Accounting Multiple Choice Question – 11 November 2025

Which ONE of the following is not part of an entity’s risk assessment process?

Select ONE answer:

1. Report the process to the auditors
2. Identify relevant business risks
3. Estimate the impact of risks
4. Assess the likelihood of occurrence

Show your workings to arrive at your answer, and explain and justify your reasons:

……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………

This multiple-choice question is suitable for Accounting KS5 classes.

The answer is 1

1. Correct => Reporting the process to the auditors is part of the external audit process and not part of the internal risk assessment process.
2. Not correct
3. Not correct
4. Not correct

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