1.

Their role is to set auditing and accounting standards dictating underlying financial reporting and auditing
concepts. Board of Accountancy
2. Doubt about our ability to predict future outcomes. Can differ across individuals even when risk is the same.
Information can alter it and reduction in it can be a good thing. Uncertainty
3. Aims to ensure true and transparent information on a companies’ business situation. Sarbanes & Oxley Act of
2002 or SOX
4. The major representative of stockholders to ensure that the organization is run according to the organization
charter and that there is proper accountability. Board of Directors
5. Performs audits of companies for compliance with company policies and laws, audits to evaluate the efficiency
of operations, and periodic evaluation and tests of controls. Internal Auditors
6. In Board Governance, principle 2 (Establishing clear roles of the board), What are the 2 Duties of the board in
the fiduciary role? Duty of Care & Duty of Loyalty
7. Which of the following is not considered as a business ethic issue? . Type of government
8. Investors keep an eye on the company’s business ethics because they know that any failure. . Lower stock value
and prices
9. . Lower stock value and prices. Ethical Behavior
10. Which of the following statements about business ethics is false? It concerns the impact of a business's
activities on society
11. :A (n)________ is a problem, situation, or opportunity requiring an individual, group, or organization to choose
among several actions that must be evaluated as right or wrong. ethical issue
12. : It is the responsibility of the business to do the right thing. Ethical Responsibility
13. : It is the responsibility of the business to give back to the society. Philanthropic Responsibility
14. All are categories of Corporate Social Responsibility, except: A. Economic responsibility B. Environmental
responsibility C. Employee responsibility D. Philanthropic responsibility E. None of those
15. It is an evaluation of how well a company has integrated the principles of Corporate Social Responsibility into
their business. CSR Assessment
16. It refers to the investments and activities a company voluntarily undertakes to responsibly manage and account
for its impact on society. It involves the act of donating to a charity or a foundation whose mission is to fight a
cause and deliver social impact. Corporate Philanthropy
17. Question 1: It is a self-regulating business model that helps a company be socially accountable—to itself, its
stakeholders, and the public. Corporate social responsibility
18. What are the three Ps of Corporate Social Responsibility? : People, Planet, and Profit
19. : Is a type of Risk response in which the risk is acknowledged, but do not take any action unless the risk occurs.
An example of this is documenting the risk and putting aside funds in case the risk occurs. Accept
20. All are risk responses to negative risks, except Exploit
21. Which of the following is true about external risks? They are beyond the control of the risk manager
22. : In making your personal risk management decisions, which method would be the most feasible and the most
economical for handling chipped windshields on your automobile? Retain (pay for them yourself)
23. also known as the "Public Company Accounting Reform and Investor Protection Act" and "Corporate and
Auditing Accountability, Responsibility, and Transparency Act" Sarbanes-Oxley act of 2002
24. The main purpose of such a structure is to help the organization towards its goals. Risk Management Structure
25. : This is the level of risk that an organization is prepared to accept to attain its objectives, before an action is
deemed necessary to reduce the risk. Risk Appetite
26. An act to reduce the probability of occurrence or the impact of the risk Mitigate.
27. What is the primary difference between fraud and errors in financial statement reporting? The intent to deceive
28. Identify the fraud risk factor. A worker feels that fellow employees are not honest. Rationalization
29. Specific standards of conduct should be understood throughout all levels of the organization, and processes
should be in place to evaluate performance and quickly address deviations from expectations Demonstrates
commitment to integrity and ethical values
30. It is a reference model and also acts as a common language for every individual in the organization. The process
descriptions include planning, building, running, and monitoring of all IT processes. Process Descriptions
31. This type of risks is an ambiguous but fortunate event with a significant impact on the ultimate project goals.
Positive Risk
32.