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

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

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter3: Internal Control Over Financial Reporting: Responsibilities Of Management And The External Auditor

Section: Chapter Questions

Problem 36CYBK

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Subject: Financial Accounting 3 PTS

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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Question-3 PTS
need correct answer for this financial accounting Problem 3pts
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Which is not a Risk Assessment Procedure? a. Ratio Analysis b. Observation of Activities c. Account Receivable confirmations d. Inspection of Documents e. Inquiry of Internal Auditors
Which of the following is driving the need for assurance maps?a. Risk managers.Incorrect. b. Board members. c. Internal auditors. d. Compliance practitioners.
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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.
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
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
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2. Assessing control risk begins with understanding entity-level controls. a. True b. False