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How should an internal auditor approach preparing a detailed risk assessment during engagement planning?
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Which of the following is an appropriate responsibility for the internal audit activity with regard to the organization's risk management program?

Question 174 - IIA-CIA-Part2 discussion

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To which of the following aspects should the chief audit executive give the most consideration while communicating an identified unacceptable risk to management?

A.
The organization's attitude to hierarchy
Answers
A.
The organization's attitude to hierarchy
B.
The organization's whistleblowing strategy
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B.
The organization's whistleblowing strategy
C.
The organization's ongoing risk monitoring process
Answers
C.
The organization's ongoing risk monitoring process
D.
The organization's risk management policy
Answers
D.
The organization's risk management policy
Suggested answer: D

Explanation:

The chief audit executive should give the most consideration to the organization's risk management policy when communicating an identified unacceptable risk to management. The risk management policy outlines the organization's approach to managing risk, including risk tolerance levels, risk appetite, and the procedures for identifying, assessing, and mitigating risks. By aligning the communication with the risk management policy, the CAE ensures that the discussion about unacceptable risk is framed within the context of the organization's established risk management framework, facilitating a more structured and effective response from management.

Reference: The IIA's International Standards for the Professional Practice of Internal Auditing, Standard 2010 - Planning and COSO's Enterprise Risk Management Framework.

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asked 18/09/2024
Kamran Kamran
46 questions
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