Change can't be eliminated, so managers must learn to ________ successfully
A) avoid it
B) ignore it
C) work around it
D) manage it
Answer: D
Explanation: Since change can't be eliminated, managers must learn to manage it successfully, making that the correct response. Avoiding change is impossible, making that choice an incorrect response. Ignoring change or trying to work around it would not prevent managers from being affected by change, so those options are incorrect.
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________ controls are designed to make sure an organization's control environment is stable and well managed.
A) Application B) Detective C) General D) Preventive
One of your clients recently upgraded its accounting system from a medium-scale general ledger package to a complex state-of-the-art enterprise resource planning system. This installation took place over the last nine months of the entity's fiscal year and is nearly 100% complete by the balance sheet date. Which of the following best describes the main affect of this event on the audit risk model for the current year?
A) It will likely increase the risk of material misstatement. B) It will likely decrease the risk of material misstatement. C) It will likely decrease the audit risk. D) It will likely increase the detection risk.