Exam (elaborations)
Certified Internal Auditor - Part 3 (1)
- Institution
- CISA: Domain #2, Part A: IT Governance
Certified Internal Auditor - Part 3 (1)
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Certified Internal Auditor - Part 3Compliance - ANS-The conformity and adherence to policies, plans, procedures, laws,
regulations, contracts, or other requirements.
Corporate values - ANS-An organization's standards of behavior.
Governance - ANS-The combination of processes and structures implemented by the board in
order to inform, direct, manage and monitor the activities of the organization toward the
achievement of its objectives.
Internal audit activity - ANS-A department, division, team of consultants, or other practitioner(s)
that provide independent, objective assurance and consulting services designed to add value
and improve an organization's operations.
Internal auditing - ANS-An independent, objective assurance and consulting
activity designed to add value and improve an
organization's operations; brings a systematic, disciplined
approach to evaluate and improve the effectiveness of risk
management, control, and governance processes.
Absolute risk - ANS-The risk derived from the environment without the mitigating effects of
internal controls.
Acceptable risk - ANS-A type of risk that revolves around the business impact that would be
experienced if certain risks were realized.
Acceptable risk level - ANS-A risk level derived from an organization's legal and regulatory
compliance responsibilities, its threat profile, and its business drivers and impacts.
Adequate control - ANS-A level of control that is present if management has planned and
organized in a manner that provides reasonable assurance that the organization's risks have
been managed effectively and that the organization's goals and objectives will be achieved
efficiently and economically.
Benchmarking - ANS-The conformity and adherence to policies, plans, procedures, laws,
regulations, contracts, or other requirements.
Control deficiency - ANS-A condition that warrants attention as a potential or real shortcoming
that leaves the organization excessively at risk.
, Control environment - ANS-The attitude and actions of the board and management regarding
the importance of control within the organization; provides the discipline and structure for the
achievement of the primary objectives of the system of internal control.
Control processes - ANS-The policies, procedures (both manual and automated), and activities
that are part of a control framework, designed and operated to ensure that risks are contained
within the level that an organization is willing to accept.
Enterprise risk management (ERM) - ANS-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.
Inherent limitations - ANS-Limitations of risk management, control, and governance related to
human judgment, resource limitations, and the need to balance the costs of controls in relation
to expected benefits.
Inherent risk - ANS-The risk derived from the environment without the mitigating effects of
internal controls.
Opportunity - ANS-As related to risk, an uncertain event with a positive consequence.
Pervasive risk - ANS-The type of risk found throughout the environment.
Residual risk - ANS-The risk remaining after management takes action to reduce the impact and
likelihood of an adverse event, including control activities in responding to a risk.
Risk analysis - ANS-The identification of risk, the measurement of risk, and the process of
prioritizing risk or selecting alternatives based on risk.
Risk appetite - ANS-The amount of risk an organization is willing to accept in pursuit of value.
Risk assessment - ANS-The identification of risk, the measurement of risk, and the process of
prioritizing risk (considering likelihood and impact) or selecting alternatives based on risk.
Risk classification - ANS-The assignment of risk into categories, such as financial risk,
operational risk, strategic risk, or reputation risk.
Risk identification - ANS-The method of recognizing possible threats and opportunities.
Risk management - ANS-A process to identify, assess, manage, and control potential events or
situations to provide reasonable assurance regarding the achievement of an organization's
objectives.
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