New technologies are used. This is an example of: * O Audit risk O Control risk Inherent risk Detection Risk

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: 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: 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: This term is synonymous with acceptable audit risk.

A: Explanation and answer is given below,

Q: Explain the difference between unique risk and systematic risk

A: Answer

Q: Issues that can be caused by the following risks: Execution risk Strategic risk Technology risk…

A: Operational risk management (ORM) is characterized as a continuous cyclic process that comprises…

Q: what is Advantages of the Standard Audit

A: Standard audit The audit conducted based on Generally Accepted Accounting Standards that are issued…

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

A: Answer

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: Distinguish between the "risk driven" and "procedures driven" approaches to auditing, evaluating the…

A: Auditing is described as a process in which the audit team or the individual auditor examines the…

Q: Explain the connection between business risk and Audit risk model (inherent risk x control risk x…

A: Inherent risk is the risk which is present in the organization before applying any control. Audit…

Q: (c) Using your knowledge of the relationships among acceptable audit risk, inherent risk, control…

A:

Q: List the causes of information risk,and explain how this risk can bereduced

A: Information Risk – It’s a kind of risk which occurs whenever various business risk decision are made…

Q: risk management ideas, common reaction strategies, and IT system recovery issues

A: Some of the important risk management ideas are listed below: Keep an eye on changes in your…

Q: Define Operational risk.

A:

Q: Explain the safeguards that can be used to reduce or eliminate threats to audit independence.

A:

Q: How do you measure risk in an audit engagement?

A: Review hazard appraisal can be our closest companion, especially in the event that we want…

Q: Discuss about systematic and unsystematic risk.

A: Risk refers to the movement or fluctuation in the value of an investment. The movement can be…

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: audit risk.

A: First option is wrong because the inherent risk is the risk of material misstatements that may exist…

Q: Explain the importance of pooling anddiversification for managing risk.

A: Pooling of risk can be defined as the spread of financial risk evenly among a large number of…

Q: Define control risk and explain the role of control risk assessment in audit planning.

A: Three types of risks in auditing: Inherent Risk Control Risk Detection Risk Control Risk: It is…

Q: Which of the following is a correct? Select one: a. Planned detection risk and inherent risk have an…

A: The audit risk refers to the risk that can not be detected by the auditor of the financial…

Q: The combination of inherent risk and control risk refers to: Detection risk Audit risk Risk of…

A: The answer for above question is given below:

Q: What is the benefit of Generalized Audit Software in an audit?

A: Definition:   Generalized audit software (GAS): The software which assists an auditor to perform…

Q: Explain why auditing is important in lowering the risk associated with information.

A: Introduction: Auditing is the practice of reviewing a company's internal controls to determine its…

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: Risk assessment most commonly focuses on two criteria - impact and likelihood. As an ganization's…

A: Risk assessment, in simple words, is to closely observe and examine the possible vulnerabilities…

Q: the auditor set inherent risk high or low setting th.

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: Explain how PCAOB inspections can lead to improvements in audit engagement quality.

A:

Q: Explain relevant risk

A: Introduction: Risk can be characterised in terms of the uncertainty of future consequences resulting…

Q: Describe the audit risk model and each of its components

A: Auditing:   Auditing refers to the procedure for providing independent report over the presentation…

Q: Explain risk aversion

A: Introduction: Risk can be characterized in terms of the uncertainty of future consequences resulting…

Q: What are the components of Audit Risk? Use the Audit risk equation and briefly explain the…

A: Audit risk means the risk that the auditor gives an inappropriate audit opinion  when the financial…

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: The combination of inherent risk and control risk constitutes : A. Occurence risk B. Audit risk…

A: The question is based on the concept of risk assessment in the Auditing.

Q: The audit risk model consists of: AR = IR x CR x DR.  The detection risk is the dependent variable.…

A: Level of Detection Risk is dependent on levels of Inherent Risk and level of Control Risk. There is…

Q: Performance auditing is oriented primarily toward * Past protection provided by existing external…

A: Auditing refers to inspection of a particular organisation or we can say company.It is mainly on…

Q: Explain audited value.

A: The term review ordinarily alludes to a business enterprise report review. A financial review could…

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…