IIA IIA-CIA-Part2 Quiz 70 Topic 9 Questions 346-350

Question: 1

An organization has adopted an enterprise-wide risk management process and has appointed a chief risk officer (CRO) to manage the process. The board has requested that the audit committee have oversight over the risk management function. Which of the following statements is not true regarding this situation?

AThe audit committee should get assurance on the adequacy and effectiveness of the risk management process from the CRO.

BThe chief audit executive has the mandate to conduct risk assessments and give assurance to the audit committee.

CThe audit committee, on behalf of the board, has overall responsibility for the risk management process in the organization.

DSenior management is accountable to the board for monitoring the system of internal controls.

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Question: 2

During the planning phase of an audit of the treasury function, an internal auditor conducted a risk assessment of the function in order to:

AReport any high-risk exposures of the treasury function to management and the board.

BDetermine whether appropriate resources are present to carry out the treasury function.

CComply with the internal audit charter and applicable regulatory requirements.

DIdentify areas of the treasury function that should be considered for potential engagement objectives.

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Question: 3

Ordinarily, which of the following would not be an objective of an internal audit quality assurance review?

AEnsuring that the internal audit activity meets the external auditor's expectations.

BEnsuring that the internal audit activity has an audit charter approved by the board of directors.

CComplying with specific standards for the professional practice of internal auditing.

DEnsuring the adequacy of the goals, mission and vision of the internal audit activity.

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Question: 4

According to the Standards, which of the following is applicable to the internal audit activity's quality assurance and improvement program?

APeriodic monitoring of the internal audit activity should be done.

BAll aspects of the internal audit activity should be evaluated.

CAn external assessment should be obtained every three years.

DThe review of assurance services should be the primary focus.

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Question: 5

Which of the following is correct with respect to roles within an enterprise-wide risk management process?

1. The board provides oversight to the risk management process.

2. Executive management owns the risk management framework.

3. Senior management is assigned ownership of risks.

4. Internal audit modifies the risk assessment determined by management.

A1 and 2 only

B3 and 4 only

C1, 2, and 3 only

D1, 2, 3, and 4

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IIA IIA-CIA-Part2 Quiz:70 Topic:9 Questions:346-350