How do you assess acceptable levels of risk?

How do you assess acceptable levels of risk?
by

1 Answer

Answer :

Cost/benefit is always a standard method of evaluating risk.
by

Related questions

Why should the auditor plan more work on individual accounts as lower acceptable levels of both audit risk and materiality are established? a. To find smaller errors b. To find larger errors c. To increase the tolerable error in the accounts d. To decrease the risk of overreliance

Description : Why should the auditor plan more work on individual accounts as lower acceptable levels of both audit risk and materiality are established? a. To find smaller errors b. To find larger errors c. To increase the tolerable error in the accounts d. To decrease the risk of overreliance

Last Answer : To find smaller errors

To assess circulating oxygen levels the 2001 Kidney Disease Outcomes Quality Initiative: Management of Anemia Guidelines recommends the use of which of the following diagnostic tests? a) Hemoglobin Although hematocrit has always been the blood test of choice to assess for anemia, the 2001 Kidney Disease Outcomes Quality Initiative: Management of Anemia Guidelines, recommend that anemia be quantified using hemoglobin rather than hematocrit measurements, as it is more accurate in assessment of circulating oxygen.

Description : To assess circulating oxygen levels the 2001 Kidney Disease Outcomes Quality Initiative: Management of Anemia Guidelines recommends the use of which of the following diagnostic tests? a) Hemoglobin ... gases Arterial blood gases assess the adequacy of oxygenation, ventilation, and acid-base status.

Last Answer : a) Hemoglobin Although hematocrit has always been the blood test of choice to assess for anemia, the 2001 Kidney Disease Outcomes Quality Initiative: Management of Anemia Guidelines, recommend that ... rather than hematocrit measurements, as it is more accurate in assessment of circulating oxygen.

Is there a way to assess risk of Downs PRIOR to getting pregnant?

Description : Is there a way to assess risk of Downs PRIOR to getting pregnant?

Last Answer : I am pretty sure it is just age, I don’t think it is hereditary. You can get tested during pregnancy, but those aren’t always accurate either. I don’t think it is fraternal age, I think it is only maternal.

When the continuing auditor intends to use information about the entity and its environment obtained in prior periods, the auditor shoulda. Assess control risk as "high" for theassertions affected by the prior-periodinformation.b. Seek permission with the client in usingthe prior period information obtained bythe auditor.c. Determine whether changes haveoccurred that may affect therelevance of such information in thecurrent audit.d. Determine whether to equitably reducethe audit fee due to lower audit effortexpended during the engagement

Description : When the continuing auditor intends to use information about the entity and its environment obtained in prior periods, the auditor should a. Assess control risk as "high" for the assertions ... whether to equitably reduce the audit fee due to lower audit effort expended during the engagement

Last Answer : Determine whether changes have occurred that may affect the relevance of such information in the current audit.

Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Description : Financial statements audits: a. Reduce the cost of capital b. Report on compliance with laws and regulations c. Assess management's efficiency d. Overlook information risk

Last Answer : Reduce the cost of capital

While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of misstatements due to noncompliance to laws and regulations. b. Consider the complexity of the transactions involved. c. Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Description : While assessing the risk of material misstatement, the auditors identity risks, relate risk to what could go wrong, consider the magnitude of risks and: a. Assess the risk of ... Consider the likelihood that the risks could result in material misstatements. d. Determine materiality level.

Last Answer : Consider the likelihood that the risks could result in material misstatements

Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud a. For first-time audits. b. Sufficient to find any frauds which may exist. c. For every audit. d. Whenever it would be appropriate

Description : Philippine Standards on Auditing require auditors to assess the risk of material misstatements due to fraud a. For first-time audits. b. Sufficient to find any frauds which may exist. c. For every audit. d. Whenever it would be appropriate

Last Answer : For every audit

Auditors would perform the following steps in which order? a. Determine audit risk; assess control risk; determine detection risk; set materiality. b. Set materiality; assess control risk; determine detection risk; determine audit risk. c. Set materiality; determine audit risk; assess control risk; determine detection risk. d. Determine audit risk; set materiality; assess control risk; determine detection risk.

