Explain relationship between the client’s performance measurement system and client’s inherent risk.

Q: What does the term is Audit risk mean?

A: Audit: It refers to the examination, analysis, evaluation, or review of the company's financial…

Q: Name two risk management models and how any of them can resolve an operational risk problem.

A: Risk management is that the process of recognising, analysing, and accepting or mitigating…

Q: Describe a situation in risk management that involves ethical aswell as financial issues.

A: Ethical issue: the risk that arrives due to not following the code of conduct as prescribed by the…

Q: Discuss the differences between the attest function and assurance services.

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

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 is the audit risk model? Explain the elements of the model

A: Ans. Audit risk refers to the risk that an auditor may issue an unqualified report due to auditor's…

Q: Mechanisms used for reporting non-compliance and identifying risk issues can include which of the…

A: Answer: Balance scorecard is the management tool that can help identify the shortcomings of the…

Q: EXPLAIN AND WHAT KIND OF  RISK ASSESSMENTS   FACING BY AUDITOER OR AUDITING?

A: Risk assessment is a crucial part of the auditing process as it defines which procedures need to be…

Q: Discuss different types of audit risks.

A: Audit risks refer to the various factors that may affect the accuracy and reliability of financial…

Q: explain the relationship between hedging and measuring exposure.

A: Hedging is basically a type of risk management strategy through risk can be reduced significantly…

Q: Describe the benefits of internal control report.

A: Internal Control Report:   An internal control report is the end result of the conducting an…

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: define ethics and ethical delima in Auditing

A: Ethics In Auditing: An inspection or assessment of procedures or systems to determine whether or not…

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: Discuss and explain the sub-processes of risk management

A: Risk management refers to those processes and steps which a finance manager undertakes to reduce the…

Q: operational audit

A: Operational audit is the type of audit service that the review is mainly focused on the key…

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: Explain the function of standards andmeasurements in economy, efficiency, andprogram results audits.

A: Internal Auditor: An internal auditor is a qualified professional hired by an entity to provide an…

Q: What are the benefits of audit planning?

A: Introduction:- Audit Planning play very important role to complete the audit effectively within the…

Q: Which of the following is the most likely to be used to document risks, responsible parties, and…

A: Risk Management -Risk management is a methodical approach to recognizing, evaluating, and reducing…

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: Whare are the advantages of external goverment audits?

A: Government audit means the audit of a government owned company to check all the procedures and…

Q: Define control risk and explain the role of control risk assessment in audit planning.

A: Three types of risks in auditing: Inherent Risk Control Risk Detection Risk Control Risk: It is…

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: Describe how internal control systems help organizations achieve objectives and respond to risks.

A: Internal control systems are a set of procedures and mechanisms put in place by an organization to…

Q: Explain how risk managers assess and manage consequential losses

A: Risk managers assess and manage consequential losses, also known as indirect losses, through a…

Q: What is information risk when it pertains to auditing?

A: Audit involves risk that the auditor expresses an inappropriate audit opinion when the financial…

Q: Provide a comprehensive definition of risk

A: Risk is described in financial terms as the probability that the actual gains of an event or…

Q: Choose from the following the best definition of risk identification. Decide how the company will…

A: Identifying existing risks and their outcomesExplanation:Risk identification is the process of…

Q: Which of the following is the first stage to be performed in order to properly manage risks? a.…

A: The steps followed to properly manage risks are as follows: 1. Identify the risk 2. Analyse the risk…