The major benefit of risk assessment is:
A) To staff the plans and financial budgets
B) To consider factor that may affect risk and giving the highest priority to audit areas that have the highest potential for adverse consequences
C) To identify the possible adverse effects based solely on the type of activity, the type of resources, amount of assets or complexity of transactions
D) Failure to achieve the organization's goal and objectives
Correct Answer:
Verified
Q28: An organization might decide that the risk
Q29: An example of an invalid deductive argument
Q30: Auditors can use background information to define
Q31: Following elements should be documented in the
Q32: Data gathering and evaluation during field work
Q34: Carefully crafted audit objectives are important BECAUSE:
A)
Q35: Which of the following is NOT included
Q36: If principal is paid on a loan
Q37: The risk analysis process involves all of
Q38: Considerations for determining required audit resources include:
A)
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