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CIA > Part 1 > Flashcards

Part 1 Flashcards

1
Q

A variety of assessment techniques, including facilitated workshops and surveys, in which the assessment is performed by people involved in the area or process being assessed rather than by an independent party.

A

Control self-assessment

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2
Q

Broad statements developed by internal auditors that define intended engagement accomplishments.

A

Engagement objectives

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3
Q

A specific internal audit assignment, task, or review activity, such as an internal audit, control self-assessment review, fraud examination, or consultancy.

A

Engagement

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4
Q

Type of conflict that erodes relationships and derails progress toward goals.

A

Dysfunctional conflict

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5
Q

As related to risk, an uncertain event with a positive consequence.

A

Opportunity

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6
Q

A type of review that examines relationships among information.

A

Analytical review

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7
Q

The probability that fraud will occur and the potential severity or consequences to the organization when it occurs.

A

Fraud risk

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8
Q

A process designed to provide reasonable assurance regarding the achievement of objectives in the categories of effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.

A

Internal control

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9
Q

The benchmarks against which the subject matter of an engagement can be assessed.

A

Internal audit criteria

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10
Q

Controls that reduce the potential impact should an event occur. Insurance is a prime example of this type of control.

A

Mitigating controls

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11
Q

Advisory and related client service activities, the nature and scope of which are agreed with the client and which are intended to add value and improve an organization’s governance, risk management, and control processes without the internal auditor assuming management responsibility.

A

Consulting services

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12
Q

The possibility of an event occurring that will have an impact on the achievement of objectives; measured in terms of impact and likelihood.

A

Risk

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13
Q

An incident or occurrence resulting from internal or external sources that affects the implementation of strategy or achievement of objectives.

A

Event

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14
Q

The risk remaining after management takes action to reduce the impact and likelihood of an adverse event, including control activities in responding to a risk.

A

Managed risk

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15
Q

The assignment of risk into categories, such as financial risk, operational risk, strategic risk, or reputation risk.

A

Risk classification

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16
Q

Ranking risks, formally or informally, from the highest to the lowest.

A

Risk prioritization

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17
Q

Any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.

A

Control

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18
Q

A pictorial representation of a process or activity, typically including a series of boxes and connecting lines to indicate association and direction/order.

A

Block diagram

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19
Q

A graphical representation of the actual or ideal path followed by any service or product; provides a visual sequence of the steps in a process, illustrates the relationship between parts, and identifies what the process does or should do.

A

Flowchart

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20
Q

The risk derived from the environment without the mitigating effects of internal controls.

A

Absolute risk

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21
Q

A type of control that prevents or detects a deviation from the approved procedure.

A

Active control

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22
Q

A situation in which the underlying reasons for a conflict are eliminated.

A

Conflict resolution

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23
Q

The identification of risk, the measurement of risk, and the process of prioritizing risk or selecting alternatives based on risk.

A

Risk assessment

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24
Q

The means by which members of a profession maintain, improve, and broaden the knowledge, skills, and competence required in their professional lives.

A

Continuing professional development

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25
Q

A structured, consistent, and continuous process across the whole organization for identifying, assessing, deciding on responses to, and reporting on opportunities and threats that affect the achievement of its objectives.

A

Enterprise risk management (ERM)

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26
Q

Limitations of risk management, control, and governance related to human judgment, resource limitations, and the need to balance the costs of controls in relation to expected benefits.

A

Inherent limitations

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27
Q

A department, division, team of consultants, or other practitioner(s) that provide independent, objective assurance and consulting services designed to add value and improve an organization’s operations.

A

Internal audit activity

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28
Q

Principles relevant to the profession and practice of internal auditing and Rules of Conduct that describe behavior expected of internal auditors.

A

Code of Ethics

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29
Q

The acceptable levels of variation relative to the achievement of objectives.

A

Risk tolerance

30
Q

The process of identifying human capital needs for the internal audit function and internal audit activities and ensuring that qualified individuals are available for engagements.

A

Staffing

31
Q

A type of proactive control that deters undesirable events from occurring.

A

Preventive control

32
Q

The amount of risk an organization is willing to accept in pursuit of value.

A

Risk appetite

33
Q

The combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organization toward the achievement of its objectives.

A

Governance

34
Q

The top position in an organization responsible for internal audit activities.

A

Chief audit executive (CAE)

35
Q

The actions taken to manage risk.

A

Risk response

36
Q

A condition that warrants attention as a potential or real shortcoming that leaves the organization excessively at risk.

