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

Q: In determining the operating effectiveness of the internal control policy or procedure, the auditor…

A: The internal controls refer to the mechanism implemented in the organization to ensure that the…

Q: f Which of the following is NOT part of the methodology used in designing substantive tests of…

A: Substantive tests are procedures performed by auditors to detect material misstatements in the…

Q: 3. S1-It is necessary for the audit team members to have a collective knowledge needed to carry out…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Inherent risk Select one: a. All of the others are correct. b. Involves auditors attaining…

A: An inaccuracy or omission in a financial statement that is not caused by a breakdown in internal…

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

A: Answer

Q: Which of the following is driving the need for assurance  maps? a. Risk managers. Incorrect.  b.…

A: Assurance maps offer a visual representation of the organization's risk coverage, and help identify…

Q: When assessing the risk associated with an activity, an internal auditor should:   Provide…

A: Internal auditor is the professional that helps an entity in its financial and operational…

Q: Which of the following risks does the auditor least control? a. inherent risk b. control risk c.…

A: Definition: Auditing: Auditing is a process wherein the auditor investigates the financial…

Q: Requirements 1. 2. Define internal control. The system of internal control must be tested by…

A: Define internal control: Internal control refers to the set of policies, procedures, and practices…

Q: An auditor's preliminary control risk assessment is at a high level. Which of the following are…

A: An auditor, during the preliminary assessment of control risk, evaluates the effectiveness of that…

Q: Which of the following audit techniques would most likely provide an auditor with the least…

A: Effective Internal control will satisfy company objectives.  Internal controls will identify and…

Q: Match each of the following components of internal control with its description. Components of…

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

Q: Standards requires auditors to obtain sufficient knowledge of the organization’s risk assessment…

A: Risk Assessment Procedures are the procedures performed to obtain the understanding of the entity…

Q: Which of the following tasks that the auditor may perform in relation to Risk Management without any…

A: The auditor is responsible for identifying the fraud and errors presented in the financial statement…

Q: 20.  An assurance engagement of risk management processes by the internal audit activity should…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…