IIA-CFSA

IIA-CFSA practice questions, page 5 of 21, with answer review and explanations.

Question 21

Following statements define risk EXCEPT:

  1. Organization has knowledge of facts constituting a dangerous condition
  2. Organization voluntarily exposes itself to the danger
  3. The element of assurance in an undertaking
  4. Measured in terms of impact and likelihood

Question 22

Strategic planning is the process of taking a long-term view of the organization, the longer the view, the greater the uncertainty of risks and opportunities. Such reservations can better be handled by:

  1. Timely decisions
  2. Flexible/ Adaptive plans and processes
  3. Periodic risk assessments
  4. Focusing on current period organizational activity

Question 23

High-risk scores are those with an average of scores:

  1. 3.75 or more
  2. 3.25 or more
  3. 4.25 or more
  4. 4.00 or more

Question 24

Low-risk scores are those with an average of scores:

  1. 2.25 or less
  2. 2.75 or less
  3. 2.00 or less
  4. 3.25 or less

Question 25

Risks inherent in the management process are known as:

  1. Residual risks
  2. Long-term risks
  3. Control risks
  4. Strategic risks