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1、Chapter04-ManagementFraudandAuditRiskCHAPTER04ManagementFraudandAuditRiskLEARNINGOBJECTIVESReviewCheckpointsMultipleChoiceExercises,Problems,andSimulations1.Definebusinessriskandunderstandhowmanagementaddressesbusinessriskwiththeenterpriseriskmanagementmodel.1,2,327
2、,41,5258,59,602.Explainauditors’responsibilityforriskassessment,anddefineandexplainthedifferencesamongseveraltypesoffraudanderrorsthatmightoccurinanorganization.4,5,6,7,8,11,1228,29,36,37,38,39,40,49,5161,633.Describetheauditriskmodelandexplainthemeaningandimportanc
3、eofitscomponentsintermsofprofessionaljudgmentandauditplanning.9,1032,464.Understandsourcesofinherentriskfactorsincludingtheclient’sbusinessandenvironment.13,14,15,1642,43,44,45,47,48,5053,54,55,565.Understandsourcesofinformationforassessingrisksincludinganalyticalpr
4、ocedures,brainstorming,andinquiries.Explainhowauditorsrespondtoassessedrisks.17,18,19,20,21,2233,34,3562,646.Explainauditors’responsibilitieswithrespecttoaclient’sfailuretocomplywithlawsorregulations.23,24,25,2630,31577.Describethecontentandpurposeofanauditstrategy.
5、4-40Copyright©2015McGraw-HillEducation. Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGraw-HillEducation.Chapter04-ManagementFraudandAuditRiskSOLUTIONSFORREVIEWCHECKPOINTS4.1Risksthatcouldadverselyaffectcompanies’abilitytoachieveitso
6、bjectivesandexecutestrategiesarecalledbusinessrisks.Businessrisksmightresultfromsettinginappropriateobjectivesandstrategiesorfromchangesorcomplexityinthecompany'soperationsormanagement.Acompany'sobjectivesaretheoverallplansestablishedbymanagementortheboardofdirector
7、s,andstrategiesaretheapproachesbywhichmanagementintendstoachieveitsobjectives.4.2ERMprovidesaframeworkformanagementtoassessthefirm’sriskenvironment,setobjectives,identifyriskevents,assessrisks,determineresponsestosuchrisk,establishcontrolactivitiestomitigatetherisks
8、,establishinformationandcommunicationregardingtherisks,andtomonitortheoverallriskmanagementprocess.4.3Auditstandardsareclearthatbusinessri
