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Internal Auditing

Chapter 4

QuestionAnswer
Risk The possibility that an event will occur and adversely affect the achievemnt of objectives.
Opportunity The possibility that an event will occur and positively affect the achievement of objectives.
Business Risk Risks that are specifically associated with organizations conducting a form of business: uncertainties regarding threats to the achievement of business objectives.
Enterprise Risk Mangement The process conducted by management to understand and deal with uncertainties (that is, risks and opportunities)that could affect the organization's ability to achieve its objectives.
Objectives What an entity desires to achieve. When referring to what an organization wants to achieve, these are called business objectives, and may be classified as strategic,operations, reporting, and compliance.
Risk Management Philosophy Set of shared beliefs and attitudes characterizing how the organization consiers risk in everything it does.
Risk Appetite The amount of risk, on a broad level, an organization is willing to accept in pursuit of its business objectives.
Risk Tolerance The acceptable levels of risk size and variation relative to the achievement of objectives, which must align with the organization's risk appetite.
Inherent Risk The combination of internal and external risk factors in their pure, uncontrolled state, or, the gross risk that exists, assuming there are no internal controls in place.
Residual Risk The portion of inherent risk that remains after management executes its risk responses(sometimes referred to as net risk).
Control Any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.
Created by: edhlions