CIA Changed IIA-CIA-Part2 Questions

Operational management, because they are responsible for the day-to-day management of the operational risks.

The CRO, because he is responsible for coordinating and project managing risk activities based on his specialized skills and knowledge.

The chief audit executive, although he is not accountable for risk management in the organization.

The CEO, because he has ultimate responsibility for ensuring that risks are managed within the agreed tolerance limits set by the board.

Ask the external auditor to review the same transaction again as an independent third party

Consult account accounting principles, standards, and relevant guidelines in regard to timing of the entry

Interview the chief financial officer and obtain her opinion on how the transactions should be recorded

Compare the recording of this transaction to now similar ones were executed last year

Interviews

Observations

Reperformance

Internal control questionnaires

Degree of effort and cost needed to correct the reported condition.

Complexity of the corrective action.

Impact that may result should the corrective action fail.

Amount of resources required to conduct the follow-up activities.