CIA Exam: Part 1 UPDATED Exam Questions and CORRECT Answers
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Course
CIA
Institution
CIA
CIA Exam: Part 1 UPDATED Exam
Questions and CORRECT Answers
Acceptable Risk - CORRECT ANSWER- A type of risk that revolves around the business
impact that would be experienced if certain risks became realized. The loss is deemed to be
acceptable; no additional controls are warranted.
Accept...
CIA Exam: Part 1 UPDATED Exam
Questions and CORRECT Answers
Acceptable Risk - CORRECT ANSWER- A type of risk that revolves around the business
impact that would be experienced if certain risks became realized. The loss is deemed to be
acceptable; no additional controls are warranted.
Acceptable Risk Level - CORRECT ANSWER- A risk level derived from an organizations'
legal and regulatory compliance responsibilities, its threat profile, and its business drivers and
impacts.
Adequate Control - CORRECT ANSWER- A level of control that is present if management
has planned and organized (designed) in a manner that provides reasonable assurance that the
organization's risk have been managed effectively and that the organization's goals and
objectives will be achieved efficiently and economically.
Audit Risk - CORRECT ANSWER- The risk that internal auditors may arrive at the wrong
conclusions and opinions of the work that they have undertaken.
Compliance - CORRECT ANSWER- Conformity and adherence to policies, plans,
procedures, laws, regulations, contracts, or other requirements.
Control Deficiency - CORRECT ANSWER- A condition that warrants attention as a potential
or real shortcoming that leaves an organization excessively at risk.
Control Environment - CORRECT ANSWER- The attitude and actions of the board and
management regarding the significance of control within the organization. The control
environment provides the discipline and structure for the achievement of the primary
objectives of the system of internal control.
Elements of the Control Environment - CORRECT ANSWER- 1) Integrity and ethical values
2) Management's philosophy and operating style
3) Organizational structure
4) Assignment of authority and responsibility
, 5) Human Resource policies and practices
6) Competence of personnel
Control Process - CORRECT ANSWER- The policies, procedures, and activities that are part
of a control framework, designed to ensure that risks are contained within the risk tolerances
established by the risk management process.
Control Risk - CORRECT ANSWER- The potential that control activities will fail to reduce
controllable risk to an acceptable level.
Enterprise risk management (ERM) - CORRECT ANSWER- A structured, consistent, and
continuous process across the whole organization for identifying, assessing, deciding on
responses to, and reporting on opportunities and threats that affect the achievement of its
objectives.
Event - CORRECT ANSWER- An incident or occurrence resulting from internal or external
sources that affects the implementation of strategy or achievement of objectives.
Impact - CORRECT ANSWER- The result, effect, or consequences of an event.
Inherent Limitations - CORRECT ANSWER- Limitations of risk management, control, and
governance related to human judgement, resource limitations, and the need to balance the
costs of controls in relation to expected benefits; considers the reality of breakdowns
occurring and the possibility of management override and collusion.
Inherent Risk (or Absolute Risk) - CORRECT ANSWER- The risk derived from the
environment without the mitigating effects of internal controls
Likelihood - CORRECT ANSWER- The probability that a given event will occur.
Opportunity - CORRECT ANSWER- As related to risk, an uncertain event with a positive
consequence.
Pervasive Risk - CORRECT ANSWER- The type of risk found throughout the environment.
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