(solution) Hello….can I please have the following questions answered

(solution) Hello….can I please have the following questions answered

Hello….can I please have the following questions answered correctly? Thanks!

Question 1
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
1. Which of the following generally reviews and documents ERM? Management Internal auditors Board of directors External auditors Question 3
1. 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
1. 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
1. 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
1. 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
1. 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
1. 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
1. Assume you have evaluated an event and given it a score of 2 for probability and 3 for
impact. Another event was given a score of 3 for probability and 2 for impact. What can
be said about the two events given they both had scores of 5.
The event with the highest probability should be given the most concern The event with the highest impact should be given the most concern Judgment of the auditor determines which event should be given the most concern Can not be determined with the information given Question 10
1. Which of the following statements is true?
The external auditor is most concerned about inherent risk The external auditor is most concerned about residual risk The external auditor assesses internal controls to determine inherent risk None of the above is true