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22. An internal auditor is conducting an evaluation of significant risks that could keep the organization from achieving its objectives Which of the following are potential techniques used by the internal auditor to identify significant risks? I. The internal auditor compiles a listing of the most common risks facing the company II. The internal auditor consults with an outside expert to get an opinion on the marketability of a new product III. The internal auditor conducts interviews and surveys management on potential risks IV. The internal auditor puts on a workshop for key managers on identifying risks Group of answer choices I, II, III and IV II, III and IV only I, II and III only None of the choices I and II only

With Explanation

Please access PCAOB Auditing Standard No. 12 "Identifying and Assessing Risks of Material Misstatements" (pcaobus.org).  Use this standard to answer each of the questions below.  For each answer, document the paragraph(s) in AS No. 12 supporting your answer.  a.  What types of information does AS No. 12 suggest the auditor should consider when obtaining an understanding of the company and its environment? b.  What types of performance measurements might affect the risk of material misstatement? c.  What specific issues should be included in the discussion among engagement team members regarding the risk of material misstatement? d.  What factors should the auditor consider to determine if a risk is a "significant risk"? e.  What guidance is provided about revising the risk assessment as the audit continues?

2002/sTAudit risk modela. what it isb. where and when it is used by the auditor c. how it affects the work of the auditorδ. What are the components of the model and what do they mean?

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"Risk management is essentially about looking at your project goals and finding out what the dangers are to those objectives, and what you can do to address those threats from the start," says one expert.

2. An audit firm is required to perform a risk assessment in order to determine whether to accept the new client or continue with repeat clients annually.   Question 2 options:   a) True   b) False

The audit team is currently debating whether they should be using static or dynamic reports. Which phase are they most likely in? a. Perform the Analysis b. Master the Data c. Share the story d. Ask the Question

David Savage asked you to write a memo presenting the issues and the risks associated withconsultants. Further, outline a set of procedures that could be used as a guide in selecting aconsultant.

IT audit and assurance professionals should examine the root cause of risk events that impact the business.  Drawing from today's headlines, how can an IT auditor go about examinging the root cause of a risk event?

Select one method an auditor can use to audit through the computer system. Explain how the method works, any risks associated with the method, and how you would justify using the method from a cost-benefit perspective.

1. What are some questions which should be addressed in the risk management plan? 2. What is the difference between brainstorming and the Delphi technique when identifying risks? 3. Choose one of the tools associated with risk management and explain its advantages/disadvantages

1. Please explain main points of Docket 046: Quality Control (PCAOB). 2. What is/was the major focus of that standard - setting project concerning standard - setting activity? 3. Why does the subject matter to accountants and auditors in the future? 4. What was the result or conclusion reached (if the standard has been issued already), or what seems to be the main direction of the standard - setting project as of the date you reviewed it? 5. How might practitioners apply the article's recommendations or strategies in the real world of the auditing profession?

How would you, after the fact, audit a project to determine whether it was successful?

Study and Evaluation of Management Control. The study and evaluation of management risk mitigation control is not easy. First, auditors must determine the risks and the controls subject to audit. Then they must find a standard by which performance of the control can be evaluated. Next they must specify procedures to obtain the evidence on which an evaluationcan be based. Insofar as possible, the standards and related evidence must be quantified. The following description gives certain information (in italics) that internal auditors would know about or be able to determine on their own. Fulfilling the requirement thus amounts to taking some information from the scenario and figuring out other things by using accountants’ and auditors’ common sense.The ScenarioAce Corporation ships building materials to more than a thousand wholesale and retail customers in a five-state region. The company’s normal credit terms are net/30 days, and no cash discounts are offered. Fred Clark is the chief…

1. List three reasons management may ask for an operational audit to be performed and explain how the audit program would be impacted by each of them. 2. Explain the importance of identifying risk factors and using them during the planning phase. 3. Give two examples where document inspection is a useful technique to examine operational risks and related controls. 4. Explain professional skepticism and why it is important for all auditors. 5. Explain the acronym CCCER. 6. What are the defining characteristics of persuasive audit evidence? 7. What are the key characteristics of well prepared working papers? 8. What do internal auditors mean when they refer to the nature, extent, and timing of audit procedures? 9. What information should be included in a well designed final assurance engagement communication? 10. What actions regarding assurance engagement observations must the internal audit function take after the final engagement communication is disseminated?

can you please help me with this question.

ou are an investment banker performing due diligence on a potential acquisition for a financial buyer. For this particular transaction, the ability of the acquisition target to continue operations in severe weather is critical for profitability and the transaction’s success. As part of your due diligence you would most likely review which of the following reports? 1. SOC 1 2. PCI Compliance 3. SOC 2 4. SOC for cybersecurity