Question: Discuss why risk assessment improves both the effectiveness and efficiency of an organization's internal control.

Discuss why risk assessment improves both the effectiveness and efficiency of an organization's internal control.

Step by Step Solution

★★★★★

3.41 Rating (157 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Auditing Assurance Services Questions!

Q:

A rigid horizontal bar AB hinged at A is supported by a 1.2 m long steel rod and a 2.4 m long bronze rod both rigidly fixed at the upper ends as shown in Fig. below. A load of 48 kN is applied at a...

Q:

Your audit firm, Garrett and Schulzke LLP, is engaged to perform the annual audit of Hooplah, Inc., for the year ending December 31, 2017. Hooplah is a privately-held company that sells electronics...

Q:

The sole shareholder of an S corporation owned stock at the beginning of the taxable year which had a basis of 10,000. At the end of the year, non-separately stated items yielded net income of...

Q:

Multiple Choice 1. An auditors primary consideration regarding an entitys internal controls is whether they a. Prevent management override. b. Relate to the control environment. c. Reflect...

Q:

please help me answer this question will rate your answer right away requirements for this : Item Objectives of the CAS (may be copied from the CAS with appropriate citation). Summary of requirements...

Q:

a. The following two events took place at Blue Star Pty Ltd a small business that sells mobile phone accessories. For each event highlight the internal control principle that is lacking and provide...

Q:

As you probably read in the chapter as well as in my ch.11 lecture notes, understanding the control risk assessment ow chart would be crucial not only for studying ch.11 Internal Control Assessment...

Q:

1. The aim of this assessment is to work individually to evaluate the internal control and fraud risk in the payroll process of an agricultural company. Scenario: You are the newly appointed...

Q:

The following two events took place at Blue Star Pty Ltd a small business that sells mobile phone accessories. For each event highlight the internal control principle that is lacking and provide...

Q:

The following two events took place at Blue Star Pty Ltd a small business that sells mobile phone accessories. For each event highlight the internal control principle that is lacking and provide...

Q:

Questions are on Advanced Auditing Issues, they are multiple choice questions 1. Which of the following would an auditor likely review first when developing an understanding of the internal control...

Q:

In calculating the provision of employee benefits, JB Hi-Fi Ltd includes the value attributable to employee long-service-leave entitlements. How do these entitlements differ from annual leave and...

Q:

a) Using the information provided, construct a balance sheet for The Sample Bank USABank. That is, properly list the assets, liabilities, and bank capital of The Sample Bank USA Bank in a T-Account...

Q:

what are the penalties imposed under IRC section 6 6 9 4 for unreasonable positions take on the tax return?

Q:

Discuss with your friends or work group colleagues the following proposition: The common law and statute law ensure the equality before the law of employers and employees.

Q:

What does reasonable assurance mean?

Q:

Describe the audit expectation gap. What causes the gap?

Q:

a. Identify and explain the potential type of threat to Fellowes and Associates independence in situations (1) and (2) below. b. What action should Fellowes and Associates take to eliminate the...

Q:

for private companies assets accounts on the balance sheet are listed in the order of

Q:

Assume that 90-day investments in Britain have a 6.0% annualized return and a 1.5% quarterly (90-day) return. In the U.S., 90-day investments of similar risk have a 4.0% annualized return and a 1.0%...

Q:

Sonia found a car dealership that does not require a down payment. She decided that she can pay $490.00 per month for 4 years. She will not accept a rate higher than 2%. a. What is the maximum price...