Safety Management (Risk and Hazard)

What are the factors to consider in a risk analysis?

• risks and hazards

• likelihood and consequences

• probability and likelihood

• impact and consequences

What is not one of the hazard types?

• biomechanical, chemical, gravitational

• radiation, thermal, mechanical

• noise, psychological, ergonomic

• thinking, breathing, meditation

Why is it beneficial to be able to predict when and where natural hazards will occur? 

• Communities can be notified to evacuate 
• So that we can stop them from happening again 
• So that scientists know where to go in order to study them 
• So that we can harness their power for renewable energy

The importance of safety at workplace includes:-

•  Health and Safety Hazards
• Employer Awareness
• Employer Responsibilities
• Healthy Lifestyle

Which of these best describes "the likelihood of an incident occurring"?

•   Risk
• Hazard
• An event
• An episode

Which of these is most likely to cause an accident in a workplace?

• Administration
• Manual handling
• Adequate lighting
• Excessive noise

When should employees be informed of the fire hazards to which they are exposed at work?

•   Upon the initial assignment
•   Within two days of the initial assignment
• Within 30 days of the initial assignment
• Within 90 days of the initial assignment

Gary uses information he has obtained to assess the risk of material misstatement at the financial statement level and the relevant assertion level. What part of the risk assessment process is this?

• Performing procedures

• Obtaining an understanding

• Making decisions and judgements

In which of the following scenarios has the auditor correctly performed his or her risk assessment procedures?

• In all of her audit engagements, Julie makes inquiries of the client's management, its accounting department, its sales and marketing staff, and its in-house legal counsel.

• David uses information gathered about a misstatement in last year's audit to help assess risks of material misstatement in the current audit.

• Arthur determines all the risk assessment procedures that he will perform over the course of his current audit engagement before he begins the audit.

• Sue evaluates the design and implementation of her audit client's internal control using inquiry as her only risk assessment procedure.

Define risk assessment

• The process used to provide individuals within the entity with an understanding of the roles and responsibilities in relation to internal control over financial reporting.

• The process an entity uses to assess the quality of its internal control over time.

• Conditions and circumstances existing within an entity that demonstrate the attitude management has about controls, as well as other indicators of management's integrity and motivation.

• The process of setting objectives; prioritizing and linking objectives; and identifying, analyzing, and managing risks that are relevant to achieving the objectives.