Governance, Risk, and Control Knowledge Elements
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This document discusses key concepts in governance, risk management, and internal controls including: - The role of internal auditing in evaluating risk management and governance processes - Components of enterprise risk management and the COSO framework - Types of internal controls and the responsibility of management and auditors - Governance structures and the role of internal auditing in ensuring effective governance
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Governance, Risk, and Control Knowledge Elements
- 1. Governance, risk, and Control Knowledge Elements IyadMourtada, CIA, CMA, CFE www.OpenThinkingAcademy.com
- 2. Internal Auditing “Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control, and governance processes. ” The Institute of Internal Auditors
- 4. RiskThe possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.
- 7. Implemented by Operation Management
- 8. Evaluated by Internal Audit Activity
- 11. Implemented by Operation Management
- 12. Evaluated by Internal Audit Activity
- 14. Control 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. Management plans, organizes, and directs the performance of sufficient actions to provide reasonable assurance that objectives and goals will be achieved.
- 15. COSO (Committee of Sponsoring Organizations)
- 17. Management’s philosophy and operating style.
- 19. Assignment of authority and responsibility.
- 20. Human resource policies and practices.
- 22. Reliability of financial reporting
- 25. Responsibility Core internal auditing roles in regard to ERM • Giving assurance on risk management processes. • Giving assurance that risks are correctly evaluated. • Evaluating risk management processes. • Evaluating the reporting of key risks. • Reviewing the management of key risks.
- 27. Which of the following is generally considered one of the main reasons why internal auditors evaluate the effectiveness of their company's internal control structure? To determine whether all risks and exposures of the company have been either reduced or eliminated. To determine whether the established internal controls are functioning as intended by management. To determine the extent of reliance the internal auditors can place on the controls in the process of evaluating the financial statements. To reduce the amount of detailed testing for their external auditors.
- 28. Which of the following is generally considered one of the main reasons why internal auditors evaluate the effectiveness of their company's internal control structure? To determine whether all risks and exposures of the company have been either reduced or eliminated. To determine whether the established internal controls are functioning as intended by management. To determine the extent of reliance the internal auditors can place on the controls in the process of evaluating the financial statements. To reduce the amount of detailed testing for their external auditors.
- 30. Surveys
- 32. Internal auditing roles in regard to Governance Improving the governance process in its accomplishment of the following objectives (IIA Standard 2130): Promoting appropriate ethics and values within the organization Ensuring effective organizational performance management and accountability Effectively communicating risk and control information to appropriate areas of the organization Effectively coordinating the activities of and communicating information among the board, external and internal auditors, and management Evaluate the design, implementation, and effectiveness of the organization’s ethics-related objectives, programs, and activities
- 35. avoid payment or loss of services
- 37. Which of the following represents the best governance structure?
- 38. IyadMourtada, CMA, CIA, CFE, CPLP, M.A. iyad.mourtada@gmail.com http://ae.linkedin.com/in/iyadmourtada http://twitter.com/iyadmourtada http://www.youtube.com/Iyadmourtada http://www.iyadmourtada.com http://www.facebook.com/iyad.mourtada iyadmourtada www.openthinkingacademy.com
Notas del editor
- Comprehensive Textbooks The textbooks contain comprehensive outline summaries of all subjects tested on the CIA examination. The textbooks are designed in a way that follows and covers exactly the examination outline posted by the Institute of Internal Auditors (IIA). There are 4 different books, and each of them covers one of the 4 different parts of the CIA examination. PrepReview SoftwareIncludes preparation sessions, test sessions and exam sessions; User-friendly format allowing users to pick their topics, work on specific lessons, or to take simulated exams.Answers to questions accompanied by a detailed solution that explains the reason behind the answer. Compiles and saves statistics on performanceIncludes over 3300 multiple-choice questionsGives the candidate a better feel of the examinationConnects to a website where the candidate can download extra added practice questions.Participants GuideHandouts include all the slides present on the in-class presentation used by the instructors to present the material. It makes it easier for the candidates to follow the instructors and take notes. There would be no need to waste their times and attention to copy what is presented to them. All they need to do is follow the instructors and take some extra notes based on the explained material.In-class presentationA PowerPoint Presentations was carefully designed, based on the textbooks and the important material covered in the CIA examination. These presentations are to be used by the instructors, in class, as a mean of support with the teaching methodology. They make it easier for the instructors to explain the material appropriately as well as manage his/her time allocated for a particular lecture.Four presentations were developed for all 4 parts of the CIA examination, and they have been divided into lectures.eFlashcardsMake it easy and convenient to commit to memory the most important principles and rules tested on each section of the CIA Exam. They are a simple, effective and interactive tool for memorizing important material. Tuition-free continuing help (TFCH) PRC’s TFCH is available to you if you fulfill PRCs preparation requirements but do not pass the CIA Exam. TFCH gives you the opportunity to repeat the course tuition free.