IIA-CFSA

IIA-CFSA practice questions, page 6 of 21, with answer review and explanations.

Question 26

Both residual and control risk need to be_______________ dealt with in project management.

  1. Timely
  2. Implicitly
  3. Professionally
  4. Explicitly

Question 27

"Ongoing monitoring activities are conducted to periodically reassess risk and the effectiveness of control risk," is an objective of:

  1. Risk Identification
  2. Risk Measurement
  3. Risk Management Process
  4. Risk Prioritization

Question 28

Faulty human judgments, misunderstanding of instructions, errors, management override, and collusion and cost/benefit considerations are the limitations of:

  1. Reasonable Assurance
  2. Internal Control System
  3. Risk Management
  4. Compliance Control

Question 29

Five internal control components are:

  1. Control environment, Risk assessment, Control activities, Information and communication & Monitoring
  2. Control environment, Risk assessment, and Operational control, Information and communication & Monitoring
  3. Control environment, Risk Prioritization, Control activities, Information and communication & Monitoring
  4. Control environment, Risk Prioritization, Control activities, Information and communication & Monitoring

Question 30

Enterprise risk management encompasses all EXCEPT:

  1. Aligning risk appetite and strategy
  2. Enhancing risk responsibilities and decisions
  3. Increasing Operational Surprises
  4. Seizing Opportunities