Which of the following are true regarding internal auditors and the adequacy of anorganization's risk management processI. Internal auditors must understand the risk assessment process and the tools used tomake the assessmentII. Internal auditors should determine the level'of risks acceptable to the organizationIII. Internal auditors need to be satisfied that the key objectives of risk managementprocesses are being metIV. Internal auditors should evaluate management's risk processes the same way theyanalyze risk when planning an engagementO , II, III and IVO None of the choicesOI, Il and III onlyO l and II onlyO l and III only

Internal Auditor - It is the person having trained professional tasked with providing separate,…

Answered: Which of the following are true…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Which of the following type of auditors provide an opinion on the effectiveness of the operational activities of the organization. i) External Auditor ii) Internal Auditor iii) System Auditor iv) Cost Auditor Both i and ii Only i Both iii and iv Only ii
Compare and discuss the impact of the business environment on the internal audit risk assessment
Is an organization’s internal audit function part of its system of internal controls? If your answer is yes, explain how the internal audit function can evaluate the design adequacy and operating effectiveness of internal controls and at the same time remain independent of the organization’s system of internal controls. If your answer is no, explain the internal audit function’s role relative to the organization’s system of internal controls.
What are the most important concerns facing the world now. The auditors' obligations in terms of analyzing the risks and uncertainties associated with a continuing concern are as follows:
Who has primary responsibility for overseeing the establishment, implementation, and evaluation of risk management and controls? I Operating managers. B) Internal auditors. External auditors. Senior management
2. Standards requires auditors to obtain sufficient knowledge of the organization’s risk assessment procedures to understand how management identifies, prioritizes and manages financial reporting risk. List five circumstances that can cause risks to arise or change. Please answwer this thank youuuuu:)
What are the most important concerns facing the world today? What are the auditors' obligations when it comes to evaluating the risks associated with the ongoing concern?
Which of the following accurately describes a characteristic of a management letter? Select all that apply. written on the auditor's letterhead O addressed to management or those charged with governance O reports internal control weaknesses O includes documentation of materiality and the audit plan O signed by management
14. Which of the following tasks that the auditor may perform in relation to Risk Management without any reservation? Group of answer choices Facilitating identification and evaluation of risks Setting the risk appetite Giving assurance on the risk management process and provide recommendation Taking accountability for risk management
Which of the following is not one of the components of COSO’s framework? A. Objective setting which includes setting the objectives and critical success factors B. Continuously monitoring the ERM process C. Risk Assessment to manage risk related to achieving corporate objectives D. Safeguarding assets to prevent or detect unauthorized acquisition, use or disposition E. Control Activities which include policies and procedures to assure that management’s control objectives are met
Audit procedures designed to evaluate the operating effectiveness of controls to prevent, detect, or correct material misstatements are known as organizational structure. O control testing. O commitment to competence. O management's philosophy and operating style.

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS