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CIA - Part 1 - unit 5 : Controls - Types and Frameworks
Use the 64 quiz questions to prepare yourself and test whether you know the subject matter.
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DownloadWhat is the definition of control according to The IIA Glossary?
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Control is any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.
What are control processes?
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Control processes are the policies, procedures, and activities that are part of a control framework, designed and operated to ensure that risks are contained within the level that an organization is willing to accept.
List the elements included in the control environment.
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The elements included in the control environment are integrity and ethical values, management’s philosophy and operating style, organizational structure, assignment of authority and responsibility, human resource policies and practices, and competence of personnel.
What are the steps in the control process?
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The steps in the control process are establishing standards for the operation to be controlled, measuring performance against the standards, examining and analyzing deviations, taking corrective action, and reappraising the standards based on experience.
Why does internal control only provide reasonable assurance?
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Internal control only provides reasonable assurance because any system of internal control has inherent limitations such as faulty human judgment, management override, collusion, and the cost of control exceeding its benefits.
What are the characteristics of automated processing?
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The characteristics of automated processing include a complete transaction trail, uniform processing of transactions, potential for errors and fraud, increased management supervision, and the initiation or subsequent execution of transactions by computer.
What is the role of internal auditors in control according to Performance Standard 2130?
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The internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and promoting continuous improvement.
What are preventive controls?
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Preventive controls are designed to deter the occurrence of unwanted events, such as storing petty cash in a locked safe or using a lockbox system.
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What is the definition of control according to The IIA Glossary?
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Control is any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved.
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What are control processes?
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Control processes are the policies, procedures, and activities that are part of a control framework, designed and operated to ensure that risks are contained within the level that an organization is willing to accept.
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List the elements included in the control environment.
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The elements included in the control environment are integrity and ethical values, management’s philosophy and operating style, organizational structure, assignment of authority and responsibility, human resource policies and practices, and competence of personnel.
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What are the steps in the control process?
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The steps in the control process are establishing standards for the operation to be controlled, measuring performance against the standards, examining and analyzing deviations, taking corrective action, and reappraising the standards based on experience.
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Why does internal control only provide reasonable assurance?
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Internal control only provides reasonable assurance because any system of internal control has inherent limitations such as faulty human judgment, management override, collusion, and the cost of control exceeding its benefits.
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What are the characteristics of automated processing?
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The characteristics of automated processing include a complete transaction trail, uniform processing of transactions, potential for errors and fraud, increased management supervision, and the initiation or subsequent execution of transactions by computer.
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What is the role of internal auditors in control according to Performance Standard 2130?
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The internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and promoting continuous improvement.
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What are preventive controls?
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Preventive controls are designed to deter the occurrence of unwanted events, such as storing petty cash in a locked safe or using a lockbox system.
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This set of practice questions is designed to help you understand and apply the concepts from Study Unit Five on Controls: Types and Frameworks. These questions cover the various types of controls, control frameworks, and the role of internal auditors in assessing and improving control systems. By working through these questions, you will enhance your ability to analyze, synthesize, and evaluate control systems, which is crucial for success on the CIA exam.
Number
64 questions
Language
English
Made on
10-23-2024
Documents
View all 64 quiz questions
-
What is the definition of control according to The IIA Glossary?
Control is any action taken by management, the board, and other parties to manage risk and increase the likelihood that established objectives and goals will be achieved. -
What are control processes?
Control processes are the policies, procedures, and activities that are part of a control framework, designed and operated to ensure that risks are contained within the level that an organization is willing to accept. -
List the elements included in the control environment.
The elements included in the control environment are integrity and ethical values, management’s philosophy and operating style, organizational structure, assignment of authority and responsibility, human resource policies and practices, and competence of personnel. -
What are the steps in the control process?
The steps in the control process are establishing standards for the operation to be controlled, measuring performance against the standards, examining and analyzing deviations, taking corrective action, and reappraising the standards based on experience. -
Why does internal control only provide reasonable assurance?
Internal control only provides reasonable assurance because any system of internal control has inherent limitations such as faulty human judgment, management override, collusion, and the cost of control exceeding its benefits. -
What are the characteristics of automated processing?
The characteristics of automated processing include a complete transaction trail, uniform processing of transactions, potential for errors and fraud, increased management supervision, and the initiation or subsequent execution of transactions by computer. -
What is the role of internal auditors in control according to Performance Standard 2130?
The internal audit activity must assist the organization in maintaining effective controls by evaluating their effectiveness and efficiency and promoting continuous improvement. -
What are preventive controls?
Preventive controls are designed to deter the occurrence of unwanted events, such as storing petty cash in a locked safe or using a lockbox system. -
Describe detective controls.
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What is the purpose of corrective controls?
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What are directive controls?
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Define compensatory controls.
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What are complementary controls?
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What is batch processing?
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Describe online, real-time processing.
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What are IT general controls?
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What are application controls?
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What are feedback controls?
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Define concurrent controls.
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What are feedforward controls?
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What are financial controls?
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What are operating controls?
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Differentiate between people-based and system-based controls.
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What is the purpose of a control matrix?
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What is the COSO Internal Control – Integrated Framework?
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What are the three classes of objectives in the COSO framework?
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What are the five components of internal control in the COSO framework?
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What is the control environment?
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What is risk assessment in the COSO framework?
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What are control activities?
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What is the importance of information and communication in internal control?
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What is the purpose of monitoring activities in internal control?
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Describe the CoCo model.
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What is COBIT?
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What are the five key principles of COBIT 5?
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What is VAL IT?
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What is the eSAC model?
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What are the IT business assurance objectives in the eSAC model?
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What is GAIT methodology?
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What are soft controls?
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How has technology affected the need for soft controls?
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What is control self-assessment (CSA)?
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How can hard and soft controls be associated with particular risks?
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What is the role of the internal audit activity in promoting continuous improvement of controls?
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What is the COSO models definition of internal control?
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What is the significance of the COSO components of internal control?
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How does the COSO framework address the safeguarding of assets?
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What is the role of the board in the COSO control environment?
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How does the COSO framework address risk assessment?
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What is the importance of information and communication in the COSO framework?
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How does the COSO framework address monitoring activities?
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What is the relationship between objectives, components, and organizational structure in the COSO model?
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What is the purpose of the CoCo model?
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What is the focus of COBIT 5?
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How does VAL IT complement COBIT?
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What are the key principles of COBIT 5?
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What are the objectives of the eSAC model?
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How does GAIT methodology relate to IT general controls?
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What are the four principles of GAIT methodology?
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How do soft controls differ from hard controls?
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What is the impact of technology on control systems?
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How can control self-assessment (CSA) be used in auditing?
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What is the significance of the COSO framework for internal control?
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How do the components of the COSO framework support organizational objectives?
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