CIS 4350 - Midterm 1 UPDATED ACTUAL Questions And Correct Answers
Terms in this set (32)
what is internal auditing? independent, objetive assurance and consulting activity
-it improves org operations
internal auditing improves the effectiveness of what 3 1. risk management
processes?
2. control
3. governance porcesses
internal audit is an indepdent examination of a quality t
system (T/F)
what is risk? possiblity that a loss or reward will occur
what two parties manage risk? 1. BoD
2. Management
what two parties evaluate risk management processes? 1. external auditors
2. internal auditors
what are the four ways we can manage risk? 1. Avoid
2. Accept
3. Transfer
4. Control
what is a control? someone or something doing something
def: basically any action that manages risk and increases liklihood that goals will
be achieved
who owns controls? (2) 1. management
2. BoD
all controls are actions but not all actions are controls T
(T/f)
what are the two types of controls? 1,. preventive
2. detective
Terms in this set (32)
what is internal auditing? independent, objetive assurance and consulting activity
-it improves org operations
internal auditing improves the effectiveness of what 3 1. risk management
processes?
2. control
3. governance porcesses
internal audit is an indepdent examination of a quality t
system (T/F)
what is risk? possiblity that a loss or reward will occur
what two parties manage risk? 1. BoD
2. Management
what two parties evaluate risk management processes? 1. external auditors
2. internal auditors
what are the four ways we can manage risk? 1. Avoid
2. Accept
3. Transfer
4. Control
what is a control? someone or something doing something
def: basically any action that manages risk and increases liklihood that goals will
be achieved
who owns controls? (2) 1. management
2. BoD
all controls are actions but not all actions are controls T
(T/f)
what are the two types of controls? 1,. preventive
2. detective
