Question 48 When assessing the risk associated with an activity, an IA should a. Determine how the risk should best be managed b. Update the risk management process based on risk exposures c. Provide assurance on the management of the risk d. Design controls to mitigate the identified risks Question 49 Which of the following is the most accurate term for a process to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of the organization’s objectives? Consulting service Control process The internal audit activity Risk management Question 50 Which of the following goals sets risk management strategies at the optimum level Maximize market share Minimize losses Maximize shareholder value Minimize costs
Question 48 When assessing the risk associated with an activity, an IA should a. Determine how the risk should best be managed b. Update the risk management process based on risk exposures c. Provide assurance on the management of the risk d. Design controls to mitigate the identified risks Question 49 Which of the following is the most accurate term for a process to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of the organization’s objectives? Consulting service Control process The internal audit activity Risk management Question 50 Which of the following goals sets risk management strategies at the optimum level Maximize market share Minimize losses Maximize shareholder value Minimize costs
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Question 48
When assessing the risk associated with an activity, an IA should
a. Determine how the risk should best be managed
b. Update the risk management process based on risk exposures
c. Provide assurance on the management of the risk
d. Design controls to mitigate the identified risks
Question 49
Which of the following is the most accurate term for a process to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of the organization’s objectives?
Consulting service
Control process
The internal audit activity
Risk management
Question 50
Which of the following goals sets risk management strategies at the optimum level
Maximize market share
Minimize losses
Maximize shareholder value
Minimize costs
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