QUESTION 1Which of the following represents the greatest risk?The director of IT (a key employee) resignedAn IT hardware...

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ACCO 5025-Which of the following represents the greatest risk

April 14, 2018

QUESTION 1

Which of the following represents the greatest risk?

The director of IT (a key employee) resigned
An IT hardware failure occurred
The company’s database is corrupted with no backup facilities
The president of the company was fired for embezzlement

QUESTION 2
Which of the following generally reviews and documents ERM?
Management
Internal auditors
Board of directors
External auditors

QUESTION 3
Which of the following ERM components are the external auditors most concerned with?
Reporting and operations
Reporting and compliance
Compliance and operations
Compliance and strategy

QUESTION 4
Which of the following represents the greatest risk?
The loss of a substantial customer
Excessive turnover of management
No audit committee
Poor cash flow

QUESTION 5

Which best describes the definition of the audit universe?
All auditable components of an entity
All Account balances
That which is documented
None of the above is correct

QUESTION 6

Inherent risk, as defined by ERM, is assessed in relation to
Materiality and business risk
Business risk and detection risk
Audit risk and materiality
Impact and likelihood of occurrence

QUESTION 7

What best describes residual risk?
Risk that cannot be mitigated
Risks that, if properly managed, will make the organization successful in the achievement of its
objectives or, if not well managed, it (the organization) will not achieve its objectives
A component of overall audit risk
None of the above describes residual risk

QUESTION 8

Which statement is false?
Risk assessment involves both qualitative and quantitative elements
ERM is the responsibility of management
The ERM system is used by external auditors to make client acceptance
decisions.
All of the above are true statements

QUESTION 9

Which of the following is most essential for ERM?
Internal audit staf
An audit committee
A postive control environment
Tests of internal control










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