Question $2$

Misha completed all pre$-$engagement risk management procedures $($SAN$,$ CAF,

EAF$)$ except executing the contract, for a high risk client. She commenced the

work on the engagement without the signed EL after obtaining approval from the

FRP$.$ The EL was signed after $23$ days and the work was carried out as usuat.

Was the risk formality in place in the given situation?

No$,$ because FRP$\text{'}$s and RMP$\text{'}$s approval should have been obtained after

the completion of $21$ days from the date of commencement of work on

the engagement.

No$,$ because approvals from both FRP and RMP should have been

obtained before commencing the work

No$,$ because FRP$\text{'}$s approval was to be taken before commencement of

the engagement and if EL was not executed within $21$ days, FRP$\text{'}$s re$-$

approval should have been obtained

Yes, because only FRP$\text{'}$s approval was required and Misha ensured that

the approval was in place.

No$,$ because RMP$\text{'}$s approval was required instead of FRP$\text{'}$s approval.