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A contingency plan is:

A.Planned response that defines the step to be taken an identified risk event should occur

B. A workaround

C.A reserve use to allow for future situations which may be planned for only part

D.a and c

E.a and b

Risk Management Accounting Critical Thinking Internal Audit Communications
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Question added by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.
Date Posted: 2015/03/31
Upvote (3) Views (5) Followers (7) Answers (6) Report Question
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Mir Mujtaba Ali
by Mir Mujtaba Ali , Internal Audit Manager , Confidential

A planned response that defines the steps to be taken if an identified risk event should occur

Wasi Rahman Sheikh
by Wasi Rahman Sheikh , WAREHOUSE SUPERVISOR , AL MUTLAQ FURNITURE MFG

Supported Mir Mujtaba <<<<<<<<<<<<<<<

MUHAMMED HARIS MI
by MUHAMMED HARIS MI , Senior Audit Staff , Saud Bahwan Group LLC.

Correct answer is Option A

IMRAN ALI MOHAMMED
by IMRAN ALI MOHAMMED , Accounts Officer , M/s. Euro Glazing Ltd

The Answer is 'A' - But I want to include the word 'Unidentified risk' along side Identified risk as the meaning of Contingency includes 'Unforeseen' also. Correct me if I'am wrong. Thnz. 

Md. Moshiur Rahman Sumon
by Md. Moshiur Rahman Sumon , Assistant General Manager( Corporate Finance & Head of Internal Audit) , Progressive Life Insurance Company Limited

A contingency plan is planned response that defines the step to be taken an identified risk event should occur.

 A-is Correct answer

Khurram Shaukat Memon
by Khurram Shaukat Memon , Academic Research Writer , Freelance Academic Research Writer

Well I guess it is option a and b. Because contingency is emergency situation, anticipated by auditors.

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