The following questions/inquiries can be used in determining risk, EXCEPT: CHOICES: A)What is the passcode lock of that computer? B) Where are the people, processes, systems, or assets vulnerable? C) How could that unit fail? D) What could go wrong?

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

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

Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: Would immediate public disclosure of such vulnerabilities be a good best practice?

A: To begin with, immediately disclosing a weakness is a good practice since it allows users to protect…

Q: What is the responsibility of whoever in the context of risk management?

A: Risk management-It is an important management process as it helps to minimize the impact of an event…

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: What processes or regulations should be developed to minimize ethical fraud concerns?

A: This question explains about ethical fraud concerns

Q: What is Competitive Advantage b. What is Competitive Disadvantage c. What is Risk Management and…

A: "Since you have posted multiple questions, we will solve first question for you. If you want any…

Q: Explain why professional skepticism would be critical in assessing and responding to the risk of…

A: Professional skepticism is a fundamental mindset that auditors and other professionals must adopt…

Q: Which of the following is not an element of the fraudtriangle?a. Opportunityb. Control environmentc.…

A: Given: To determine the following is not an element of the fraud triangle given as,a. Opportunityb.…

Q: Actions that may be taken to address risks include acceptance, avoidance, mitigation or transfer.…

A: After the risk has been identified and assessed, the project team develops a risk mitigation plan,…

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: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

Q: How audit programs that need to be made to detect vulnerabilities in the firewall?

A: Auditing for security is very important and requires frequent and strict auditing that covers…

Q: Communication via the internet is fraught with major security problems. When it comes to Internet…

A: The Answer

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: how can we avoid Enron scandal using ERP system. how could Sarbanes-Oxley Act stop Enron scandal.

A: how can we avoid Enron scandal using ERP system? 1. Ensure adequate internal controls are in place:…

Q: Which of the following exists as an inherent risk even in the best designed systems     a.…

A: Internal controls are processes, policies, and procedures implemented by an organization to ensure…

Q: In order to eliminate ethical fraud concerns, what procedures or policies should be implemented

A: Fraudulent Accounting: Accounting fraud is explained as the deliberate manipulation of financial…

Q: The following questions/inquiries can be used in determining risk, EXCEPT:

A: Before the risk assessments, asking questions is important. This help us to understand the situation…

Q: Why is it vital to retain periodic records as part of the risk management process

A: Risk management Managing the risk related to an organization is known as risk management. It is a…

Q: Whare are the disadvantages of external goverment audits?

A: Government Audits generally refer to audit of performance of the Government activities with respect…

Q: A malware attack on IT systems is a A. financial risk B. C. operational risk strategic risk D.…

A: STEP 1 Risk is the possibility that the results or returns on an investment will not match…

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: What are the major steps in the audit team's assessment of control risk in an IT environment?

A: Introduction: Control risk is the possibility that financial statements would be significantly…

Q: How does control risk affect the nature, timing, and extent of further audit procedures?

A:

Q: hy is fraud prevention so important?

A: Fraud in auditing refers to the illegal manipulation or wrong altered information reported in the…

Q: 5) What are common limitations of Internal Controls? a) Human Error b) Human Fraud c) Cost-Benefit…

A: Internal Control are policies and procedures used  by the management to make the efficient use of…

Q: How can an auditor reduce a client’s inherent risk?

A: Inherent risk is the risk of material misstatement assuming there are no related controls. Inherent…

Q: What does an auditor's assessment of Detection Risk determine?

A: Detection risk is a component of audit risk. Detection risk is the possibility that a material…

Q: Does the use of ghost-ticking would violate what pillar of character?

A: Making a mark that suggests you confirmed them when you didn't would be called "ghost ticking."…

Q: How do auditors use technology to mitigate the challenge of the pandemic?

A: The pandemic disrupted many aspects of accounting. The impact was felt in the field of auditing as…

Q: What should occur when a low level of Detection Risk is acceptable?

A: Detection risk is the risk that procedures performed to reduce audit risk will not detect a material…

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: How does a control manage a specific risk Select one: 1- if prevents the occurrence of the event b-…

A: Explanation : In simple words, controlling refers to the process under which an individual or an…

Q: What tests may be conducted for identifying unauthorized program changes?

A:

Q: What is lapping?  How can it be detected by an auditor and how can it be prevented?

A: Lapping is an accounting fraud where cash stolen or cash misappropriation is concealed by altering…

Q: When is the timing of substantive procedures most flexible? O detection risk is assessed as low O…

A: Substantive procedure refers to a process performed by the auditor in order to detect the material…

Q: Operational risks may result from breakdowns in ______ procedures, people and systems as opposed to…

A: Operational risks Operational risks are referred to as that risk that includes errors because of the…