Exam IIA-CIA-Part3 topic 1 question 99 discussion

Actual exam question from IIA's IIA-CIA-Part3

Question #: 99
Topic #: 1

[All IIA-CIA-Part3 Questions]

Which of the following is true regarding the COSO enterprise risk management framework?

A. The framework categorizes an organization's objectives to distinct, non overlapping objectives.
B. Control environment is one of the framework's eight components.
C. The framework facilitates effective risk management, even if objectives have not been established.
D. The framework integrates with, but is not dependent upon, the corresponding internal control framework.

Show Suggested Answer

Suggested Answer: D 🗳️

by Domiii at Jan. 9, 2024, 8:57 p.m.

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emtofid

1 day, 15 hours ago

Selected Answer: D

The COSO Enterprise Risk Management (ERM) framework is designed to integrate risk management into the broader business strategy and processes of an organization. It works in conjunction with the COSO Internal Control—Integrated Framework but operates independently in its focus on managing risk and achieving objectives.

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Mariecia

2 months, 1 week ago

There are only 5 components in the COSO framework

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Domiii

1 year ago

Selected Answer: B

D. The framework integrates with, but is not dependent upon, the corresponding internal control framework. This statement is not true. The COSO enterprise risk management framework is closely related to the COSO internal control framework. The two frameworks are designed to be integrated, with the risk management framework building upon the internal control framework. The risk management framework expands on the internal control framework's concepts and provides additional guidance for managing risks effectively.

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Elvin

10 months, 2 weeks ago

This makes sense however, I think the question is old. I believe we only have 5 interrelated components now in COSO.