COSO defines risk as:
a) The probability that there is a material error in the financial statements after the audit.
b) The likelihood that controls will not prevent or detect an error on a timely basis.
c) The possibility that an event will occur and adversely affect the achievement of an objective
d) The amount of uncertainty inherent in a process prior to instillation of controls.
Answer: c) The possibility that an event will occur and adversely affect the achievement of an objective
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Which of the following is true of benefits?
A. They allow employees to buy their own insurance. B. They let employees to contribute to their own savings plans. C. Employees do not pay income taxes on most benefits they receive. D. They give employees greater control over what their compensation buys. E. Laws usually do not require employers to provide benefits.
A real estate licensee advertises on a website. The Bureau of Real Estate's rules and regulations require barriers, policies, and procedures to ensure that contact and communications with persons responding to those ads are:
A. with properly licensed agents B. restricted to setting up appointments for in-person contacts C. recorded and kept on permanent file D. monitored by the broker