CIA Quick Practice Questions – 5 Questions – Set 3

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Question 1 of 5

1. Question
An internal auditor is performing an engagement over risk management processes. Which of the following are proper approaches to achieve this?
- Verify within the organization whether it is using or planning to use a certain benchmark over risk management, otherwise research relevant frameworks and choose guidance which is relevant to the organization.
- Enquire with the regulatory body which supervises the organization about relevant benchmarks which can help the organization achieve its regulatory objectives.
- Help management implement a set of criteria and objectives for risk management.
- Avoid benchmarking and instead seek to only use relevant regulatory requirements or internal policies and procedures.
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Question 2 of 5

2. Question
An organization decided to expand its operations into a new country in which it had no previous experience. Before deciding on this, it had commissioned an assessment of the risks such a project could have and decided to work with a local partner who would share in the returns, but would provide advice and logistical support to the project. Which of the following risk responses did the organization pursue?
- Accept.
- Avoid.
- Share and reduce.
- Avoid and reduce.
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Question 3 of 5

3. Question
From the COSO ERM fan diagram, which of the following is a “core internal audit role”?
- Evaluating the reporting of key risks.
- Developing risk management strategy for board approval.
- Management assurance on risk.
- Coordinating ERM activities.
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Question 4 of 5

4. Question
Which of the following is not an element of the control environment?
- The social environment in which the organization operates.
- Policies approved by the board.
- The code of conduct for the organization.
- Ethical values of the organization.
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Question 5 of 5

5. Question
The following principle belongs to which COSO ERM component?

Establishes operating structures.
- Performance.
- Strategy and objective setting.
- Information, communication, and reporting.
- Governance and culture.
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CIA Quick Practice Questions – 5 Questions – Set 3

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