QUESTION: 69

According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?

To enable Triple Bottom Line reporting capability.
To facilitate the conduct of risk assessment.
To achieve and maintain sustainable development.
To fulfill regulatory and compliance requirements.

Answer(s): C

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Which of the following is true regarding the use of a formal risk management framework?
1. It facilitates a methodical approach to risk mitigation.
2. It defines and standardizes the terminology used in risk communication.
3. It establishes the risk tolerance levels to be accommodated in the strategy.

4. It facilitates the alignment of risk mitigation strategies with management priorities.

1.2, and 3.
1,2, and 4.
1.3, and 4.
2. 3, and 4.

Answer(s): B

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QUESTION: 71

An internal audit activity is using the auditing-by-element approach to audit the organization's controls around corporate social responsibility.
Which of the following would be an element for the internal audit activity to consider?

Working conditions.
Employees' families.
Marketplace competition.
Shareholders and investors.

Answer(s): B

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QUESTION: 72

According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?

Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.
Internal assessments must be performed at least once every five years by a qualified assessor.
An internal auditor may perform a peer review of a colleague's workpapers, as long as the auditor wasn't involved in the audit under review.
Follow-up to ensure appropriate improvements are implemented is a recommended, but not mandatory, element of internal assessments.

Answer(s): C

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