Question

17. Which of the following is not a benefit of enterprise risk management?

      a. reduces operational surprises

      b. provides integrated responses to multiple risks

      c. insures that the organization shares all major risks.

      d. identifies opportunities

      e. all of the above are benefits to an ERM      

18. Which of the following is not a limitation to an Enterprise Risk Management System

     a. Business objectives are not usually articulated

     b. The system may break down

     c. Collusion can result in system failure

     d. Enterprise Risk Management Systems are subject to system override.

19. When using [EmployeeID] as the unique identifier of the Employee table, [EmployeeID] is an example of which of the following?

1. Key attribute

2. Foreign key

3. Primary key

4. Composite key

   
   

21. According to rules issued under the Sarbanes-Oxley Act, which of the following nonaudit services is an accounting firm permitted to provide for an issuer audit client without impairing the accounting firm's independence?

a.. Providing an expert opinion in order to advocate the client's interest in litigation.        

b.. Providing an expert opinion in order to advocate the client's position in a regulatory investigation.

c.. Providing factual accounts in testimony explaining positions taken during the performance of any services provided to the client.

d.. Providing legal services to the client in a foreign jurisdiction.

Answer 1

17) e) All the above mentioned are the benefits of ERM

As the ERM is much responsible for better cost management, risk visibility which is related to the operational activity. This not only is responsible for better management for the market, competitiveness, or the enhancement and distribution of the risk management function but also manages the economic conditions.

18)  A) Business objectives are not usually articulated

Some of the challenges associated with ERM are as follows:

Accessing the value of ERM, privilege as the company's risk is to be managed and quantified, applying a consistent and commonly applied risk, usage of the risk assessment and mitigation methods, multiple potential scenario's involvements, risk reporting, stress tests, etc

19) C) Primary key

The primary key is considered a better, unique and special relational database table column which has been designed for uniquely identifying the table records. This has the feature of having unique values for every row of data.

21) a) Providing associate degree professional opinion so as to advocate the client's interest in the proceeding.       

All the other options are the opposite.