Description : Auditors would perform the following steps in which order? a. Determine audit risk; assess control risk; determine detection risk; set materiality. b. Set materiality; assess control risk; determine ... risk. d. Determine audit risk; set materiality; assess control risk; determine detection risk.

Last Answer : Set materiality; determine audit risk; assess control risk; determine detection risk

What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal control. b. Assume responsibility for assuring that the entity complies with applicable laws and regulations. c. Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported. d. Design the audit to provide reasonable assurance that the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Description : What is the responsibility of an auditor who is engaged to audit the financial statements of a government entity? a. Assess control risk with respect to each component of internal ... the statements are free of material misstatements resulting from illegal acts having direct or indirect effects

Last Answer : Obtain an understanding of the possible financial statement effects of laws and regulations having direct and material effects on amounts reported.

Most auditors assess inherent risk as high for related parties and related-party transactions because a. Of the accounting disclosure requirement. b. Of the lack of independence between the parties. c. Both a and b. d. It is required by generally accepted accounting principles

Description : Most auditors assess inherent risk as high for related parties and related-party transactions because a. Of the accounting disclosure requirement. b. Of the lack of independence between the parties. c. Both a and b. d. It is required by generally accepted accounting principles

Last Answer : Both a and b

Generally accepted auditing standards do not require auditors of financial statements to a. Assess the risk of occurrence of errors and fraud b. Design audits to provide reasonable assurance of detecting errors and frauds c. Report all the findings of errors and fraud to police authoritied. Understand the nature or errors and frauds

Description : Generally accepted auditing standards do not require auditors of financial statements to a. Assess the risk of occurrence of errors and fraud b. Design audits to provide reasonable assurance of detecting ... of errors and fraud to police authorities d. Understand the nature or errors and fraud

Last Answer : Report all the findings of errors and fraud to police authorities

Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Description : Banks in the US, active with the FDIC, only insure $100,000. So if a person has, for example, 10 million dollars and wants to deposit the money in a bank, does he have to look for 100 banks or is there another way to invest that is as low risk as a savings account?

Last Answer : A person with 10 million dollars probably has a diversified investment portfolio with a variety of risk levels and return levels. As a result, his insurance is that not everything will collapse at the ... 10% above inflation, banks are a very poor choice for someone with lots of money to invest.

Is it legal or acceptable for apartment dwelling neighbors to play the stereo at deafening levels all day long?

Description : Is it legal or acceptable for apartment dwelling neighbors to play the stereo at deafening levels all day long?

Last Answer : No! Complain to your landlord. If the noisy party is your landlord, MOVE!

Which of the following is not a potential effect of an auditor's decision that a lower acceptable audit risk is appropriate? a. More evidence is requiredb. Less evidence is required. c. Special care is required in assigning experienced staff. d. Review of the working papers by personnel who were not assigned to the engagement.

Description : Which of the following is not a potential effect of an auditor's decision that a lower acceptable audit risk is appropriate? a. More evidence is required. b. Less evidence is required. c. ... experienced staff. d. Review of the working papers by personnel who were not assigned to the engagement

Last Answer : Less evidence is required.

Does Obese adolescents are more likely to have prediabetes, a condition in which blood glucose levels indicate a high risk for development of diabetes?

Description : Does Obese adolescents are more likely to have prediabetes, a condition in which blood glucose levels indicate a high risk for development of diabetes?

Last Answer : Healthy lifestyle habits including healthy eating and daily physical activities can help lower the risk of becoming obese and developing related diseases because you're keeping your mind and body active.

Increased serum levels of which of the following may be associated with a decreased risk of atherosclerosis? (a) Very low-density lipoproteins (VLDL) (b) Low-density lipoproteins (LDL) (c) Intermediate – density lipoproteins (IDL) (d) High-density lipoproteins (HDL) (e) Cholesterol

Description : Increased serum levels of which of the following may be associated with a decreased risk of atherosclerosis? (a) Very low-density lipoproteins (VLDL) (b) Low-density lipoproteins (LDL) (c) Intermediate – density lipoproteins (IDL) (d) High-density lipoproteins (HDL) (e) Cholesterol

Last Answer : Ans: D

All of the following factors may increase the risk of nephrotoxicity from gentamicin therapy except (a) age over 70 years (b) prolonged courses of gentamicin therapy (c) concurrent amphotericin B therapy (d) trough gentamicin levels below 2 mg/ml (e) concurrent cisplatin therapy

Description : All of the following factors may increase the risk of nephrotoxicity from gentamicin therapy except (a) age over 70 years (b) prolonged courses of gentamicin therapy (c) concurrent amphotericin B therapy (d) trough gentamicin levels below 2 mg/ml (e) concurrent cisplatin therapy

Last Answer : Ans: D

Once the project is approved and moves into the planninb. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysisg stage, what happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded.

