FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

For risk enabled and risk managed organizations, the conclusion on risk maturity is the first step in being able to provide assurance on risk management processes, management of key risks and reporting of risks.  If Panda Company used the RBIA, then:

a. The actions that are being taken to add, delete or modify existing responses where they do not currently bring risk within the risk appetite
b. Agree all the risk management responses and risk management processes on which objective assurance from internal audit is required
c. Produce an audit plan which lists all audits to be carried out over a specified period - usually a year.
d. The internal audit activity's assurance strategy is therefore to provide assurance on these areas.
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