The risk assessment process of an entity determines the manner in which an entity handles the risks

Fantastic news! We've Found the answer you've been seeking!

Question:

The risk assessment process of an entity determines the manner in which an entity handles the risks that they are faced with and how this risk in addressed. It is important to note that the objectives of an entity will need to be thoroughly defined before the risks are identified, assessed and responded to. As a junior auditor for ABC Limited, your manager requested for you to:

a. Indicate the 5 steps of the risk assessment process.

b. List and explain the various ways in which risk can be described and the 6 control activities that can help to control the risks. (9 Marks) c. List 6 control activities that can assist in controlling these risks.

Posted Date: Dec 01, 2021 02:27 AM

See More Questions

Explain in your own words why it is important to keep track of what information is known and what events are still uncertain for each decision.
Explain in your own words why it is important to consider the ranges of the consequences in determining a trade-off weight.
List and explain the various ways an offer can come to an end.
a. Distinguish between internal common equity and new common stock. b. Why is there a cost associated with internal common equity? c. Describe two approaches that could be used in computing the cost...
The Scottsdale re department aims to respond to recalls in 4 minutes or less, on average. Response times are normally distributed with a standard deviation of 1 minute. Would a sample of 18 re calls...
Five Bros., Inc., is an automobile maintenance and repair company with outlets throughout the western United States. The company controller is starting to assemble the cash budget for the fourth...
Consider the multiple regression model fit to the house price data in Problem 3.7. Problem 3.7 Consider the house price data in Table B.4. a. Construct a normal probability plot of the residuals....
1. The accounts estimated revenues and appropriations appear in the trial balance of the general fund. These accounts indicate: a. The use of cash basis accounting b. The use of accrual basis...
$ 143 is placed in an account that earns a nominal 8 percent interest, compounded quarterly. Calculate its worth in 8 years. Use 2 decimal places for your final answer.
An operations manager is trying to determine a production plan for the next week. There are three products (say, P, Q, and Q) to produce using four machines (say, A and B, C, and D). Each of the four...
A risk manager would like to simulate the price of a stock using the discretized GBM, whereSt+t = St + Stt +ptStt with and denote, respectively, the stock annual mean return and annual volatility....
What is the core of a sensitivity analysis of optimal solutions to profit maxi- mization and cost minimization problems for a perfect competition firm, when resources of production factors are...
Explain why an excess demand function, in the discussed model of a market of a single good with exogenously determined functions of supply and demand, is positively homogenous of degree 0 and...
Three producers act in perfect competition on a market of one homogenous product. A function of demand for the product is linear yd (p) = ap+b, a, b > 0, functions of production total costs are also...
What is the difference between the state space and the phase space in the dynamic Arrow-Hurwicz model?
What are the assumptions about a marginal rate of substation of the first (second) production factor by the second (first) production factors in a vector X = (x 1 , x 2 ) G of production factors'...
(i) Barium titanate can exist in both the cubic and tetragonal crystal structures. Ex- plain why the tetragonal form exhibits piezoelectricity whereas its cubic form does not. [20%] (ii) The...
Determine the center and radius of each circle. Sketch each circle. 4x 2 + 4y 2 9 = 16y
Approximately 50,000 new titles, including new editions, are published each year in the United States, giving rise to a $25 billion industry in 2001. In terms of percentage of sales, this industry...
When you think of political persuasion, you may think of the effortsthat political campaigns undertake to persuade you that their candidate is betterthan the other candidate. In truth, campaigns are...
In late 2013, the taxi company Yourcabs.com in Bangalore, India, was facing a problem with the drivers using their platformnot all drivers were showing up for their scheduled calls. Drivers would...

The risk assessment process of an entity determines the manner in which an entity handles the risks

Question:

Expert Answer:

a Steps involved in risk assessment process are as follows 1 Identify the Hazards Identifying and locating any potential hazards is the first step when carrying out a risk assessment Several different ... View the full answer

Students also viewed these accounting questions