One of the most popular methods of analysing a technique involves all the following except: A. Sources of Risk. B. Risk consequences. C. Preventive Controls. D. Response Controls.

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: Explain the difference between unique risk and systematic risk

A: Answer

Q: How do you figure out the balance of control and substantive testing? How does this link into…

A: Substantive testing can be defined as the process of auditing financial statements and obtaining…

Q: three main factors affecting acceptance audit risk.

A: Audit Risk : It is the risk that auditor may express inappropriate/un modified opinion on financial…

Q: What is the difference between Test of controls and Substantive procedures, give an example of each…

A: An audit assesses the integrity of a company's financial statements as well as the efficacy of its…

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: Hedging is used to deal with three areas of risk exposure. Which are those risks? Name them.

A: Following are the three areas of risk exposure: Transaction risk: Transaction risk alludes to the…

Q: Further audit procedures include: Risk assessment procedures Tests of controls A. B. فن فة Yes Yes…

A: The objective of the question is to determine whether risk assessment procedures and tests of…

Q: Which of the following is an element of the Oa. Risk assessment plans Ob. Managements' operating…

A: The right answer is b Management's operating styles

Q: Must the overall understanding of internal control always be followed by assessment and…

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

Q: What is takaful and how it can be used as a risk mitigation tool and write down the names of types…

A: Takaful may be a style of monotheism insurance whereby members contribute cash into a pool system to…

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: Determine the similarities and differences between the detective and preventive internal controls…

A: Every company requires an effective internal control system to achieve its organizational goals.…

Q: Describe how the nature of evidence used to evaluate the control environment differs from the nature…

A: ANSWER:- For many control activities, documentation of their performance is more objectively…

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 how the nature of evidence used to evaluate the control environment differs from the nature…

A: The control environment is the set of standards, procedures, and processes that help ensure the…

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: What happens when Control Risk is below the maximum level?

A:

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: the procedures used to test the effectiveness of controls in support of a reduced assessed control…

A: Auditors generally test operating effectiveness of controls selected for testing by analysing that…

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: Internal controls are perhaps the most important tools for managing operational risk. What are…

A: Internal control refers to the rules, policies, processes developed by the management which need to…

Q: Explain how inherent risk, control risk and detection risk are interrelated. (AICPA adapted)

A: Inherent risk, control risk, and otherwise detection risk are all components of audit risk. Keep in…

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: What should occur when a low level of Detection Risk is acceptable?

A: Detection risk is the risk that procedures performed to reduce audit risk will not detect a material…

Q: Distinguish between the terms sampling risk and nonsampling risk.

A: Introduction: The risk of sampling is that the conclusion based on a sample may differ from the…

Q: Discuss about systematic and unsystematic risk.

A: Risk refers to the movement or fluctuation in the value of an investment. The movement can be…

Q: What kinds of controls are the most difficult to show in a balanced scorecard?

A: The balanced scorecard is a too for measuring the performance.

Q: What are the three steps to assessing internal control risk?

A: Internal control risk is the possible exposure that an organization may have due to defects or…

Q: How does a control manage a specific risk Select one: 1- if prevents the occurrence of the event b-…

A: Explanation : In simple words, controlling refers to the process under which an individual or an…

Q: Distinguish between: Systematic risk and Unsystematic risk

A: The risks faced by the company arises from both micro as well as macro levels. The risk arising out…

Q: When is the timing of substantive procedures most flexible? O detection risk is assessed as low O…

A: Substantive procedure refers to a process performed by the auditor in order to detect the material…

Q: Explain Briefly these five methods of dealing with risks. the risk may be avoided the risk may be…

A: The act of discovering, analyzing, and subjugating these risks is known as pure risk management, and…

Q: Which of the following is not a component of internalcontrol?a. Environmental assessmentb. Control…

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

Q: Which of the following is not one of the five key steps within the ERM process? a. Risk response b.…

A: Risk acceptance isn't a distinct step within the ERM process, but rather falls under the umbrella of…

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…