Auditing: A Risk Based-Approach to Conducting a Quality Audit
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN: 9781305080577
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: South-Western College Pub
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Chapter 7, Problem 36RSCQ
To determine

Introduction: To define different kind of risks and the relation between themselves.

To define: To define client business risk, inherent risk, control risk, audit risk, detection risk, and engagement risk and to explain the relation between above named of risks.

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Explain the connection between business risk and Audit risk model (inherent risk x control risk x detection risk)
Explain relationship between the client’s performance measurement system and client’s inherent risk.
a)discuss the following risks: operational risk, model risk, liquidity risk, accounting risk, legal risk, tax risk, regulatory risk, settlement (Herstatt) risk, systemic risk    b)compare and contrast view-driven risk management and needs-driven risk management.     c)identify the key players in the risk management industry, and discuss how risk management requirements and practices differ amongst these key players.   d)discuss some important organizational considerations for an effective risk management system.  e)explain what is meant by enterprise risk management, and compare and contrast it with decentralized risk management.
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