Purchase Solution

Enterprise risk management - Internal audit

Not what you're looking for?

Ask Custom Question

DQ1: œ7 Essential Elements of Enterprise Risk Management and the Role of Internal Audit

DQ2: The five elements of a fraud and corruption management program are each very important. However, of those five, do you think any is particularly critical (more than the others) to the success of the program?

DQ3: Those nine points seem rather self-explanatory, in my view, except for #8. What does Harb and Morley have in mind with that one? (#8. Use risk registers to scope internal audit assignments)

DQ4: What might be some drawbacks to the "one minute" risk management approach?

Purchase this Solution
Solution Summary

The document provides answers to discussion questions related to enterprise risk management and role of internal audit.

Solution Preview

Discussion Questions

DQ1. 7 steps to effective enterprise risk management

1. Management's role: Management should engage in qualitative risk assessment and prioritization
2. Setting the context: The context should be set which links company's mission and objectives to the management of risks
3. Identify and prioritize enterprise risks: Identify and categorize risks into different areas. Each risk category should have different mitigation strategies.
4. Choose tools for risk identification and assessment: Both qualitative and quantitative risk assessment tools should be used
5. Consider potential outcomes
6. Evaluate how existing systems mitigate risk: This to identify where intervention of management systems and processes are required.
7. Link ERM to overall governance, risk and compliance

The role of internal auditors in ...

Purchase this Solution
Free BrainMass Quizzes
Basics of corporate finance

These questions will test you on your knowledge of finance.

Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

Production and cost theory

Understanding production and cost phenomena will permit firms to make wise decisions concerning output volume.

Writing Business Plans

This quiz will test your understanding of how to write good business plans, the usual components of a good plan, purposes, terms, and writing style tips.

Introduction to Finance

This quiz test introductory finance topics.

View More Free Quizzes
Related BrainMass Solutions

  • organizations doing Internal auditing

    What is enterprise risk management (ERM) and what role in it does internal auditing play? Enterprise risk management focuses on the risks in a very broad scope, depth and response perspective, including strategic, operational and financial risks.

  • What are the best five practices in the areas of technology risk management?

    Developing risk management programs Create the processes to collect the necessary risk and exposure data over your entire enterprise, marrying our understanding of best risk management practices and our proprietary approach with the best practices you

  • COSO Enterprise Risk Management Framework

    598497 COSO Enterprise Risk Management Framework Which element of the COSO enterprise risk management framework is most closely associated with each of the following? a) ALG Corporation bonds key employees.

  • Plan to Implement Enterprise Risk Management

    For coordination of the whole enterprise risks management plan, teams have to be formulated from the organization's employee, who will carry out the internal audit.

  • Committee of Sponsoring Organizations of the Treadway Com

    Control Activities Once Western has established an enterprise risk management/strategy and evaluated specific risks, the organization's internal audit should evaluate the cost-effectiveness of the internal controls.

  • Corporate Compliance Report for Risk Management

    208501 Corporate Compliance Report: Plan to implement enterprise risk management (COSO) Using your own organization or an organization with which you are familiar, develop a report in which you outline a plan to implement enterprise risk management based

  • Audit program: can it be standardized for an industry?

    Discussions about risk regarding the client. Risk includes enterprise, engagement, financial and audit risk; each with a set of potential issues. 2. Materiality guidelines will be developed during this phase 3.

  • Role of External Auditor and Audit Procedures

    can't rely on internal auditors that report to management, and two audit tests for high risk inventory, accounts payable, and accounts receivable.

  • Benefits of Adopting an REA

    CAAT provide more detailed steps to audit and include information system risk assessment, intrusion detection, viruses, malicious applications, etc.

View More Related Solutions