A

Control deficiency

37
Q

An independent, objective assurance and consulting activity designed to add value and improve an organization’s operations; brings a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes.

A

Internal auditing

38
Q

The risk remaining after management takes action to reduce the impact and likelihood of an adverse event, including control activities in responding to a risk.

A

Residual risk

39
Q

A type of conflict that leads to beneficial results; can transform the ways in which individuals interact and improve the quality of conflict outcomes.

A

Positive conflict

40
Q

A type of control that operates without human intervention; may be built into a computer system or a relationship or process that possesses control implications.

A

Passive control

41
Q

A type of conflict that leads to beneficial results; can transform the ways in which individuals interact and improve the quality of conflict outcomes.

A

Constructive conflict

42
Q

The evaluation of the magnitude of risk.

A

Risk measurement

43
Q

The type of risk found throughout the environment.

A

Pervasive risk

44
Q

The systematic measurement of characteristics such as education and experience that results in recognition of an individual as one who meets the suggested knowledge and other minimum requirements for a position or a profession.

A

Certification

45
Q

A type of control that is proactive and that causes or encourages a desirable event to occur; examples include guidelines, training programs, incentive plans.

A

Directive control

46
Q

The processes an organization puts into place so that security controls and expenditures are fully commensurate with the risks to which the organization is exposed.

A

Security risk management

47
Q

A process to identify, assess, manage, and control potential events or situations to provide reasonable assurance regarding the achievement of an organization’s objectives.

A

Risk management

48
Q

In terms of the internal audit activity, a formal written document that defines the activity’s purpose, authority, and responsibility.

A

Charter

49
Q

A recognized system of concepts encompassing all elements of internal control.

A

Control framework

50
Q

The attitude and actions of the board and management regarding the significance of control within the organization; provides the discipline and structure for the achievement of the primary objectives of the system of internal control.

A

Control environment

51
Q

A preconstructed array of questions used to elicit key information about internal control.

A

Internal control questionnaire (ICQ)

52
Q

Any relationship that is or appears to be not in the best interest of the organization; would prejudice an individual’s ability to perform his or her duties and responsibilities objectively.

A

Conflict of interest

53
Q

Objective examination of evidence for the purpose of providing an independent assessment on risk management, control, or governance processes for an organization.

A

Assurance services

54
Q

A type of risk that revolves around the business impact that would be experienced if certain risks were realized.

A

Acceptable risk

55
Q

Controls that compensate for the lack of an expected control; for example, close supervisory review may compensate for a lack of segregation of duties where a small staff size makes proper segregation impractical.

A

Compensating controls

56
Q

A level of control that is present if management has planned and organized in a manner that provides reasonable assurance that the organization’s risks have been managed effectively and that the organization’s goals and objectives will be achieved efficiently and economically.

A

Adequate control

57
Q

When parties disagree over substantive issues or when emotional antagonisms prevail and result in friction between parties.

A

Conflict

58
Q

Type of conflict that erodes relationships and derails progress toward goals.

A

Destructive conflict

59
Q

A mapping process that provides a step-by-step picture of a process in a single document without the use of detailed symbols or keys.

A

Narratives

60
Q

The policies, procedures, and activities that are part of a control framework, designed to ensure that risks are contained within the risk tolerances established by the risk management process.

A

Control processes

61
Q

An organization’s standards of behavior.

A

Corporate values

62
Q

A risk level derived from an organization’s legal and regulatory compliance responsibilities, its threat profile, and its business drivers and impacts.

A

Acceptable risk level

63
Q

A type of control that is reactive and that detects undesirable events that have occurred.

A

Detective control

64
Q

The continuous process of planning and directing changes that occur within an organization to achieve an intended result.

A

Change management

65
Q

The method of recognizing possible threats and opportunities.

A

Risk identification

66
Q

The conformity and adherence to policies, plans, procedures, laws, regulations, contracts, or other requirements.

A

Compliance

67
Q

A document that lists the procedures to be followed during an engagement, designed to achieve the engagement plan.

A

Engagement work program

68
Q

The identification of risk, the measurement of risk, and the process of prioritizing risk or selecting alternatives based on risk.

A

Risk analysis

69
Q

Any illegal acts characterized by deceit, concealment, or violation of trust.

A

Fraud

70
Q

The risk derived from the environment without the mitigating effects of internal controls.

A

Inherent risk

71
Q

A type of review that examines relationships among information.

A

Analytical auditing

CIA (3 decks)

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