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 proc