incorrect opinion on…

Q: Are you able to differentiate between risks that are inherent and those that can be controlled?

A: Inherent risk- A material mis-statement that occurs due to error or due to omission  in the…

Q: Explain the concept of risk management

A: Introduction: Risk can be characterized in terms of the uncertainty of future consequences resulting…

Q: What element of internal control would include the setting of "tone at the top"? a.control…

A:

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…