Which of the following are true regarding internal auditors and the adequacy of an organization’s risk management process: I. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management’s risk processes the same way they analyze risk when planning an engagement Choices: a. I and III only b. I and II only c. None of the choices d. I, II, III and IV e. I, II and III only
Which of the following are true regarding internal auditors and the adequacy of an organization’s risk management process: I. Internal auditors must understand the risk assessment process and the tools used to make the assessment II. Internal auditors should determine the level of risks acceptable to the organization III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met IV. Internal auditors should evaluate management’s risk processes the same way they analyze risk when planning an engagement Choices: a. I and III only b. I and II only c. None of the choices d. I, II, III and IV e. I, II and III only
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which of the following are true regarding internal auditors and the adequacy of an organization’s risk management process:
I. Internal auditors must understand the risk assessment process and the tools used to make the assessment
II. Internal auditors should determine the level of risks acceptable to the organization
III. Internal auditors need to be satisfied that the key objectives of risk management processes are being met
IV. Internal auditors should evaluate management’s risk processes the same way they analyze risk when planning an engagement
Choices:
a. I and III only
b. I and II only
c. None of the choices
d. I, II, III and IV
e. I, II and III only
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