Certified Internal Auditor Part 1 questions with correct answers

Corporate Values Correct Answer-An organizations standards of behavior. Corrective Controls Correct Answer-IT controls that are used once errors, fraud, or other control issues have been detected. Input controls Correct Answer-A type of control intended to prevent computer errors by controlling data as it manually or electronically enters the system. Directive control Correct Answer-A type of control that is proactive and that causes or encourages a desireable event to occur; examples include guidelines, training programs, incentive plans. Processing Control Correct Answer-Automated error checks built into computer processing as well as segregation of duties such as controlling programmers access to files and records. Inherent risk Correct Answer-Risk derived from the environment without the mitigating effects of internal controls. Inherent limitations Correct Answer-Limitations of risk management, control, and governance related to human judgment, resource limitations, and the need to balance the costs of controls in relation to expected benefits. Deficiency Correct Answer-A condition within enterprise risk management worthy of attention that may represent a perceived, potential, or real shortcoming or an opportunity to strengthen enterprise risk management to increase the likelihood that the entity's objectives will be achieved.