Advanced Risk Based Auditing MasterClass

What is risk based auditing?

• Auditing the key risks

• Auditing the things that really matter to your organisation

• Managing the risks within the audit process

• Helping management understand the key risks better

• All of the above

The risk based audit approach should start where?

• With controls

• With the risks

• With functional objectives

• Noone of the above

Which of the following is the best definition of risk?

• Certainty

• A surprise

• Uncertainty

• The unknown

Which of the following statements relating to risk appetite is the most appropriate?

• It is the same as residual risk

• How much risk an organization is willing to take

• The risk you have to take

• How much you want to eat

Which role of Internal Audit should not take according to the IIA standards?

• Detecting fraud

• Evaluating the potential for the occurrence of fraud

• Assessing how the organization manages the risk of fraud

• Investigating fraud

Which principle states that no single part of the business should be able to critically impact the whole organization?

• The Medical principle

• The Medium principle

• The Medici principle

• The Medicine principle

Which of the following is the ISO standard for Information Security Management?

• 9000

• 14000

• 27000

• 31000

• 45000

What is CSR?

• Corporate social responsibility

• Customer satisfaction research

• Customer service responsibility

• Corporate skills research

What is a target risk?

• The risk you are forced to take by the regulators

• The risk you are happy to keep

• The risk remaining after applying controls

• The same as residual risk

What of these statements is NOT a reputation risk?

• Events which can damage an organisation’s image

• Loss of goodwill

• Loss of key customers due to a crisis

• A risk which cannot be insured

• Damage to profitability due to economic uncertainty