external strategic management audit, industry analysis is better than environmental scanning. Discuss

Q: In terms of an audit, define " substantive strategy " and " reliance strategy ". How do the…

A: Audit strategy refers to a strategy that guides the audit plan. It refers to the combination of…

Q: Discuss the importance of supervision controls in the receiving department and the reasons behind…

A: Definition:   Receiving department: The receiving department is obligation of inspection and the…

Q: What is meant by the term quality control as it relates to CPA firm?

A: Quality Control:   It is a process by which a business can ensure improved product quality. This…

Q: What are the major steps in the audit team’s assessment of control risk in an IT environment?

A: Internal control: Internal control is a process which ensures continuous reliability of…

Q: Define information risk and explain how thefinancial statement auditing process helps toreduce this…

A: Information risk is the risk that the information disseminated by a company will be materially tend…

Q: Place the auditor's activities to assess control risk in the proper order: Group of answer choices…

A: Control risk refers to misstatement in financial statements that occur due to error and fraud and…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization’s…

A: Answer: I. Internal auditors must understand the risk assessment process and the tools used to make…

Q: ome limitations of internal controls?

A: Control Environment. The phrases "control environment" and "internal control environment" are…

Q: What is a post-audit, why do firms use them, and what problems can arise when they are used?

A: Post Audit: It is a technique that is used for the evaluation of performance by comparing the actual…

Q: Mechanisms used for reporting non-compliance and identifying risk issues can include which of the…

A: Answer: Balance scorecard is the management tool that can help identify the shortcomings of the…

Q: Discuss the reason of why an understanding of legacy system technologies is of some importance…

A: Legacy System: Legacy system refers to the outdated computer system whose data is used even in…

Q: One way of identifying inadequacies in risk control measures is to conduct a safety audit. A health…

A: An audit is a process conducted by an organization in order to check the financial statements of the…

Q: he purpose of ____________ is to help manage and control risk appropriately rather than to eliminate…

A: Answer

Q: Explain why managers who outsource their IT function may or may not also outsource responsibility…

A:

Q: In scanning environment, why the strategic auditor focuses more on external environment rather than…

A: Environmental scanning refers to the possession and utilization of knowledge regarding different…

Q: Discuss the importance of nonfinancial information in measuring investment-center performance.

A: Non Financial Information Non financial information refers to those aspects of business which cannot…

Q: Enterprise risk management A. Guarantees achievement of organizational objectives. B. Requires…

A: Enterprise risk management :-  It provides framework for risk management. It Involves the…

Q: Discuss the objectives of the risk management process. Why should you follow a regimented and well…

A: Risk management is a strategy for preventing and controlling dangers to a company's operations. It…

Q: Identify, which of the following will be included in different types of review engagements A. Risk…

A: The different types of review engagement reports are::: Risk assessment reports Review of internal…

Q: Changes in external forces translate into changes in consumer demand for both industrial and…

A: External forces are those that are uncontrollable and have a great impact on businesses decision and…

Q: connection of audit quality on reducing business risk

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: What are some suggestions for risk management, typical response tactics, and IT system recovery…

A: Risk management:  A system of people, processes, and technology called risk management helps a…

Q: Subject: internal auditing - needs to perform control testing

A: Introduction: Auditors have a wide range of instruments at their disposal while doing an audit for a…

Q: Do you think sustainability is best managed as part of an informal or a formal type of management…

A: Sustainability is the way of management focuses on areas like environmental protection etc so that…

Q: List three reasons management may ask for an operational audit to be performed, and explain how the…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Which of the following are true regarding internal auditors and the adequacy of an organization's…

A: STATEMENT I :  Risk assessment process is understanding and analyzing the relevant risks to achieve…

Q: 1. Explain the Diagram provided below base on your understanding of the concepts of Auditing. thank…

A: The management of the company is responsible for preparing the financial statements, which may…

Q: The internal audit function is part of what element of the internal control system? a.Risk…

A: Five elements of internal control system are: 1. Risk assessment 2. Control activities 3. Control…

Q: How environmental uncertainty and length of commitment influence the manager approach to planning?

A: Solution- Environmenta Uncertanity-   Environmental uncertainty is nothing however the degree of…

Q: Compare and discuss the impact of the business environment on the internal audit risk assessment

A: The process of risk assessment helps in identifying and analyzing risks so that the objectives of…

Q: strategic audit criteria for evaluation. Discuss it thoroughly.

A: Strategic audit is defined as the audit which assesses the present strategy of the business and how…

Q: Why risk management process is essential

A: Risk management:- Risk management is the method of planning, organizing, directing, and dominant the…

Q: what audit determines whether organizational policies are being followed and whether external…

A: A compliance audit is a thorough examination of a company's conformity to regulatory requirements.…

Q: Explain relationship between the client’s performance measurement system and client’s inherent risk.

A: Auditing is a process of inspecting the financial accounts of a company in order to determine the…

Q: Explain the importance of auditing in reducing information risk.

A: Auditing refers to the evaluation conducted to determine the effectiveness of a firms internal…

Q: Identify benefits of using analytical procedures in the audit process

A: Although every audit process is unique, the audit process is similar for most engagements and…

Q: ABOUT AUDITING The process of selecting and developing policies and procedures to help mitigate…

A: Audit Risk- Audit risk is the possibility that an auditor will issue an incorrect opinion on…

Q: Which of the following encompass many elements of general best practices? Choices: A. Ensuring…

A: This refers to model building, testing and auditing.

Q: Which of the following elements of a system of quality control is related to firms receiving…

A: Independence in Fact: Independence in fact requires that an auditor must not be biased or partial…

Q: Discuss why an understanding of legacy system technologies is of some importance to auditors.

A: Legacy system: It can be defined as the old computer hardware or software, outdated technologies,…

Q: When planning an audit engagement, what matters should be considered about a client’scomputerized…

A: Audit engagement is defined as the arrangement which an auditor has with the client to perform the…

Q: Adequate project controls like SPI and CPI have the advantages of a. holding people accountable b.…

A: CPI refers to Cost Performance Index. It is a measure of amount of work done for each unit of cost…

Q: recommended actions on how to address: Execution risk Strategic risk Reputation risk Process…

A: Financial risk refers to a variety of risks related with funding, such as financial transactions…