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IIA-CIA-Part1 Certification Exam is an essential step for individuals who want to start a career in internal auditing. Essentials of Internal Auditing certification demonstrates to employers that the individual has the necessary knowledge and skills to perform internal auditing tasks effectively. Essentials of Internal Auditing certification also provides a competitive advantage to individuals who want to advance their career in the field of internal auditing.
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What is Risk Management in Internal Audit - ESG | The Report Which of the following preventive controls would be most effective for organizations facing business disruptions and respective financial losses?
A. Hedge company assets via purchasing derivatives.
B. Develop a business continuity plan for contingent situations.
C. Rely on third-party cloud solution providers for the organization's systems.
D. Insure the organization against financial losses.
Answer: B
Explanation:
A business continuity plan (BCP) is a preventive control that aims to ensure the continuity of critical business functions and processes in the event of a disruption or disaster2. A BCP identifies the potential risks and impacts that could affect the organization, and outlines the strategies and actions to mitigate them and resume normal operations as soon as possible3. A BCP can help organizations to reduce the financial losses and reputational damages caused by business interruptions, and enhance their resilience and preparedness4.
References:
1: Business continuity: Managing disaster and disruption2
2: Preventive controls5
3: 25 Key Financial Controls for Small Businesses3
4: 5 Steps To Protect
Your Business From Supply Chain Disruptions4
NEW QUESTION # 388
An internal auditor notes that inventory counts are conducted on Mondays only and that all documentation is on paper as there are no computers in the underground warehouses. Also she notices that the person responsible for receiving the goods is the same one who distributes materials and spare parts Finally, she sees that spare parts are written off and taken by the heads of mining units to different underground locations to wait for their turn to be installed. Which of the described findings requires more consideration from a fraud risk perspective?
A. The inventory counts take place on specific days of the week for no apparent reason
B. Spare parts are written off before their actual usage and installation
C. Warehouse management is conducted on paper and requires further investigation
D. The job responsibilities of the warehouse employee compromise segregation of duties
Answer: B
NEW QUESTION # 389
Which of the following are components of the COSO enterprise risk management
framework?
1.Objective setting.
2.External environment.
3.Data collection.
4.Control activities.
A. 2 and 3only
B. 2 and 4only
C. 1 and 4only
D. 1 and 3only
Answer: C
NEW QUESTION # 390
In an assurance engagement focused on the adequacy of organizationwide risk management practices, which of the following best describes a primary area of interest for the engagement?
A. Conflicts of interest within the organizational structure of the senior management.
B. The actions of upper management in response to the internal audit activity's reporting
C. The alignment of management decisions with the level of risk the organization is willing to accept.
D. The effectiveness of process-level and transaction-level controls.
Answer: C
Explanation:
In an assurance engagement examining the adequacy of organization-wide risk management practices, a primary area of interest would be the alignment of management decisions with the level of risk the organization is willing to accept. This focus helps determine whether the risk management framework is effectively informing strategic decision-making and aligning with the business objectives and risk appetite of the organization. Effective risk management practices should guide management in making decisions that align with the entity's predefined risk thresholds.References: The Institute of Internal Auditors (IIA) - International Standards for the Professional Practice of Internal Auditing
NEW QUESTION # 391
Which principle of the HA Code of Ethics focuses on continuing education and professional development?
A. Competency
B. Professionalism
C. Due professional care
D. Proficiency
Answer: A
Explanation:
The principle of the IIA Code of Ethics that focuses on continuing education and professional development is Competency. This principle emphasizes the need for internal auditors to maintain their skills and knowledge at a level required to perform their duties competently. Continuing education and professional development are essential to achieving this.
IIA Code of Ethics.
NEW QUESTION # 392
......
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