Cia question

Question 1

Our internal audit activity has previouslt conducted consulting assessment in the risk management area. We gained valuable knowledge that could e used in our assurance engagement. Could we use that knowledge?
A) No, you can’t use the knowledge gained from a consulting engagement. There might be an independence or objectivity issue.
B)Yes, when evaluation the organization’s risk management process, you must incorporate knowledge gained from the consulting engagement
C)Yes, you could do that but you nedd to get the approval from the consulting engagement client.

Answer 1

A) No, you can’t use the knowledge gained from a consulting engagement. There might be an independence or objectivity issue. INCORRECT
B)Yes, when evaluation the organization’s risk management process, you must incorporate
knowledge gained from the consulting engagement

B)CORRECT -IA have the responsibility to provide both assurance and consulting service, one important objective is to provide insist. Therefore internal auditors must incorporate knowledge gained from all engagement that are performed.

C)Yes, you could do that but you need to get the approval from the consulting engagement client. INCORRECT

Question 2

The board is in charge of: (Multiple choice)

a) Establishes a governance committee
b) Provides governance oversight
c) Provides assurance on overall controls
d) Set the risk appetite and risk tolerance levels

Answer 2

Correct answer:

a) Establishes a governance committee
b) Provides governance oversight
d) Set the risk appetite and risk tolerance levels

Question 3

In what line of defense are the controls in placed?

Answer 3

A) Second one.

Question 4

Which is a principle of effective governance?
A)Balance direct and indirect cost vs. benefits of risk responses.
B)Establish a governing policy for the operation of key activities of the organization
C)Ensure that management is not involved in oversight so strong internal controls can be objective
D)Analyze critical success factor from an industry and entity perspective.

Answer 4

B)CORRECT ONE.
C)INCORRECT
D)INCORRECT Is internal controls