Describe essential components of enterprise risk management

Reference no: EM132974147

REVIEW QUESTIONS

1 Describe the essential components of enterprise risk management (ERM) as put forward by the Committee of Sponsoring Organizations of the Treadway Commission.

2. What is meant by earnings management? How do you think the concept of earnings management might have influenced the auditor's role in the audit of financial statements?

3. What does the ASX suggest should be the makeup of an audit committee?

4. Should the Internal auditor report to the chief accountant or the board of directors? Glve reasons.

5. What are the differences between the independence of an internal auditor and that of an independent auditor? How can an internal auditor be truly independent?

6. What arc the five phases of an operational audit? Briefly describe each phase.

7. Summarise the 'accountability' framework of the public sector.

8. What are the duties and powers of the Australian auditor-general?

9. When conducting a performance engagement, what are the quantitative and qualitative factors that the assurance practitioner must consider when assessing materiality and performance engagement risk?

10. What is meant by economy, efficiency and effectiveness in relation to a performance audit?

Reference no: EM132974147

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