QUESTION: 21 Topic 1, Volume A

Which of the following would not be a factor for senior management to consider when determining the internal audit activity's role in an organization's risk management process?

The extent to which the internal audit activity is outsourced.
The maturity level of risk management practices in the organization.
The competency of the internal auditors in risk management.
The nature of the business and the environment in which the organization operates.

Answer(s): A

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QUESTION: 22 Topic 1, Volume A

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Which of the following best describes the underlying premise of the COSO enterprise risk management framework?

Management should set objectives before assessing risk.
Every entity exists to provide value for its stakeholders.
Policies are established to ensure that risk responses are performed effectively.
Enterprise risk management can minimize the impact and likelihood of unanticipated events.

Answer(s): B

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QUESTION: 23 Topic 1, Volume A

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An internal auditor is assigned to conduct an audit of security for a local area network (LAN) in the finance department of the organization. Investment decisions, including the use of hedging strategies and financial derivatives, use data and financial models which run on the LAN. The LAN
is also used to download data from the mainframe to assist in decisions. Which of the following should be considered outside the scope of this security audit engagement?

Investigation of the physical security over access to the components of the LAN.
The ability of the LAN application to identify data items at the field or record level and implement user access security at that level.
Interviews with users to determine their assessment of the level of security in the system and the vulnerability of the system to compromise.
The level of security of other LANs in the company which also utilize sensitive data.

Answer(s): D

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QUESTION: 24 Topic 1, Volume A

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When internal auditors perform consulting services that add value and improve an organization's operations, these services:

Impair the internal auditors' objectivity with respect to an assurance service involving the same engagement client.
Would preclude the achievement of assurance from the consulting engagement.
Should be consistent with the internal audit activity's empowerment reflected in the charter.
Impose no responsibility to communicate information other than to the engagement client.

Answer(s): C

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QUESTION: 21 Topic 1, Volume A

QUESTION: 22 Topic 1, Volume A

QUESTION: 23 Topic 1, Volume A

QUESTION: 24 Topic 1, Volume A