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Risk Assessment Trivia

Risk Assessment Trivia. And the Categories are…. End. The three categories of objectives in the COSO F ramework are reporting, compliance, and _______________. End. A. Regulatory. Question # 1. Operational. B. C. Safeguarding of Assets. New Question. End. Looks like trouble to me!.

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Risk Assessment Trivia

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  1. Risk Assessment Trivia

  2. And the Categories are… End

  3. The three categories of objectives in the COSOFramework are reporting, compliance, and _______________. End A Regulatory Question # 1 Operational B C Safeguarding of Assets New Question

  4. End Looks like trouble to me!

  5. End WRONG !!! Try again!

  6. CORRECT! End New Question

  7. COSO stands for: End Committee of Sponsoring Organizations of the Treadway Consortium A Question # 2 Commission of Sponsoring Organizations of the Treadway Committee B Committee of Sponsoring Organizations of the Treadway Commission C New Question

  8. End Try Again!

  9. Committee of Sponsoring Organizations of the Treadway Commission End Correct! New Question

  10. What year did COSO develop our current integrated framework? End 1987 A Question # 3 2013 B 1992 C New Question

  11. What!No way, try again. End Go

  12. End Not yet, keep going Go

  13. End Right! New Question

  14. The internal controls pyramid best describes how: End All controls should be related to a specific objective. A Question # 1 All of the different components of internal controls are inter-related. B Effective information and communication is the base for all other controls. C New Question

  15. End Try again... The clock's ticking! Go

  16. RIGHT!!!! End Go

  17. Which is NOT a fundamental concept of internal controls? End Geared to the achievement of objectives A Question # 2 Adaptable to the entity structure B Able to provide minimal assurance C New Question

  18. No Good! End Go

  19. End Correct! Go

  20. End True of False: The main purpose of internal controls is to provide reasonable assurance regarding the achievement of an entity’s objectives relating to operations, reporting, and compliance. Question # 3 False True New Question

  21. Bad Idea! End Go

  22. End Correct!!! Go

  23. When assessing a system of internal controls, you most likely want to focus your efforts on risks with: End A low likelihood and a high impact A Question # 1 A high likelihood and a low impact B C All of the above New Question

  24. End Ouch! Try again Go

  25. End Excellent! Go

  26. What is an example of Risk Assessment? End A Hold regular staff meetings. Question # 2 An evaluation of likelihood and impact for each activity. B Problem areas are identified and corrective action plans are prepared. C New Question

  27. Guilty of a wrong answer! End Go

  28. End Correct! Go

  29. Which of the following best describes risk? End The negative impact on an organization if a fraudulent event were to materialize. A Question # 3 B The likelihood a negative event will occur and impact your operational objectives. The possibility an event will occur and adversely affect the achievement of objectives. C New Question

  30. End Go

  31. You’re on your way! End Go

  32. Paying vendors on a timely basis is an example of: End A Financial risk Question # 1 B Operational objective Control activity C New Question

  33. End Looks like trouble to me! Go

  34. End You got it right! Go

  35. The best way to assure a fraudulent event will never occur is to: End Institute segregation of duties for all risky activities A Question # 2 B Not perform the risky activity Perform a risk assessment to better focus your efforts on risky activities C New Question

  36. Getting nervous? End Go

  37. End Bull’s eye! Go

  38. End That answer stinks! Try again! Go

  39. Which of the following is an example of a control activity? End Having an up to date employee manual A Question # 3 B Performing an employee survey Publishing a monthly employee newsletter C New Question

  40. End Not yet, keep going Go

  41. Right Answer!Do the happy dance! End Go

  42. True or False: In an effective system of internal controls, the cost of the control often exceeds the potential loss. End A True Question # 1 B False New Question

  43. No Good! End Go

  44. Good Answer! End Go

  45. End WRONG !!! Try again! Go

  46. It is the responsibility of _______ to establish objectives with sufficient clarity to be able to identify and analyze risks to those objectives. End The Internal Control Officer All Employees Management A Question # 2 B C New Question

  47. End Right Answer! Go

  48. Even I know better than that! End Go

  49. How many principles representing the fundamental concepts of internal controls does the 2013 COSO Framework set out? End A 5 15 17 Question # 3 B C New Question

  50. End Go

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