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Question 104 - IIA-CIA-Part2 discussion

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Which of the following is an appropriate role for the internal audit activity with regard to the organization's risk management program?

A.
Identify and manage risks in line with the organization's risk appetite.
Answers
A.
Identify and manage risks in line with the organization's risk appetite.
B.
Ensure that a proper and effective risk management process exists.
Answers
B.
Ensure that a proper and effective risk management process exists.
C.
Attain an adequate understanding of the organization's key risk mitigation strategies.
Answers
C.
Attain an adequate understanding of the organization's key risk mitigation strategies.
D.
Identify and ensure that appropriate controls exist to mitigate risks.
Answers
D.
Identify and ensure that appropriate controls exist to mitigate risks.
Suggested answer: C

Explanation:

According to IIA guidance, an appropriate role for the internal audit activity with regard to the organization's risk management program is to attain an adequate understanding of the organization's key risk mitigation strategies. This enables internal auditors to evaluate the effectiveness of risk management processes and provide assurance on the adequacy of risk controls. Identifying and managing risks, ensuring risk management processes exist, and ensuring controls exist to mitigate risks are responsibilities of management, not internal audit.

IIA Standards: 2120 - Risk Management

IIA Practice Guide: Internal Audit's Role in Risk Management

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asked 18/09/2024
Pises Cuptintorn
34 questions
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