Question 1

(1) What is risk management and why it is important that an organisation implement effective risk management?

(2) Who has the primary responsibility for the effective implementation of a risk management program to identify and then manage or mitigate risks?

Question 2

(1) What is meant by the term 'expectation gap'? Provide some examples of the expectation gap.

(2) What action has the country Fiji Islands auditing profession taken to reduce the expectation gap?

Question 3

(1) Discuss at least five factors an external auditor considers when assessing the competence and quality of work performance of a client's internal audit function?

Question 4

(1) What is meant by "professional skepticism" and why is it important for auditors to maintain such an attitude to their work.

Note: Please provide a thorough step by step and detailed explanation for above all questions. Do not copy and paste directly from the internet.

Thank you in advance..!