IIA IIA Certifications IIA-CFSA Questions & Answers

• Question 481:

  Enterprise risk management encompasses all EXCEPT:

  A. Aligning risk appetite and strategy

  B. Enhancing risk responsibilities and decisions

  C. Increasing Operational Surprises

  D. Seizing Opportunities

  Correct Answer: C

• Question 482:

  Organization's Objectives are described in three general categories:

  A. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external reporting

  B. Effectiveness of operations, Efficiency of strategic plans, Reliability of internal and external reporting, compliance with applicable laws and regulations

  C. Effectiveness and Efficiency of operations, Compliance with applicable laws and regulations, Monitoring and management control system

  D. Effectiveness and Efficiency of operations, Reliability of internal and external reporting, Compliance with applicable laws and regulations

  Correct Answer: D

• Question 483:

  Five internal control components are:

  A. Control environment, Risk assessment, Control activities, Information and communication and Monitoring

  B. Control environment, Risk assessment, and Operational control, Information and communication and Monitoring

  C. Control environment, Risk Prioritization, Control activities, Information and communication and Monitoring

  D. Control environment, Risk Prioritization, Control activities, Information and communication and Monitoring

  Correct Answer: A

• Question 484:

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

  A. Timely

  B. Implicitly

  C. Professionally

  D. Explicitly

  Correct Answer: D

• Question 485:

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

  A. Risk Identification

  B. Risk Measurement

  C. Risk Management Process

  D. Risk Prioritization

  Correct Answer: C

• Question 486:

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

  A. Reasonable Assurance

  B. Internal Control System

  C. Risk Management

  D. Compliance Control

  Correct Answer: B

• Question 487:

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

  A. 2.25 or less

  B. 2.75 or less

  C. 2.00 or less

  D. 3.25 or less

  Correct Answer: A

• Question 488:

  Risks inherent in the management process are known as:

  A. Residual risks

  B. Long-term risks

  C. Control risks

  D. Strategic risks

  Correct Answer: C

• Question 489:

  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:

  A. Timely decisions

  B. Flexible/ Adaptive plans and processes

  C. Periodic risk assessments

  D. Focusing on current period organizational activity

  Correct Answer: B

• Question 490:

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

  A. 3.75 or more

  B. 3.25 or more

  C. 4.25 or more

  D. 4.00 or more

  Correct Answer: C