Risk Assessment is best described as the process of: a. Finding , categorising and measuring risks. b. Finding , analysing and rating risks. c. Finding, measuring and prioritising risks for treatment. d. Finding , analysing and treating risks.

The main purpose of risk assessment procedures is toSelect one:a.Test the operating effectiveness of controls in preventing, or detecting and correcting, material misstatements at the assertion level.b.Obtain an understanding of the entity and its environment, including its internal control, to assess the risks of material misstatement at the financial statement and assertion levels.c.Detect material misstatements at the assertion level.d.All of these.

Risk Management entails all the processes involved in identifying, assessing, analyzing, responding and controlling project risk.Question 1Answera.yesb.agreec.nod.disagree

Mention two Inputs, Tools & Techniques, and the Outputs of each of these processes involved in risk management:Identify RisksImplement Risk Responses

Which process involves prioritizing risks based on their probability and impact of occurrence?Group of answer choicesidentifying risksperforming qualitative risk analysisperforming quantitative risk analysisplanning risk responses

Step 1 in the risk management process is:  A. Understand the risk  B. Identify the risk  C. Analyse the risk  D. Rank the risk