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IIA CIA Exam
Certified Internal Auditor Exam (Page 12 )

Updated On: 9-Feb-2026
Page 12 of 342
PDF with 1702 Questions

Which statement most accurately describes risk assessment?

  1. It is a tool for determining the relative impact of one process on another.
  2. It is a model used by analysts to determine organizational exposure.
  3. It is the quantitative and qualitative evaluation of exposures.
  4. It is the amount of inherent risk in a separately identifiable business entity or transaction.

Answer(s): C



Risk within an internal audit engagement is defined as the

  1. Probability that a balance or class of transactions and related assertions contain misstatements that could be material to the financial statements.
  2. Uncertainty of an event occurring that could have an impact on the achievement of objectives.
  3. Failure to adhere to organizational policies, plans, and procedures, or the failure to comply with relevant laws and regulations.
  4. Failure to accomplish established objectives and goals for operations or programs.

Answer(s): B



Which of the following is a common element of any risk framework?

  1. Organizational objectives
  2. Anticipated product losses
  3. Board of directors' policies
  4. Delegation of authority

Answer(s): A



What is residual risk?

  1. Impact of risk
  2. Risk that is under control
  3. Risk that is not managed
  4. Underlying risk in the environment

Answer(s): C



All of the following statements regarding the responsibility for risk management in an organization are true except

  1. Risk management is ultimately the responsibility of the board
  2. Risk management is enhanced through periodic assessment by line management
  3. Risk management includes the acceptance of residual risk by executive management
  4. Risk management requires the involvement of the internal audit activity in order to be accepted by the board

Answer(s): D






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