How does risk-pattern mapping enhance control assessment? [Financial Accounting] 3 PTS 1) Individual risks work independently 2) Threat relationship analysis guides protection strategies 3) Patterns provide no insight 4) Standard controls suffice

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Assertions with high inherent risk are least likely to involve  a. complex calculations b. difficult accounting issues c,. routine transactions d. sigifican judgement by management

tch the type of risk with the related definition.A. Detection riskB. Control riskC. Inherent riskD. Audit risk___ 1. The probability that an auditor will give an inappropriate opinion on financial statements.___ 2. The probability that audit procedures will fail to produce evidence of material misstatements.___ 3. The probability that the client's internal control policies and procedures will fail to detect material misstatements if they have entered the accounting system.___ 4. The probability that material misstatements have occurred in transactions entering the accounting system.

How can we reduce this risk in financial reporting process? "Are redundant and out-of-date information flows identified and terminated?"

4. Overall risk management arrangements are the main preoccupation of the internal auditor who is concerned with all those controls fundamental to the achievement of organizational objectives. It is main ... On internal and external audit? A. Similarity B. Difference C. No D. Equality connection 5. From taking care of risk perspective what should be done if the Impact of risk is high and likelihood of risk is high ? A. Terminate B. Transfer C. Tolerate D. Communica te 6. From taking care of risk perspective what should be done if the Impact of risk is low and likelihood of risk is low? A. Terminate B. Transfer C. Tolerate D. Communica te

The purpose of ____________ is to help manage and control risk appropriately rather than to eliminate it. Internal accounting Internal control system External audit Risk management

LO 5 The following are the key types of risk that audit firms considerwhen they make client acceptance and continuance decisions. Provideexamples of each of these types of risks.• Client entity characteristics• Independence risk factors• Third-party/due diligence risk factors• Quantitative risk factors• Qualitative risk factors• Entity organizational or governance risks• Financial reporting risks

Which of the following does NOT describe substantive procedures? O includes inspection, inquiry, and confirmation O also known as substantive testing or tests of details O influenced by the overall risk assessment O designed to obtain indirect evidence of information included in the financial statements

Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc. Incentived. Rationalization