Risk and Controls
This control principle ensures that no single employee has complete control over all aspects of a critical process.
What is segregation of duties?
This document outlines the scope, objectives, and timeline of an audit engagement.
What is the audit plan?
This group forms the second line of defense, providing oversight and support to ensure risk management frameworks are effective
What is the risk management and compliance function?
This social media platform, founded in 2004, changed the way people connect online.
What is Facebook?
The process of identifying, analyzing, and prioritizing risks to manage their impact effectively.
What is risk assessment
Internal auditors often follow these globally accepted guidelines to ensure consistency and quality in their work.
What are the International Standards for the Professional Practice of Internal Auditing (IIA Standards)?
The third line of defense provides independent assurance to ensure the first and second lines are functioning as intended.
What is internal audit?
This pop star’s hit song “Oops!… I Did It Again” was released in 2000 and became a defining track of her career.
Who is Britney Spears?
This strategy involves reducing the probability or impact of a risk by implementing preventive measures.
What is risk mitigation?
This section of an audit report highlights areas where controls are not operating effectively and improvements are needed.
What are findings, observations, or issues?
The first line of defense is typically composed of these roles within an organization.
What are operational managers and process owners?
The television show that featured a group of survivors on a mysterious island debuted in 2004.
What is Lost?
This type of control protects data during storage and transmission to prevent unauthorized access.
What is encryption?
After an audit, this process ensures that management has addressed and resolved identified issues.
Management Plans Reminders
In the 3LOD model, this line of defense ensures policies, frameworks, and controls are consistently applied across the organization.
What is the second line of defense?
This action film starring Matt Damon, about a spy with amnesia, was released in 2002 and spawned a successful franchise
What is The Bourne Identity?
This control activity involves continuous evaluation of internal processes to ensure they are effective.
What is monitoring?
This type of audit focuses on evaluating the efficiency and effectiveness of business processes.
What is Operational Audit?
This is the primary objective of the third line of defense in the 3LOD model.
What is providing independent assurance?
This smartphone, released in 2007, revolutionized the mobile industry.
What is the iPhone?