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Practice Case Workbook
Exercise 1: TeamRisk
Watch the TeamRisk demonstration video and take notes. Use the information provided in the video to answer the following questions and critical thinking task.
Multiple Choice
The Global Organizational Hierarchy (GOH) can include all of the following except:
Divisions
Risks
Business Units
Activities
An entity’s contributors may include:
Auditors but not contacts
Contacts but not auditors
Neither auditor nor contacts, only TeamRisk administrators
Both auditors and contacts
Which of the following risk assessment elements are not stored in TeamStore?
Risks
Objectives
Entities
Controls
Which of the following statements regarding the self-assessment process is incorrect?
Self-assessment allows both auditors and contacts to provide input for a risk assessment.
Self-assessments are performed using a web-based interface called TeamRisk Web.
Self-assessment scores automatically update the final risk score for the entity without any action required by the audit department.
Self-assessments can allow for the contact or audit partner to identify additional risks.
When building an internal audit plan in TeamRisk, the system provides all of the following information except:
Risk score by entity
The estimated start date of the audit
Cycle-driven requirement status
Whether or not the entity is already linked to an existing internal audit engagement
True/False
The Risk and Controls Library is static and cannot be changed once it is setup.
True
False
Classification of Risks is limited to the following types: Operational, Financial, Compliance, and Strategic.
True
False
When identifying entities for the internal audit plan, only one entity may be linked to each audit engagement for the year.
True
False
Discussion Questions
Explain the difference between evaluating inherent risks and residual risks, and how TeamRisk facilitates the evaluation process.
Explain the purpose of the Global Organizational…