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Governance Risk and Compliance questions with actual answers.
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Governance Risk and Compliance questions with actual answers.
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Governance Risk and Compliancequestions with actual answers.
Governance ANS -The combination of processes and structures implemented by the board to inform,
direct, manage, and monitor the activities of the organization toward the achievement of its objectives.
Risk Management ANS -A process to identify, assess, manage, and control potential events or situations
to provide reasonable assurance regarding the achievement of the organization's objectives.
Control ANS -Any action taken by management, the board, or other parties to manage risk and increase
the likelihood that established objectives and goals will be achieved. Management plans, organizes, and
directs the performance of sufficient actions to provide reasonable assurance that objectives and goals
will be achieved.
Key Point - Standard 2100 ANS -notes that internal auditors must use a "systematic, disciplined, and risk-
based approach." This type of approach is a differentiating attribute for internal auditing and is a key
reason the discipline commands respect. Consistency in approach is vital to ensuring that the internal
audit activity is delivering the quality required by the Standards.
Performance Standard 2100, "Nature of Work" ANS -The internal audit activity must evaluate and
contribute to the improvement of the organization's governance, risk management, and control
processes using a systematic, disciplined, and risk-based approach. Internal audit credibility and value
are enhanced when auditors are proactive and their evaluations offer new insights and consider future
impact.
Governance ANS -"The combination of processes and structures implemented by the board to inform,
direct, manage, and monitor the activities of the organization toward the achievement of its objectives."
Risk Management ANS -"A process to identify, assess, manage, and control potential events or situations
to provide reasonable assurance regarding the achievement of the organization's objectives."
Control ANS -"Any action taken by management, the board, or other parties to manage risk and increase
the likelihood that established objectives and goals will be achieved. Management plans, organizes, and
, directs the performance of sufficient actions to provide reasonable assurance that objectives and goals
will be achieved."
Key Point - Standard 2100 ANS -Notes that internal auditors must use a "systematic, disciplined, and
risk-based approach." This type of approach is a differentiating attribute for internal auditing and is a key
reason the discipline commands respect. Consistency in approach is vital to ensuring that the internal
audit activity is delivering the quality required by the Standards.
To demonstrate conformance to Standard 2100 ANS -The internal audit activity can refer to the roles
and responsibilities related to GRC as documented in the internal audit charter, audit plans, or minutes
of relevant meetings. Audit plans in particular may provide evidence that the internal audit activity
follows a disciplined, systematic, and risk-based approach. Engagement reports can also support that
results are relevant and add value to GRC processes.
Three Lines Model ANS -The first line role has the risk owner role.
The second line role has the risk control and compliance role.
The third line role has the risk assurance role.
External assurance providers provide additional assurance to ANS -(not part of GRC) Satisfy legal and
regulatory expectations that serve to protect the interests of stakeholders.
Satisfy requests by management and the governing body to complement internal sources of assurance
IT governance ANS -"the leadership, structure, and oversight processes that ensure the organization's IT
supports the objectives and strategies of the organization."
Key Point ANS -Because IT is now embedded everywhere throughout most organizations, it is important
to understand that it will be part of most areas being audited. All three parts of the IIA CIA exam could
have questions that take an IT perspective. IT-related questions in Parts 1 and 2 of the exam will likely be
conceptual rather than testing on specific IT details.
Objectivity ANS -Internal auditors exhibit the highest level professional objectivity in gathering,
evaluating, and communicating information about the activity or process being examined. Internal
auditors make a balanced assessment of all the relevant circumstances and are. not unduly influenced
by their own interests in forming judgments.
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