What are self-interest threat, self-review, and advocacy threats? Give an example of each threat.

Q: Explain what is meant by information risk, and give at least two (2) causes of this risk.

A: Information risk reflects the possibility that the information upon which the business risk decision…

Q: Explain the types of risk?

A: Introduction: There is a risk involved in any company decision, and in personal life decisions. In…

Q: What is meant by risk? Why must it be managed properly?

A: Risk can be defined as the probability of an event occurring and having consequences. Standard…

Q: 1. Identify any five threat each under self-interest and self-review threats to independent? Discuss…

A: Five Threats to Auditor Independence The following square measure the 5 things which will doubtless…

Q: what is control risk

A:

Q: What are the basic risk faced by financiwl intermediaries?

A: When two parties are transacting together and one person or entity is making the transaction easier…

Q: The process of determining which risks to insure and which applicants to reject is known as

A: Given information The process of determining which risks to insure and which applicants to reject…

Q: What is takaful and how it can be used as a risk mitigation tool and write down the names of types…

A: Takaful may be a style of monotheism insurance whereby members contribute cash into a pool system to…

Q: how does communication aid in assessing inherent risk, control risk and detection risk

A: Factors of Communication aid in Assessing Inherent Risk, Control Risk and detection Risk There are…

Q: definition of political risk and how mitigate it?

A: Political risk are risk arising due to political parties of countries with change in government…

Q: Determine the similarities and differences between the detective and preventive internal controls…

A: Every company requires an effective internal control system to achieve its organizational goals.…

Q: Describe the difference between preventive controls and detective controls. What are examples of…

A: Control activities:   Control activities are more concerned about the protection of the resources…

Q: ead

A: Explanation : In simple words, asymmetric information refers to the situation under which one entity…

Q: What is the risk of assessing Control Risk too low?

A: Definition:   Tests of controls: Tests of controls form the part of audit procedures to be…

Q: What is risk and give examples

A: While making investment decisions risk and return should be taken into consideration.

Q: Define control risk and detection risk. What is the difference between control risk and detection…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

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: Explain political risk

A: Political risks are important to be considered because they have an impact on the profitability…

Q: the strengths o

A: Strengths of  scientific approach  Researchers employing survey methods to collect data enjoy a…

Q: What controls would you implement to

A: Internal Control system: Internal control system can be defined as the set of policies and…

Q: What do "threat," "vulnerability," and "risk" really mean?

A: Threat : A declaration of purpose to cause someone pain, harm, damage, or other hostile action as…

Q: What are the risks from subversive threats?

A: Taking illegal access over a firm internal system network by doing activity of surpassing the…

Q: What does Internal Control provide reasonable assurance for?

A: Internal Controls:   Internal controls are the controls established within an organization to check…

Q: What principles are essential to an effective risk management program?

A: All types of organizations face different types of risks which may affect their chances of success.…

Q: what are the difference between Preventive Controls and Detective Controls?

A: Financial Reporting control activities are imposed on the accounting standard for the purpose of…

Q: Discuss some of the techniques available to reduce risk exposure.

A: Risk exposure means possible losses which can be occur in future due to specific projects or…

Q: Evaluate each of the seven threats to independence, giving original examples.  How are these threats…

A: It's just as necessary to ensure auditor independence as it is to ensure that sales and expenditures…

Q: What are valid weaknesses of NPO?

A: Not for profit organization have certain weaknesses. some for them are- 1. Limited Purposes In order…

Q: What is shared risk? Use an example to explain the shared risk happen and who will involved?

A: Risk means the uncertainty of happening of an event. When the risk is higher than the uncertainty of…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…

Q: _________ factors are conditions and other variables that in their present, or absence, as the case…

A: Less start with basic understanding. For auditing being made, audit needs to make plan for…

Q: Which of the following is the first stage to be performed in order to properly manage risks? a.…

A: The steps followed to properly manage risks are as follows: 1. Identify the risk 2. Analyse the risk…

Q: Explain how NPV varies with risks. Show your argument using formulate for cases with different…

A: NPV or Net present value is the difference between the present value of cash inflows and cash…

Q: What is the risk of assessing Control Risk too high?

A: Control risk refers to the probability of financial statements that were considered wrongly stated…

Q: Are you able to differentiate between risks that are inherent and those that can be controlled?

A: Inherent risk- A material mis-statement that occurs due to error or due to omission  in the…

Q: What justifcation can one give for a fscal stimulus during the fnancial crisis?

A: Fiscal stimulus refers to increasing government consumption or transfers or lowering taxes.…

Q: isk with practical example

A: Political risk Political risk is the risk an investment's returns could suffer as a result of…

Q: What are practical weaknesses of NPO?

A: Organizations are described as business units which are established by the individuals, or group of…

Q: Explain how a possible conflict between neutrality and prudence could arise and how the conflict…

A: Neutrality and Prudence are two characteristics of reliability of accounting information. Neutrality…