Free Access IIA.IIA-CIA-Part1.v2023-03-29.q231 Practice Test (Page 43)

Question 206

Due to unfavorable economic conditions management decided to postpone new investments for the next year. Which of the following best describes the risk management strategy used to address this situation?

A.Risk avoidance

B.Risk transfer

C.Risk mitigation

D.Risk reduction

Question 207

It is important for the chief audit executive to consider the level of competence of the internal audit staff because their competence influences which of the following?

A.The cost-benefit relationship of planned audits.

B.Quantity of the audits performed.

C.Proficiency needed to carry out engagements.

D.Achievement of the objectives of internal control.

Question 208

A regional entertainment organization is in the process of developing a corporate social responsibility (CSR) policy. Management invites ideas from employees when developing the CSR policy. Which of the following is the most appropriate idea to include?

A.The board is responsible for ensuring that CSR objectives are established, risks are managed, performance is measured, and activities are appropriately monitored and reported.

B.Generally, CSR activities are limited to the management of the organization; thus, employees do not have a responsibility for ensuring the success of CSR objectives.

C.Management is responsible for ensuring that the organization's CSR principles are communicated, understood, and integrated into decision-making processes.

D.Management has overall responsibility for the effectiveness of governance, risk management, and internal control processes associated with CSR.

Question 209

An internal auditor believes that a weakness exists in the control environment relating to the delegation of authority and responsibility within the management structure. Which of the following actions should the internal auditor first consider in this matter?

A.Evaluate the potential impact on related controls

B.Address the risk with senior management and the board

C.Develop and communicate the scope and evaluation criteria to be used by management

D.Recommend a control change and obtain management support

Question 210

Who is held responsible for oversight of the organization's risk management framework?

A.Head of risk management.

B.Board of directors.

C.Operational management.

D.Internal auditors.

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