Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

If an organization has no established risk management process, internal auditors should

A. Establish a risk management process based on industry norms.

B. Formulate hypothetical results of possible consequences resulting from risks not being managed.

C. Inform regulators that the organization is guilty of an infraction.

D. Inform management and suggest corrective actions.

user-image
Question added by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.
Date Posted: 2015/04/11
kamran Khan
by kamran Khan , Accountant , Concord Medical Equipment Trading LLC

B. Formulate hypothetical results of possible consequences resulting from risks not being managed.

Mir Mujtaba Ali
by Mir Mujtaba Ali , Internal Audit Manager , Confidential

D. Inform management and suggest corrective actions

Formally discuss with the directors their obligations for risk management processes

MUHAMMED HARIS MI
by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

Ans: Option D ,Inform management and suggest corrective actions.

Khurram Shaukat Memon
by Khurram Shaukat Memon , Academic Research Writer , Freelance Academic Research Writer

Option (d) is right answer.

Mark Angelo Damuag
by Mark Angelo Damuag , Financial Analyst , Evacare Management Consultancy Inc

The answer is letter D....................

Alex Al Yazouri
by Alex Al Yazouri , General Manager , Al Mushref Cooperative Society

D. >>>>>>>>>>>>>> Inform management and suggest corrective actions.

Vinod Jetley
by Vinod Jetley , Assistant General Manager , State Bank of India

The correct answer is :

 

 

D. Inform management and suggest corrective actions.

Wasi Rahman Sheikh
by Wasi Rahman Sheikh , WAREHOUSE SUPERVISOR , AL MUTLAQ FURNITURE MFG

Option D) IS Answer <<<<<<<<<<<<<<<<<<<

   

lakshminarasimham mallareddi
by lakshminarasimham mallareddi , Manager Finance & Accounts , M/s. Vandana Global Limited, Raipur, Chhattisgarh

Correct Answer is A. Establish a risk management process based on industry norms.

Almutaz Bakry Sidahmed
by Almutaz Bakry Sidahmed , Internal Audit Manager , Banan real estate

Absolutely the answer is (d).

DIANE AUBREY FRANCISCO
by DIANE AUBREY FRANCISCO , Admin Assistant (Document Control) , CLOUDTOP PROGRAM - A Philippine Government Project headed by DEPED & DOST thru ICT Office

B. Formulate hypothetical results of possible consequences resulting from risks not being managed.

This must come first, so that the management has the vision of how risk management is important in any company / industry. This may take you time to research such results but in the end it will surely open up the management's view on how to see things in parallel with their daily operations.

More Questions Like This