IS 224_Midterm Exam

Which of the following adds value to the others?

• Governance processes

• Risk management processes

• Internal audit activities

• Control processes

All of the following are examples of assurance services except:

• Financial engagement

• Compliance engagement

• Due diligence engagement

• Training engagement

All of the following are examples of consulting services except:

• Legal counsel engagement

• System security engagement

• Advice engagement

• Facilitation engagement

Which of the following is driving the need for assurance maps?

• Risk managers

• Board members

• Internal auditors

• Compliance practitioners

Risk registers describe direct links between which of the following?

• Risk acceptance and risk avoidance

• Risk categories and risk aspects

• Risk assignment and risk sharing

• Risk limitation and risk spreading

The chief audit executive establishes a method for prioritizing all of the following except:

• Business units with low risk levels

• Branch or field office with low risk levels

• Outstanding risk areas

• Low inherent risk areas

All of the following provide effective relationships in the organization’s governance framework except:

• Organizational processes

• Governance

• Risk management

• Internal controls

Which of the following internal audit assessments belong to specific governance processes?

All of the following provide effective relationships in the organization’s governance framework except:

• Whistleblower process

• Risk management audit process

• Internal control over financial reporting

• Fraud risks

Ensuring internal audit teams have the right competencies with right level of work experience and designing effective internal audit procedures can reduce the risk of which of the following?

• Business risk

• Audit failures

• Audit false assurance

• Audit reputation risk

Consulting engagement objectives must be consistent with all of the following except:

• Organization’s goals

• Organization’s values

• Organization’s strategies

• Organization’s objectives