A weak control is equal to high vulnerability and a strong control is equal to the low vulnerability.
Procedures and information related to the achievement of organizational objectives and the operational efficiency and effectiveness of the organizations refers to:
What has the ability to combine both qualitative and quantitative data in imaginative ways?
Which of the following is Correct?
Apply principles of risk management at every management level for identifying, evaluating, avoiding, minimizing and controlling risks, is called:
Which of the following is NOT the process risk assessment?
In which standard, the internal audit activity should evaluate and contribute to the improvement of risk management, control and governance processes using a systematic approach.
Which of the following is NOT the COSO internal controls interrelated component?
The organization has a mechanism to ensure the prompt resolution of findings from audits and other reviews through:
A successful Project has following phases:
Internal audit reports characteristic of the internal auditor’s paradigm has internal control as its old paradigm and addressing process risks as its old paradigm.
Which of the following is NOT the potential benefit of the CSA to the internal auditing?
If control risk is although minimum, extensive substantive testing will be necessary to determine the validity of transactions and data.
The degree of risk on a board-based level, which a company or other entity is willing to accept in pursuit of its goals, is referred to as:
Non-discretionary controls are:
Which of the following is correct?
What is directly related to the effectiveness of controls that are in place?
SWOT Analysis is:
Which of the following is NOT the reason why organizations use strategic planning?
Use of observations and interviews to study how people learn, interact with others or make decisions refers to:
___________ are clearly communicated to all employees and management obtains feedback signifying that the communication has been effective.
The policy statement that defines the objectives for and commitment to risk management within the organization’s strategic and operational context is called:
Severity of consequences is often dependent on the operation of internal controls.
Which of the following is Correct?
In traditional approach, evaluating risks and controls were done by auditors and in control self-assessment approach it is done by work teams.
Compliance objective is:
Control self-assessment questions have which following categories?
A process to identify, assess, manage and control potential events in order to provide reasonable assurance regarding the achievement of the organization’s objectives is called:
Who identified internal control components including Control environment, Information & communication, risk assessment, control activities and Monitoring?
Compliance tests are procedures designed to verify whether controls are being applied in the manner described in the flowcharts, questionnaires etc.
What describes that what the organization wants to achieve from a very long-term perspective?
What assess the overall effect of the program and are typically conducted on a periodic or as needed basis?
Votes are cast anonymously and all responses are confidential is one of the advantages of:
Which of the following is Correct?
Substantive tests are:
An organization-wide commitment to quality is called Quality control.
Ratio analysis is:
Which of the following is correct?
The combination of processes and structures implemented by the board in order to inform, direct, manage and monitor the activities of the organization toward its achievements is called:
Management thinks in terms of risk (implicitly and explicitly), and management rarely thinks in terms of control.