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Cia Part 1 Correct Answers Latest Version
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Cia Part 1 Correct Answers Latest Version
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Cia Part 1 Correct Answers Latest VersionThe benefits of having good corporate governance processes could include all of the following except:
It eliminates corporate fraud
It focuses management's attention
It could help to attract new investment into the company
The company could have improved risk management system Answer: It eliminates corporate fraud
The board is responsible for implementing
1. Risk management
2. Governance
3. Control
I only
II only
III only
II and III only Answer: II only
Stakeholders are individuals or groups who:
Determine operational issues
Dominate the strategy development process in an organization
Are the shareholders in key competitors
,Can affect or be affected by the achievement of an organization's objectives Answer: Can affect or
be affected by the achievement of an organization's objectives
A chief audit executive is reviewing the following enterprise-wide risk map:
Which of the following is the correct prioritization of risks, considering limited resources in the internal
audit activity?
Risk C, Risk A, Risk B, Risk D.
Risk A, Risk B, Risk C, Risk D.
Risk C, Risk A, Risk D, Risk B.
Risk B, Risk C, Risk A, Risk D. Answer: Risk C, Risk A, Risk B, Risk D.
Inherent risk
The risk after management takes action to reduce the impact or likelihood of an adverse event
Risk response
The risk when management has not taken action to reduce the impact or likelihood of an adverse event
A potential event that will adversely affect the organization Answer: The risk when management has
not taken action to reduce the impact or likelihood of an adverse event
Which risk response reflects a change from sharing to acceptance?
An insurance policy on a manufacturing plant was not renewed.
Management sold a manufacturing plant.
After employees stole numerous inventory items, management implemented mandatory background
checks on all employees.
, Management purchased insurance on previously uninsured property. Answer: An insurance policy
on a manufacturing plant was not renewed.
Controls should be designed to provide reasonable assurance that
Management's planning, organizing, and directing processes are properly evaluated
The internal audit activity's guidance and oversight of management's performance is accomplished
economically and efficiently.
Organizational objectives will be achieved economically and efficiently.
Management's plans have not been circumvented by worker collusion. Answer: Organizational
objectives will be achieved economically and efficiently.
Which of the following is/are elements of the control environment?
Organizational structure
All of the answers are correct
Confidentiality and ethical values
Assignment of authority and accountability Answer: Organizational structure
The requirement that bidding vendors must go through tendering and selection processes is an example
of a
Monitoring control
Corrective control
Preventive control
Detective control Answer: Preventive control
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