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A new chief audit executive wants to develop a formal internal control framework for her organization. She uses globally accepted frameworks as a guide. Which of the following would she likely find critical in creating the new framework for her organization?
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Which of the following statements is true regarding risk management frameworks?
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Question 608 - IIA-CIA-Part1 discussion

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An internal auditor at a multinational organization is reviewing the effectiveness of the organization's risk management framework. In this scenario, which of the following statements is true?

A.

The auditor should consider local cultures and customs in various regions when assessing control effectiveness.

Answers
A.

The auditor should consider local cultures and customs in various regions when assessing control effectiveness.

B.

Regardless of their location, employees at all levels share responsibility for designing effective controls to mitigate risks.

Answers
B.

Regardless of their location, employees at all levels share responsibility for designing effective controls to mitigate risks.

C.

To achieve an effective internal control environment, the organization's risk management plan must be documented and communicated to all levels throughout each region.

Answers
C.

To achieve an effective internal control environment, the organization's risk management plan must be documented and communicated to all levels throughout each region.

D.

Setting clear objectives is a precondition to effectively identifying, assessing, and responding to the organization's risks.

Answers
D.

Setting clear objectives is a precondition to effectively identifying, assessing, and responding to the organization's risks.

Suggested answer: D

Explanation:

Setting clear objectives is crucial for effective risk management. Clear objectives provide a basis for identifying, assessing, and responding to risks. They ensure that all risk management activities are aligned with the organization's goals and help to prioritize risks based on their potential impact on achieving these objectives. Without clear objectives, it is challenging to evaluate the relevance and significance of risks and to develop appropriate risk responses.

COSO Enterprise Risk Management Framework

IIA Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000

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asked 03/11/2024
Mahdi Far
32 questions
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