In Implementing the Audit Risk Model,which of the Following Is

question 14

Multiple Choice

In implementing the audit risk model,which of the following is not a limitation of the model that makes its implementation difficult?

• A)Inherent risk is difficult to formally assess.
• B)Audit risk is objectively determined.
• C)The model treats each risk component as separate and independent.
• D)Audit technology is not precisely developed in assessing each component.

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Definitions:

Key Indicator

A measurable variable used to evaluate the success or progress of an organization's objectives or performance.

Competitive Intelligence

The gathering and analysis of information about competitors, their activities, and industry trends to support strategic decision-making.

Canadian Standards Association

It is a standards organization which develops standards in 57 areas and provides certification and testing services to ensure the compliance of products to declared standards.

Safety Policies

Official documents outlining the procedures and guidelines to ensure the physical and psychological well-being of employees in the workplace.