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20 questions
What are the factors to consider in a risk analysis?
risks and hazards
likelihood and consequences
probability and likelihood
impact and consequences
What is not one of the hazard types?
biomechanical, chemical, gravitational
radiation, thermal, mechanical
noise, psychological, ergonomic
thinking, breathing, meditation
Gary uses information he has obtained to assess the risk of material misstatement at the financial statement level and the relevant assertion level. What part of the risk assessment process is this?
Performing procedures
Obtaining an understanding
Making decisions and judgements
In which of the following scenarios has the auditor correctly performed his or her risk assessment procedures?
In all of her audit engagements, Julie makes inquiries of the client's management, its accounting department, its sales and marketing staff, and its in-house legal counsel.
David uses information gathered about a misstatement in last year's audit to help assess risks of material misstatement in the current audit.
Arthur determines all the risk assessment procedures that he will perform over the course of his current audit engagement before he begins the audit.
Sue evaluates the design and implementation of her audit client's internal control using inquiry as her only risk assessment procedure.
Define risk assessment
The process used to provide individuals within the entity with an understanding of the roles and responsibilities in relation to internal control over financial reporting.
The process an entity uses to assess the quality of its internal control over time.
Conditions and circumstances existing within an entity that demonstrate the attitude management has about controls, as well as other indicators of management's integrity and motivation.
The process of setting objectives; prioritizing and linking objectives; and identifying, analyzing, and managing risks that are relevant to achieving the objectives.
Among the Framework of Risk Management, which deals about the Periodic measurement of Risk Management framework performance
Evaluation
Improvement
Design
Integration
True of False
Risk Management is customized to the needs of the organization.
True
False
Works with descriptions, feelings, thoughts, perceptions.
QUALITATIVE
QUANTITATIVE
Which is the correct flow of Risk Assessment?
Evaluation > Identification > Analysis
Analysis > Evaluation > Identification
Identification > Analysis > Evaluation
Identification > Analysis > Treatment
When drilling wood, what is the HAZARD?
Chemical burn of the eye
Small pieces of wood becoming airborne and entering the eye
Puncture wound
Eye scratch
A risk assessment could be best defined as
A systematic process of evaluating the potential risks that may be involved in an activity
A situation involving exposure to danger
The action of assessing someone or something
Actions implementing risk evaluation decisions
Safety could be best defined as:
Not likely to be harmed or lost
Avoiding an accident
The condition of being protected from or unlikely to cause danger, risk or injury
Wearing all PPE in the workshop
PPE protects you from all hazards in the workshop
True
False
If a country tries to mitigate the impact. of a hazard it
develops strategies and plans to reduce the severity of the hazard.
reduces the economic impact of the hazard.
develops strategies to protect natural vegetation from the hazard.
reduces the social impact of a hazard.
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