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Questions and Answers
Which organization defines risk as 'The possibility that events will occur and affect the achievement of a strategy and objectives'?
Which organization defines risk as 'The possibility that events will occur and affect the achievement of a strategy and objectives'?
- Internal Audit Foundation
- Internal Auditing
- Tread-way Commission
- COSO (correct)
According to COSO, what does risk involve?
According to COSO, what does risk involve?
- Single point estimates
- Uncertainty (correct)
- Specific outcomes
- Certainty
When does risk begin according to the text?
When does risk begin according to the text?
- After strategy formulation (correct)
- During objective setting
- During risk management
- At the end of a project
What does the text say about the relationship between risks and organizations?
What does the text say about the relationship between risks and organizations?
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What is risk not?
What is risk not?
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According to COSO, how does risk relate to strategy and objectives?
According to COSO, how does risk relate to strategy and objectives?
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What does COSO refer to as 'The state of not knowing how potential events may or may not manifest'?
What does COSO refer to as 'The state of not knowing how potential events may or may not manifest'?
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What is the nature of risk according to the text?
What is the nature of risk according to the text?
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In what areas of life do risks exist according to the text?
In what areas of life do risks exist according to the text?
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What is the focus of the book 'Internal Auditing: Assurance & Advisory Services, 4th Edition'?
What is the focus of the book 'Internal Auditing: Assurance & Advisory Services, 4th Edition'?
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