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2.2 - Risk and Control Self-Assessment questions with answers.
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2.2 - Risk and Control Self-Assessmentquestions with answers.
Control Self-Assessment (CSA) ANS - -increases awareness of risk and control throughout the
organization.
-improve the assessment of risk management and control processes
-identify ways to improve managers and auditors effectiveness.
-involves client personnel, asks for their assessments of risks and controls in their process, and gives
them a sense of participation.
-integrates business objectives and risks with control processes.
-includes self-assessment surveys and facilitated workshops.
-All self-assessment programs assume that managers and members of the work teams understand risk
and control concepts and use them in communications.
CSA's basic philosophy ANS - control is the responsibility of everyone in the organization.
Elements of CSA ANS - 1. Front-end planning and preliminary audit work.
2. An in-person meeting with participants who:
a. Are involved with the particular issues under examination,
b. Know them best, and
c. Are critical to the implementation of appropriate process controls.
3. A structured agenda, based on a well-defined framework or model, used by the facilitator to lead the
group through an examination of the process's risks and controls.
4. Presence of a transcriptor is an option
5. Reporting and the development of action plans.
Senior management CSA responsibilities ANS - oversee the establishment, administration, and
evaluation of the processes of risk management and control.
, Operating managers' CSA responsibilities ANS - include assessment of the risks and controls in their
units.
Internal and external auditors CSA responsibilities ANS - provide varying degrees of assurance about
the state of effectiveness of the risk management and control processes of the organization.
Internal Auditors CSA involvement ANS - - may serve only as an interested party and consultant and as
the ultimate verifier of the evaluations
- may be significant:
--Sponsor, design, implement, and own the process;
--Conduct the training;
--Supply the facilitators, scribes, and reporters; and
--Coordinate the participation of management and work teams.
--assisting management in fulfilling its responsibilities to establish and maintain risk management and
control processes and by evaluating the adequacy of that system.
CAE CSA involvement ANS - -Monitors the objectivity of the internal audit staff,
-Takes steps to manage that objectivity (if necessary), and
-Augments internal audit testing to ensure that bias or partiality does not affect the final judgments of
the staff.
A CSA program ANS - -Increases the coverage of assessments of control processes across the
organization,
-Improves the quality of corrective actions made by the process owners, and
-Focuses the internal audit activity's work on reviewing high-risk processes and unusual situations.
-the internal audit activity and the business units and functions collaborate to produce better
information about how well the control processes are working and how significant the residual risks are.
A CSA program focuses on ANS - -Validating the evaluation conclusions produced by the CSA process,
-Synthesizing the information gathered from the components of the organization, and
-Expressing its overall judgment about the effectiveness of controls to senior management and the
board.
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