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Question 74 - IIA-CIA-Part2 discussion

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Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?

A.
To evaluate controls regarding the computer security of an oil refinery.
Answers
A.
To evaluate controls regarding the computer security of an oil refinery.
B.
To examine the processes involved in exploring, developing, and operating a gold mine.
Answers
B.
To examine the processes involved in exploring, developing, and operating a gold mine.
C.
To assess the likelihood and impact of events associated with operating a finished goods warehouse.
Answers
C.
To assess the likelihood and impact of events associated with operating a finished goods warehouse.
D.
To link a financial institution's business objectives to a work unit responsible for the associated risk.
Answers
D.
To link a financial institution's business objectives to a work unit responsible for the associated risk.
Suggested answer: D

Explanation:

A risk-based approach to control self-assessment focuses on aligning the organization's business objectives with the risks managed by specific work units. This method ensures that the controls are effectively designed and operated to mitigate risks that could impede achieving business objectives. Options A, B, and C describe evaluating controls and processes in specific contexts but do not illustrate the primary focus of linking business objectives with the associated risks at the work unit level, which is central to a risk-based approach.

Reference:

IIA Practice Guide on Control Self-Assessment.

IIA Standard 2120: Risk Management.

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asked 18/09/2024
darren cain
30 questions
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