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CIA Exam: Part 1 Questions and Answers 100% Verified

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CIA Exam: Part 1 Questions and Answers 100% Verified

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CIA - Certified Internal Auditor

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CIA - Certified Internal Auditor

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CIA Exam: Part 1 Questions and
Answers 100% Verified
AcceptableMRiskM-
MAnswerMAMtypeMofMriskMthatMrevolvesMaroundMtheMbusinessMimpactMthatMwouldM
beMexperiencedMifMcertainMrisksMbecameMrealized.MTheMlossMisMdeemedMtoMbeMacce
ptable;MnoMadditionalMcontrolsMareMwarranted.

AcceptableMRiskMLevelM-
MAnswerMAMriskMlevelMderivedMfromManMorganizations'MlegalMandMregulatoryMcomplia
nceMresponsibilities,MitsMthreatMprofile,MandMitsMbusinessMdriversMandMimpacts.

AdequateMControlM-
MAnswerMAMlevelMofMcontrolMthatMisMpresentMifMmanagementMhasMplannedMandMor
ganizedM(designed)MinMaMmannerMthatMprovidesMreasonableMassuranceMthatMtheMorga
nization'sMriskMhaveMbeenMmanagedMeffectivelyMandMthatMtheMorganization'sMgoalsMan
dMobjectivesMwillMbeMachievedMefficientlyMandMeconomically.

AuditMRiskM-
MAnswerMTheMriskMthatMinternalMauditorsMmayMarriveMatMtheMwrongMconclusionsMan
dMopinionsMofMtheMworkMthatMtheyMhaveMundertaken.

ComplianceM-
MAnswerMConformityMandMadherenceMtoMpolicies,Mplans,Mprocedures,Mlaws,Mregulations
,Mcontracts,MorMotherMrequirements.

ControlMDeficiencyM-
MAnswerMAMconditionMthatMwarrantsMattentionMasMaMpotentialMorMrealMshortcoming
MthatMleavesManMorganizationMexcessivelyMatMrisk.

ControlMEnvironmentM-
MAnswerMTheMattitudeMandMactionsMofMtheMboardMandMmanagementMregardingMthe
MsignificanceMofMcontrolMwithinMtheMorganization.MTheMcontrolMenvironmentMprovides
MtheMdisciplineMandMstructureMforMtheMachievementMofMtheMprimaryMobjectivesMofMt
heMsystemMofMinternalMcontrol.

ElementsMofMtheMControlMEnvironmentM-MAnswerM1)MIntegrityMandMethicalMvalues

, 2)MManagement'sMphilosophyMandMoperatingMstyle

3)MOrganizationalMstructure

4)MAssignmentMofMauthorityMandMresponsibility

5)MHumanMResourceMpoliciesMandMpractices

6)MCompetenceMofMpersonnel

ControlMProcessM-
MAnswerMTheMpolicies,Mprocedures,MandMactivitiesMthatMareMpartMofMaMcontrolMfram
ework,MdesignedMtoMensureMthatMrisksMareMcontainedMwithinMtheMriskMtolerancesMest
ablishedMbyMtheMriskMmanagementMprocess.

ControlMRiskM-
MAnswerMTheMpotentialMthatMcontrolMactivitiesMwillMfailMtoMreduceMcontrollableMrisk
MtoManMacceptableMlevel.

EnterpriseMriskMmanagementM(ERM)M-
MAnswerMAMstructured,Mconsistent,MandMcontinuousMprocessMacrossMtheMwholeMorgani
zationMforMidentifying,Massessing,MdecidingMonMresponsesMto,MandMreportingMonMoppo
rtunitiesMandMthreatsMthatMaffectMtheMachievementMofMitsMobjectives.

EventM-
MAnswerMAnMincidentMorMoccurrenceMresultingMfromMinternalMorMexternalMsourcesMth
atMaffectsMtheMimplementationMofMstrategyMorMachievementMofMobjectives.

ImpactM-MAnswerMTheMresult,Meffect,MorMconsequencesMofManMevent.

InherentMLimitationsM-
MAnswerMLimitationsMofMriskMmanagement,Mcontrol,MandMgovernanceMrelatedMtoMhum
anMjudgement,MresourceMlimitations,MandMtheMneedMtoMbalanceMtheMcostsMofMcontro
lsMinMrelationMtoMexpectedMbenefits;MconsidersMtheMrealityMofMbreakdownsMoccurring
MandMtheMpossibilityMofMmanagementMoverrideMandMcollusion.

InherentMRiskM(orMAbsoluteMRisk)M-
MAnswerMTheMriskMderivedMfromMtheMenvironmentMwithoutMtheMmitigatingMeffectsMo
fMinternalMcontrols

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