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Exam IIA-CIA-Part2 topic 4 question 47 discussion

Actual exam question from IIA's IIA-CIA-Part2
Question #: 47
Topic #: 4
[All IIA-CIA-Part2 Questions]

An organization has adopted an enterprise-wide risk management process and has appointed a chief risk officer (CRO) to manage the process. The board has requested that the audit committee have oversight over the risk management function. Which of the following statements is not true regarding this situation?

  • A. The audit committee should get assurance on the adequacy and effectiveness of the risk management process from the CRO.
  • B. The chief audit executive has the mandate to conduct risk assessments and give assurance to the audit committee.
  • C. The audit committee, on behalf of the board, has overall responsibility for the risk management process in the organization.
  • D. Senior management is accountable to the board for monitoring the system of internal controls.
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Suggested Answer: A 🗳️
by Tico at Feb. 12, 2021, 3:16 p.m.

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Elvoo
3 weeks ago
Selected Answer: C
In an organization with an enterprise-wide risk management process and a Chief Risk Officer (CRO) responsible for managing the process, the audit committee may have oversight responsibilities, but it does not have overall responsibility for the risk management process.
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Tico
5 months ago
I realized this is "which is NOT true" question. A is the correct answer because assurance is not provided by CRO.
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Tico
5 months ago
Why not D? assurance should be provided by IAA or other assurance providers...
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