Description : Once the project is approved and moves into the planning stage, what happens  in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

Complete the following statement. As the project progresses into the execution phase: Select one: a. risks need to be checked off on activities that have been performed. b. the total risk on the project typically increases. c. risks are identified with each major group of activities. d. a risk response plan can be used to identify increasing levels of detailed risk analysis. e. the risk breakdown structure needs to be examined to be sure all the risk events have been avoided.

Description : Complete the following statement. As the project progresses into the  execution phase: Select one: a. risks need to be checked off on activities that have been performed. b. the total risk on ... risk breakdown structure needs to be examined to be sure all the risk events have  been avoided.

Last Answer : a. risks need to be checked off on activities that have been performed.

Once the project is approved and moves into the planning stage, what happens in the next phase of the project life cycle?Select one: a. Agreements for risk sharing need to be concluded. b. The total risk on the project typically reduces as activities are performed without loss. c. Risks must be weighed against the potential benefit of the project’s success in order to decide if the project should be chosen. d. Risks are identified with each major group of activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Description : Once the project is approved and moves into the planning stage, what  happens in the next phase of the project life cycle? Select one: a. Agreements for risk sharing need to be concluded. ... activities. e. A risk response plan can be used to identify increasing levels of detailed risk analysis

Last Answer : d. Risks are identified with each major group of activities.

.Prior to beginning the field work on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA should a. Reduce audit risk by lowering the preliminary levels of materiality. b. Design special substantive tests to compensate for the lack of industry expertise. c. Engage financial experts familiar with the nature of the industry. d. Obtain a knowledge of matters that relates to the nature of the entity's business

Description : .Prior to beginning the field work on a new audit engagement in which a CPA does not possess expertise in the industry in which the client operates, the CPA should a. Reduce audit risk by lowering ... the industry. d. Obtain a knowledge of matters that relates to the nature of the entity's business

Last Answer : Obtain a knowledge of matters that relates to the nature of the entity's business

Which of the following statements is true with regard to the relationship among audit risk, audit evidence, and materiality? a. The lower the inherent risk and control risk, the lower the aggregate materiality threshold. b. Under conditions of high inherent and control risk, the auditor should place more emphasis on obtaining external evidence and should reduce reliance on internal evidence. c. Where inherent risk is high and control risk is low, the auditor may safely ignore inherent risk. d. Aggregate materiality thresholds should not change under conditions of changing risk levels

Description : Which of the following statements is true with regard to the relationship among audit risk, audit evidence, and materiality? a. The lower the inherent risk and control risk, the lower ... inherent risk. d. Aggregate materiality thresholds should not change under conditions of changing risk levels

Last Answer : Under conditions of high inherent and control risk, the auditor should place more emphasis on obtaining external evidence and should reduce reliance on internal evidence

Prior to beginning fieldwork on a new audit engagement in which a CPA does not possess industry expertise, the CPA should a. Obtain knowledge of matters that relate to the nature of the entity's business and industry. b. Reduce audit risk by lowering the preliminary levels of materiality. c. Engage financial experts who are familiar with the nature of the industry. d. Design special substantive tests to compensate for the lack of industry expertise.

Description : Prior to beginning fieldwork on a new audit engagement in which a CPA does not possess industry expertise, the CPA should a. Obtain knowledge of matters that relate to the nature of the ... of the industry. d. Design special substantive tests to compensate for the lack of industry expertise.

