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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Question 137 - IIA-CIA-Part2 discussion

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Which of the following statements regarding the risk management process' support of the internal audit activity is true?

A.
The risk management process can provide more extensive internal audit services to the organization if it does not have an internal audit department
Answers
A.
The risk management process can provide more extensive internal audit services to the organization if it does not have an internal audit department
B.
The risk management process supports internal audit by evaluating whether critical controls are adequate and effective.
Answers
B.
The risk management process supports internal audit by evaluating whether critical controls are adequate and effective.
C.
The risk management process can determine whether all significant risks have been identified and are being treated.
Answers
C.
The risk management process can determine whether all significant risks have been identified and are being treated.
D.
The risk management process establishes an organization-specific documented risk management framework.
Answers
D.
The risk management process establishes an organization-specific documented risk management framework.
Suggested answer: B

Explanation:

The statement that the risk management process supports internal audit by evaluating whether critical controls are adequate and effective is true. The risk management process provides a framework for identifying, assessing, and managing risks, and internal audit uses this information to evaluate the adequacy and effectiveness of controls in place to mitigate those risks. This support helps internal audit focus on areas of high risk and ensure that controls are functioning as intended.

IIA Standards: 2120 - Risk Management

IIA Practice Guide: Assessing the Adequacy of Risk Management Processes

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asked 18/09/2024
dion alken
40 questions
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