Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
Don't know
Know
remaining cards
Save
0:01
To flip the current card, click it or press the Spacebar key.  To move the current card to one of the three colored boxes, click on the box.  You may also press the UP ARROW key to move the card to the "Know" box, the DOWN ARROW key to move the card to the "Don't know" box, or the RIGHT ARROW key to move the card to the Remaining box.  You may also click on the card displayed in any of the three boxes to bring that card back to the center.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

465

ch 4

QuestionAnswer
1.According to COSO ERM, all of the following are elements of an organization's internal environment except: A-Setting organizational objectives
2.Which of the following external events will most likely impact a defense contractor that relies on large government contracts for its success? C-Political Event
3.Which of the following is not an example of a risk-sharing strategy? B-Selling a nonstrategic business unit.
4.An organization tracks a website hosting anonymous blogs about its industry. Which of the following may create the greatest risk if this organization makes business decisions based on the information contained on this website? D-Accuracy and reliability of the information.
5.Who is responsible for implementing ERM? D-Management throughout the organization.
7.Which of the following is the best reason for the CAE to consider the organization's strategic plan in developing the annual internal audit plan? A-To ensure that the internal audit plan supports the overall business objectives.
8.When senior management accepts a level of residual risk that the CAE believes is unacceptable to the organizational, the CAE should: D-Discuss the matter with knowledgeable members of senior management and, if not resolved, take it to the audit committee.
9.The CAE is asked to lead the enterprise risk assessment as part of an organization's implementation of ERM. Which would not be relevant with respect to protecting the internal audit function's independence and the objectivity of its internal auditors? C-The internal audit function obtains assistance from an outside consultant in the conduct of the formal risk assessment session.
10.It is currently on a two-year audit cycle. Which will likely have the greatest impact on the scope and approach of the internal audit engagement? D-A new system was implemented during the year, which changed how the transactions are processed.
11.A manufacturing company has identified the following risk:"Failure of employees to conduct required quality control procedures may result in a high level of customer returns." To which type of objective does this risk most directly relate? B-Operations
12.A risk that a new competitor will significantly reduce the market share of an organization's product likely relates to which type of objective? A-Strategic
6.Which if the following is not a potential value driver for implementing ERM? A-Financial results will improve in the short run.
Created by: jfraed