Last Answer : Obtain knowledge of matters that relate to the nature of the entity's business and industry

Choose the correct statement about nonsteroidal antiinflammatory drugs (NSAIDs): A. NSAIDs attenuate hypoglycaemic action of sulfonylureas B. NSAIDs potentiate antihypertensive action of ACE inhibitors C. Serum lithium levels are lowered by concurrent administration of NSAIDs D. Combined therapy with prednisolone and NSAIDs carries higher risk of gastric bleeding

Description : Choose the correct statement about nonsteroidal antiinflammatory drugs (NSAIDs): A. NSAIDs attenuate hypoglycaemic action of sulfonylureas B. NSAIDs potentiate antihypertensive action of ACE inhibitors C. ... D. Combined therapy with prednisolone and NSAIDs carries higher risk of gastric bleeding

Last Answer : D. Combined therapy with prednisolone and NSAIDs carries higher risk of gastric bleeding

Should schools teach children how to assess news sources?

Description : Should schools teach children how to assess news sources?

Last Answer : Yes, definitely. From about age 10 or 11 on. Although there is a danger in different areas and ideological parts of the country teaching trust in biased news sources, critical thinking skills are essential. We did try to teach them at the college I worked at.

How would you assess my clothing style?

Description : How would you assess my clothing style?

Last Answer : What clothing style? I’d call it hang around the house after going out for coffee, casual. LOL

How do you assess the intelligence of another person?

Description : How do you assess the intelligence of another person?

Last Answer : I have trouble getting a true read on intelligence until someone is talking about something they care about or are passionate about. It doesn't matter what the subject is, just that they're into it. ... feel for how their mind works in just a few minutes of listening when they're fully engaged.

If we're hard-wired to assess every stranger for threat level, what are we asking ourselves?

Description : If we're hard-wired to assess every stranger for threat level, what are we asking ourselves?

Last Answer : answer:I exercise every morning by power walking 2 miles. This is before sunrise. I know my senses are heightened when I'm on the street and see another person. It's dark, so I spend some time ... to greet the person. We're friendly here, so speaking to strangers in the wee hours is not uncommon.

Where is the best place to assess your value in the workplace?

Description : Where is the best place to assess your value in the workplace?

Last Answer : www.glassdoor.com

If you were trying to assess an individual's understanding of technology marketing concepts, what two questions would you ask them?

Description : If you were trying to assess an individual's understanding of technology marketing concepts, what two questions would you ask them?

Last Answer : Who is your target market? Who is your competition and how is your product better or competitive in that target market?

If you were trying to assess an individual's grasp of basic finance, which two questions would you ask them?

Description : If you were trying to assess an individual's grasp of basic finance, which two questions would you ask them?

Last Answer : answer:What is your cost of goods sold? What is your minimum gross sales you need to run your company at a profit?

What is the best way to accurately assess the knowledge level of a group of about 50 people?

Description : What is the best way to accurately assess the knowledge level of a group of about 50 people?

Last Answer : You forgot the first step: What’s the required level of knowledge? Get that specified, then assess where your team is at compared to that and you’ll have your gap to address.

Does the Pill influence the way that women assess male sexual attractiveness?

Description : Does the Pill influence the way that women assess male sexual attractiveness?

Last Answer : Note to self; Look for girls that are on the pill. May be more willing to sleep with you.

Can you assess yourself objectively?

Description : Can you assess yourself objectively?

Last Answer : I don’t see how. I mean, how does one detach oneself from oneself?

Assess the impact of the American Civil War on the plight of Weavers in India during second half at the 18th century. -SST 10th

Description : Assess the impact of the American Civil War on the plight of Weavers in India during second half at the 18th century. -SST 10th

Last Answer : As raw cotton was being exported to England, there was a shortage of raw materials. When the American Civil War broke out, and the cotton supplies from the United States were cut off, Britain ... shot up. Weavers in India were starved of supplies and forced to buy raw cotton at higher prices.

What is GDP ? Assess the contribution of Secondary and Tertiary Sectors to the GDP of India. -SST 10th

Description : What is GDP ? Assess the contribution of Secondary and Tertiary Sectors to the GDP of India. -SST 10th

Last Answer : (i) Gross Domestic Product (GDP) refers to the money value of final goods and services produced in each sector. (ii) (a) The contribution of secondary sector to the Gross Domestic Product (GDP) in ... (b) The contribution of tertiary sector to the Gross Domestic Product (GDP) in India is about 53%.

