Why is it vital to retain periodic records as part of the risk management process

Q: Why is internal controls important to prevent fraud?  Why would a proper control system prevent…

A: Internal controls refer to the policies, procedures, and practices implemented within an…

Q: Explain why professional skepticism would be critical in assessing and responding to the risk of…

A: Professional skepticism is a fundamental mindset that auditors and other professionals must adopt…

Q: What rules or policies should be developed to avoid ethical fraud issues?

A: Accounting Fraud:   Intentional manipulation of financial statement to create false financial heath…

Q: How audit programs that need to be made to detect vulnerabilities in the firewall?

A: Auditing for security is very important and requires frequent and strict auditing that covers…

Q: What is the fraud scale, and how does it relate to pressure, opportunity, and integrity?

A:

Q: What are the elements of the fraud triangle? How can an internal control system limit reduce the…

A: Fraud means intentional concealment or misrepresentation of material facts for gaining personal…

Q: Which of the following exists as an inherent risk even in the best designed systems     a.…

A: Internal controls are processes, policies, and procedures implemented by an organization to ensure…

Q: What is the primary key's role in ensuring the audit trail is maintained

A: This question explains about the primary key's role in ensuring the audit trail is maintained.

Q: How is Audit Risk calculated?

A: Definition:   Audit Risk: The risk that arises when an auditor does not find any misstatement…

Q: Explain how risk managers assess and manage consequential losses

A: Risk managers assess and manage consequential losses, also known as indirect losses, through a…

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…