Answered: List and discuss the five (5) core…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In your own words, List and discuss the five (5) core internal audit roles in risk management.

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Step 1

Introduction

Risk management is the process of identifying, analyzing and controlling all the opportunities and threats which affects the organisation's performance. It includes activities like identifying risk appetite, assessing the likelihood occurring of threats, analysis of risk management process and its outcome etc.

Internal audit is an verification of all activities, objectives, processes and books of accounts internally as a part of Controlling, to ensure that objectives of the organisation are achieved and all activities are properly performed along with proper maintenance of books.

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