B. Specific requirements of relevant regulation, ordinances or ministerial directives
C. Specific and broad range mandate in public sector
D. Reasonable assurance

Answer(s): D
QUESTION: 18
Which one of the following is an internal control component?

A. Compliance control
B. Control activities
C. Financial Reporting Controls
D. Communication channels and network

Answer(s): B
QUESTION: 19
Management must assess business risk and develop clearly defined control objectives:

A. Continually
B. Annual y
C. Periodically
D. Weekly

Answer(s): A
QUESTION: 20
Internal audit routinely reviews compliance risk and also should be reviewing business risk. The
efforts to control both risk types wil purely enhance:

A. The short-term profitability and viability of an organization
B. The long-term profitability and viability of an organization
C. Both short-term and long-term profitability and viability of an organization
D. None of these

Answer(s): C
QUESTION: 21
Fol owing statements define risk EXCEPT:

A. Organization has knowledge of facts constituting a dangerous condition
B. Organization voluntarily exposes itself to the danger
C. The element of assurance in an undertaking
D. Measured in terms of impact and likelihood

Answer(s): C
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