C. A probability or likelihood of occurrence
D. The negative consequences of not achieving the objective

Answer(s): A
QUESTION: 35
The extent to which an organization has implemented controls to minimize the actual
occurrences of the risk determines the vulnerability to the risk actual y occurring, or the " "

A. Inherent Risk
B. Understanding Risk
C. Control Risk
D. Disguised Risk

Answer(s): C
QUESTION: 36
The major benefit of risk assessment is:

A. To staff the plans and financial budgets
B. To consider factor that may affect risk and giving the highest priority to audit areas that have
the highest potential for adverse consequences
C. To identify the possible adverse effects based solely on the type of activity, the type of
resources, amount of assets or complexity of transactions
D. Failure to achieve the organization's goal and objectives

Answer(s): B
QUESTION: 37
The risk analysis process involves all of the following steps EXCEPT:

A. Identifying auditable activities (e.g. programs, accounts, contracts, transactions)
B. Identifying relevant risk factors (e.g. Complexity of programs, size of program, adequacy of
internal control system)
C. Prioritizing Risks
D. Determine the need for external assistance of outsourcing

Answer(s): D
QUESTION: 38
Which of the following steps is/are NOT considered in the audit planning process?

A. Identifying what is to be audited?
B. Assess risk and vulnerability
C. Determine how to manage the risks
D. Develop specific issues and Questions for the audit
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