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risk management Question 7 [25 marks) a) Internal controls are key to success...

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Finance

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risk management
Question 7 [25 marks) a) Internal controls are key to success of every entity. In line with this, risk managers of entities have to identify and assess the risks of material misstatement through understanding the entity and its environment. This requires risk managers to obtain an understanding of control activities relevant to the audit and risk management of entity. The issue however is not what constitute control activities. This is because control activities are considered as the policies and procedures which help ensure that management directives are carried out. Required: Discuss five different types of control activities and, for each type, provide an example of control a company may implement

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