internal auditors and the adequacy of an organization’s risk management process

Q: The primary purpose of the internal auditors' evaluation of internal control is to

A: Internal auditor is responsible for providing his judgement on internal control operations of…

Q: For an enterprise wide risk management program to be most effective, it should be led by which of…

A: Risk management program An organization's structured procedure for identifying, evaluating, and…

Q: 30-Which of the following statements relating to internal and external auditors is correct? i)…

A: Internal auditors are those auditors which are from the internal of the organisation, it means these…

Q: Internal Auditors become trust advisors

A: First option is wrong because by identifying the operational issues and supporting facts and…

Q: Internal control system is effective in managing risk, who is responsible to ensure the…

A: Internal control system in an organisation means ensuring the fulfilment of objectives of the…

Q: 20. The following are characteristics that may signal important information to the auditor about…

A: The concept and working style of management:

Q: Which of the following audit engagements is least likely to be performed by internal auditors solely…

A: Which of the following audit engagements is least likely to be performed by internal auditors solely…

Q: The internal audit, which is a tool to evaluate the working of each management function, It refers…

A: Internal audit: Internal Audit is a department or a corporation of individuals within a corporation…

Q: Which of the following statements is characteristic of monitoring activities within the internal…

A: Internal controls system includes a set of rules, policies, and procedures an organization…

Q: Risk assessment is carried out by the organization to identify, analyze and manage relevant risks.…

A: A word used to describe the total process or approach of identifying hazards and risk variables that…

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

A: One of the board’s or its equivalent’s main responsibilities is to ensure that risk management…

Q: Indicate the COOO component that matches with each of the following internal control activities.…

A: Internal control is a series of activities based on an organization's standard procedures that aim…

Q: 64) budgeting and external audits are examples of what kind of controls? A) Strategic controls b)…

A: The question is related to Financial Control. Financial controls are those controls by which an…

Q: Looking at the COSO framework for Enterprise Risk Management, you will notice that this is present…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : What…

Q: Which of the following BEST describes a Step-up practice related to Effective Audit and Risk…

A: Answer:   Following is the description of a Step-up practice related to Effective Audit and Risk…

Q: Principle two of King I report states that the board of directors and managers should ensure that…

A: Answer: Concept: Risk management is very important concept to cover in any organization. The scope…

Q: According to the Institute of Internal Auditors (IIA), Internal Auditors should play a key role in…

A: The IIA in their paper specified internal audit’s role in relation with ERM. Roles to be performed…

Q: Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…

A: Audit committee is responsible for reviewing and monitoring responsiveness to the Internal Audit…

Q: From the options given below identify the sources of audit evidence necessary to support the…

A: Auditing can be defined as the on-site inspection and examination of the process and quality system.…

Q: Based on Sarbanes-Oxley, who is ultimately responsible for the independence of the external auditor?…

A: The Sarbanes-Oxley Act,makes it compulsory for the audit committee to be responsible for omission or…

Q: Distinguish management’s responsibility from the audit committee’s responsibility for designing and…

A: Anti-fraud programs and controls depict the actions taken by the management to prevent and mitigate…

Q: 8. COSO has an exposure draft for five risk component. Which of the following also relates to…

A: Answer: COSO has five risk component as  Control environment Assessment of risk Information and…

Q: 1. This is the evaluation of activities, systems, and controls within an enterprise for efficiency,…

A: Introduction:- Compliance auditing decide whether a process or transaction has or has not followed…

Q: Which of the following is true of internal​ control?         A. Internal control procedures tend to…

A: Internal control  is implemented  in organizations  by management

Q: The internal audit activity must evaluate risk exposures relating to the organization’s governance,…

A: Internal audits are conducted by the internal auditors to check if the internal controls in the…

Q: 12.Who is responsible for reviewing and monitoring managements’ responsiveness to the Internal Audit…

A: Ans. The companies which are required to constitute an audit committee has many responsibilities…

Q: 10. S1: The major beneficiary of an internal audit is the management.  S2: An auditor should design…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Obtaining an understanding of internal control requires the auditor to reach a conclusion about the…

A: Ans.  Let us analyze the statements separately. Statement 1 says that obtaining an understanding of…

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: not the rights of the auditors

A: The statements a, b, c and d are wrong because they are the rights of the auditors. For the purpose…

Q: A review of how an organization’s management and its operating procedures are functioning with…

A: An audit involves examination of historical financial/Non-Financial information in order to…

Q: 7. The following are value the auditors provide EXCEPT Group of answer choices Internal auditors…

A: Answer: The following are value the auditors provide EXCEPT: Internal auditors serve the public…

Q: 4. Overall risk management arrangements are the main preoccupation of the internal auditor who is…

A: Hi There, Thanks for posting the questions. As per our Q&A guidelines, must be answered only one…

Q: At Crazy Eddie, the management team established “deceiving the auditors” as a primary strategic…

A:

Q: In making a decision whether to accept or reject an engagement, an auditor should consider…

A: An auditor should accept the audit engagement after checking certain preconditions and evaluation of…

Q: When the auditors obtain an understanding of internal control for the financing cycle documentation…

A: INTERNAL CONTROLS ARE THE PROTOCOLS, PROCEDURES AND ACTIVITIES THAT PROTECT ORGANIZATIONS FROM…

Q: 23. Which of the following best describes the scope of internal auditing as it has developed to…

A: Answer: The following describes the scope of internal auditing as it has developed to date: correct…

Q: controls are relevant to the auditor’s risk assessment

A: The statement S1 is true because the objectives are concerned about the plans or ideas regarding…

Q: 9. Which of the following is not a step that a CAE would perform in assurance mapping? a. Ensure…

A: Answer To Question no. 9 Assurance can be taken from Internal Auditor as well as Statutory Auditor…

Q: In this stage of the operations audit process, assess conformity with the program, schedule, and…

A: As per the answer guideline single question is answered. In Operational Audit, The Audit process…

Q: of the following best describes the scope of internal auditing as it has developed to date? Group…

A: Ans. Internal audit has various objectives such as : i. Safeguarding of Assets ii. Evaluation of…

Q: Which of the following accurately describes a characteristic of a management letter? Select all that…

A: Management letter or letter of weakness is the letter issued to management or those charged with…

Q: Which of the following tasks that the auditor may perform in relation to Risk Management without any…

A: The auditor is responsible for identifying the fraud and errors presented in the financial statement…

Q: 29. S1. When the chief audit executive concludes that management has accepted a level of risk that…

A: Risks are the situations or circumstances that can provide potential loss to the organisation. Risk…

Q: true about operational auditing

A: First option is false because operational audit is a type of audit of internal controls and…