Gandhiji's idea of Satyagraha emphasized the Power of truth and the need to search for truth.' In the light of this statement assess the contribution of Gandhiji towards Satyagraha. -SST 10th

Description : Gandhiji's idea of Satyagraha emphasized the Power of truth and the need to search for truth.' In the light of this statement assess the contribution of Gandhiji towards Satyagraha. -SST 10th

Last Answer : 1. Gandhiji strongly believed that non-violence was the most powerful weapon in the struggle against injustice. He believed that the dharma of non-violence could help in uniting all the ... Rowlatt Act, protests that followed the Non-cooperation movement as well as the Civil Disobedience Movement.

Cheap and affordable credit is crucial for the country's development.' Assess the statement. -SST 10th

Description : Cheap and affordable credit is crucial for the country's development.' Assess the statement. -SST 10th

Last Answer : 1. The formal sector i.e. the banks and the cooperatives need to engage more in the lending activities because of the disadvantages posed by the informal sector including high rates of ... the development aspect of a country. Therefore, affordable credit is crucial for a country's development.

Which is the most abundantly available fossil fuel in India ? Assess the importance of its different forms. -SST 10th

Description : Which is the most abundantly available fossil fuel in India ? Assess the importance of its different forms. -SST 10th

Last Answer : Coal is the most abundantly available fossil fuel. Importance of its different forms: 1. Peat: It comes from decaying plants in the swamp. It has low heating capacity because of low carbon ... coal used especially in smelting iron. 4. Anthracite: It is the highest quality hard coal.

Assess the contribution of Munshi Premchand in Hindi novels. -SST 10th

Description : Assess the contribution of Munshi Premchand in Hindi novels. -SST 10th

Last Answer : With Munshi Premchand the Hindu novel achieved excellence. He drew on the traditional art of kissa-goi (story telling). He lifted the Hindu novel from the realm of fantasy, ... Dhania, or peasant couple and their struggle against landlords, moneylenders, priests and colonial bureaucrats.

Assess the need for local government. -SST 10th

Description : Assess the need for local government. -SST 10th

Last Answer : Need for local government: (i) There are a number of problems and issues that are best settled at the local level, because people have a better knowledge of the problems in their ... Local government is the best way to realize one important principle of democracy, namely local self government.

Assess the influences of politics on caste system. -SST 10th

Description : Assess the influences of politics on caste system. -SST 10th

Last Answer : Influence of politics on Caste: (i) Each caste group tries to become bigger by incorporating within it sub-castes. (ii) Various caste groups are required to enter into a coalition with other caste ... . (v) Caste politics has helped the dalits and OBCs to gain better access to decision-making.

how can you assess whether you are not looking far enough ahead when you drive? -General Knowledge

Description : how can you assess whether you are not looking far enough ahead when you drive? -General Knowledge

Last Answer : You make frequent, quick stops. -is how you can assess whether you are not looking far enough ahead when you drive.

Assess the contribution made by Constituent Assembly to form the Indian Constitution. [HOTS] The following were the contributions made by the Constituent Assembly to form the Indian Constitution. -Maths 9th

Description : Assess the contribution made by Constituent Assembly to form the Indian Constitution. [HOTS] The following were the contributions made by the Constituent Assembly to form the Indian Constitution. -Maths 9th

Last Answer : answer:

How to Assess Professional Carpet Cleaning Services?

Description : How to Assess Professional Carpet Cleaning Services?

Last Answer : Most cleaning techniques do remove dirt and other particles that are in the carpets, but what's more hazardous than soil and dust is the bacteria that come along with it. Most cleaning ... When carpets are washed and dried painstakingly, almost all traces of dirt are dislodged and removed.

What are the necessary steps to assess and handle a medical emergency until help arrives?

Description : What are the necessary steps to assess and handle a medical emergency until help arrives?

Last Answer : Need answer

Why Assess strategies and methods that can be used to minimize the harm in children young people and their families where abuse is confirmed?

Description : Why Assess strategies and methods that can be used to minimize the harm in children young people and their families where abuse is confirmed?

Last Answer : Need answer