boards expectations internal audit activity risk management process

The boards expectations of the internal audit activity regarding the risk management process is

  1. …
  2. MANDATORY GUIDANCE
  3. STANDARDS
  4. PERFORMANCE STANDARDS

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  • Introduction
  • Attribute Standards
  • Performance Standards
  • Standards Glossary

Performance Standards describe the nature of internal audit activities and provide criteria against which the performance of these services can be evaluated.

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  • School Bridgewater State University
  • Course Title ACFI 546
  • Type

    Notes

  • Pages 26
  • Ratings 100% (7) 7 out of 7 people found this document helpful

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Question: 12The board’s expectations of the internal audit activity regarding therisk management process isA.Noted in the work programs for formal consultingengagements.B.Included in the business continuity plan.C.Codified in the charters of the internal audit activity and theboard.Answer (C) iscorrectThe chief audit executive (CAE) is to obtain anunderstanding of senior management’s and the board’sexpectations of the internal audit activity in theorganization’s risk management process. Thisunderstanding is then codified in the charters of theinternal audit activity and the board (PA 2120-1, para. 4).D.Reviewed by the internal auditors immediately following adisaster..

Question: 13Which of the following is the most accurate term for a process toidentify, assess, manage, and control potential events or situationsto provide reasonable assurance regarding the achievement of theorganization’s objectives?

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Question: 14Risk management is the responsibility of management. The role ofthe internal audit activity in the risk management process mayinclude which of the following?I. Monitoring activities.II. Evaluating the risk management process as part of theengagement plan.III. Participating on oversight committees, monitoring ofactivities, and status reporting.IV. Managing and coordinating the process..

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What are the expectation from internal audit?

The expectation from the IA function is about providing an independent assurance on the organizational effectiveness of risk management, governance and internal controls and processes. These expectations have gained higher proportions over the past decade.

What is the role of internal audit in risk management?

The main role of internal audit in risk management is assessing and monitoring risks that company faces, and providing recommendations for appropriate risk mitigation controls.

Which is an acceptable role for the internal audit activity in the risk management process?

The role of internal auditing in ERM Internal auditing is an independent, objective assurance and consulting activity. Its core role with regard to ERM is to provide objective assurance to the board on the effectiveness of risk management.

What is the board's role in the risk management process quizlet?

What is the board's role in the risk management process? Oversees risk management processes.

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