Risk assessment is a process designed to:
A)Identify possible circumstances and events that may affect the business
B)Establish policies and procedures to carry out internal controls
C)Identify and capture information in a timely manner
D)Review the quality of internal controls throughout the year

Question

Quizplus · Accepted Answer

Risk assessment is the process of identifying potential risks or events that may negatively impact a business. It involves analyzing and evaluating potential risks and determining the likelihood and potential impact of those risks. This information can be used to develop policies and procedures to mitigate or respond to the identified risks. Internal controls and quality reviews are related but distinct processes that may be informed by the results of a risk assessment.

Risk Assessment Is a Process Designed To