Exam (elaborations)
ARM 400 EXAM QUESTIONS AND ANSWERS 2024
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ARM 400 EXAM QUESTIONS AND ANSWERS 2024
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ARM 400 EXAMwhat is the ISO 9000 focused on - ANSWERS-quality management including
regulatory requirements
what does ISO 27000 focus on - ANSWERS-information security management
systems
what are the IIA standards - ANSWERS-the standards audits must meet to ensure
their responsibilities are met
what are attribute standards - ANSWERS-a standard defining the attributes of
organizations and individuals performing internal auditing
what are performance standards - ANSWERS-a standard defining the nature of
internal auditing and providing quality criteria to measure against
what is a risk based auditing system - ANSWERS-auditing that prioritizes the use
of an organizations limited internal audit resources in the areas that pose the
greatest risk to the business
what is audit standard 5 - ANSWERS-it applies when an auditor is engaged to
audit management's assessment of the effectiveness of internal controls on
financial reporting
,what are entity-level controls - ANSWERS-the second level of a top down review
of internal controls
what are the 4 objectives of standard auditing 5 - ANSWERS-focus on the most
important matters
eliminate unnecessary audit procedures
match the audit scope to the size and risk of the enterprise
offer simplified implementation
what is the worst type of error to not report - ANSWERS-internal financial
reporting controls
collaboration between internal auditors and risk management is the basis for
what - ANSWERS-ERM
what are the 3 main factors driving the changes in contemporary business
practices - ANSWERS-senior managers and BoDs being held to higher standards
heightened expectations of various stakeholders of organizations
compliance programs
government regulatory policy ash moved from a _______ structure to a ______
structure - ANSWERS-rules based
principles based that emphasizes the end result
,what is a principles based regulation - ANSWERS-identifies the outcome that must
be achieved and then allows the regulated entities broad latitude to determine
how to achieve that
what is a rules based regulation - ANSWERS-the regulators define specific rules
that the entities must follow to achieve the specified outcome
regulatory arbitrage - ANSWERS-A practice whereby firms capitalize on loopholes
in regulatory systems between different countries in order to circumvent
unfavorable regulation
risk based regulation - ANSWERS-a RM approach to allocating resources to
address risks in a way that will achieve the greatest good
evidence based regulation - ANSWERS-an approach that collects and uses
objective performance data to set evaluate and improve policies
what are the Basel standards - ANSWERS-aim to strengthen the capital
requirements of banks to guard against financial risks
what does an effective compliance program include - ANSWERS-integrating risk
management and internal audit functions instead of siloing them out
the 4 main objectives of a compliance program - ANSWERS-page 8.17
, The responsibility of these 4 departments:
HR
Internal Audit
Operations
Safety and Facilities - ANSWERS-Complying with employment law
oversight of financial compliance
product safety and environmental control
employee health and safety
risk based regulation and evidence based regulation are tied to what type of
regulation - ANSWERS-principles based
Key resiliency traits of an organization - ANSWERS-a culture of openness and trust
imagine potential disruptions
clear company objectives
strong relationships with vendors and customers
valued employees
ways to achieve adaptability which in turn equals longevity - ANSWERS-identify
key assets that affect company operations
brainstorm with top mgt and rank-and-file employees to help create detailed
sketch of potential risks
make interim plans that can insulate your organization from sudden shocks
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