MU1 Assignment 2 Essay

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Question 2 MEMO To: Mr. A. CEO – Canadian Wood Toys INC. From: … CAE – Canadian Woos Toys LTD Date: October 05, 2014 Subject: Identify the risks and solutions to mitigate the risks I will begin by highlighting the importance of the audit in assessing the risk and identifying the steps in reducing and mitigating the risk that our company is facing. The impact of the risks on global business it is dramatic in our days, changing the entire look of the industries and financial services. Some risks could be anticipated and identified but some could not. Companies now are using more and more key steps and principles to better manage the risks by; *** identifying the risks relevant to the organization *** assess the significance…show more content…
Once a plan is implemented, it is continually monitored to assess its efficacy with the intent of revising the course-of-action if needed. I would like to reiterate as stated in the IAA Standards that the organization should fully understand that management remains responsible for risk management. As Internal auditors, we should provide advice, and challenge or support management's decisions on risk, as opposed to making risk management decisions. Below are some of the responsibilities that will not fall under the audit team: • Setting the risk appetite. • Imposing risk management processes. • Management assurance on risks. • Taking decisions on risk responses. • Implementing risk responses on management's behalf. • Accountability for risk management. Question 4 MEMO To: Director of Internal audit Department From: …. Assistant Director Internal audit Date: October 06, 2014 CC: As requested, I have prepared a plan for auditing the division

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