CIA Part 1 Questions || with 100% Error-free Solutions.

What is the PURPOSE of IA? (5 answers) correct answers 1. Provide an independent, objective assurance and consulting activity. 2. Add value and improve an organization's operations. 3. Support organizational objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. 4. Determine if organizational risk management, control, and governance processes are in place and functioning properly. 5. Communicate any opportunities for improvement or risk exposures to the appropriate management level. What is the AUTHORITY of IA? (3 answers) correct answers 1. Provide appropriate unrestricted access to records, personnel, and physical properties. 2. Maintain full and open access with the audit committee, board of directors, or other appropriate governing authority. 3. Secure necessary internal and external resources to accomplish audit activity objectives as planned. What is the RESPONSIBILITY of IA? (5 answers) correct answers 1. Document the objectives and scope of the engagement as well as the methodology to be used. 2. Ensure that audit activity staff have sufficient knowledge, skills, and experience, and/or professional certifications to fulfill the engagement charter. 3. Communicate the results of the internal audit activity or other matters that the CAE determines necessary to senior management, the audit committee, the board, or other governing body of the organization. 4. Consider the coordination of internal and external audit work to increase economy, efficiency, and effectiveness, of the overall audit process. 5. Do not perform management activities. Governance, Risk, and Control (GRC) Describe how the IA activity helps an organization manage RISK (3 answers) correct answers Help an organization manage risk by - - Identifying and evaluating significant exposures to risk. - Contributing to the improvement of risk management and control systems. - Monitoring and evaluating the risk management system. Governance, Risk, and Control (GRC) Describe how the IA activity helps an organization maintain effective CONTROLS (2 answers) correct answers Help an organization maintain effective controls by: - Evaluating the effectiveness and efficiency of controls.