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Corporate Governance and Internal Audit Functions

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Corporate Governance and Internal Audit Functions

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Questions and Answers

What is the primary role of the first and second lines of management according to the text?

Ensuring alignment of organizational objectives with stakeholders' interests

Assuring adequacy and effectiveness of governance

Managing risk and achieving organizational objectives (correct)

Establishing the internal audit function

Which function is responsible for assuring the adequacy and effectiveness of governance and risk management?

Stakeholders

Management

Internal Audit (correct)

Governing body

What is the main responsibility of the governing body as per the text?

Ensuring alignment of organizational objectives with stakeholders' interests (correct)

Achieving organizational objectives

Establishing the internal audit function

Managing risk

What is a key function of the internal audit as mentioned in the text?

Assuring adequacy and effectiveness of governance Signup and view all the answers

Which group is primarily responsible for establishing the internal audit function?

Governing body Signup and view all the answers

What is a core responsibility of the management's first and second lines according to the text?

Managing risk Signup and view all the answers

What is the main focus of the governing body in the Three Lines Model?

Establishing the internal audit function Signup and view all the answers

Which line in the Three Lines Model is primarily responsible for managing risks?

First Line (Management) Signup and view all the answers

What is the primary function of the Internal Audit in the Three Lines Model?

Delivering assurance on governance and risk management Signup and view all the answers

Corporate Governance and Internal Audit Functions

Choose a study mode

Podcast

Questions and Answers

What is the primary role of the first and second lines of management according to the text?

Which function is responsible for assuring the adequacy and effectiveness of governance and risk management?

What is the main responsibility of the governing body as per the text?

What is a key function of the internal audit as mentioned in the text?

Which group is primarily responsible for establishing the internal audit function?

What is a core responsibility of the management's first and second lines according to the text?

What is the main focus of the governing body in the Three Lines Model?

Which line in the Three Lines Model is primarily responsible for managing risks?

What is the primary function of the Internal Audit in the Three Lines Model?

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