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Questions and Answers
What should an auditor do with discrepancies in compliance?
What can exceptions and noncompliances signal according to the text?
Why should an auditor seek evidence of compliance achievement?
What is the purpose of concern reporting in risk identification?
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How are confirmed risks evaluated after being reported?
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What may happen to major risks identified in the organization?
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What does a top-level risk committee do in a conglomerate?
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How can a risk auditor gain valuable insight into risk discussions?
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What is the relationship between good governance and security practices according to the text?
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Study Notes
Auditing and Compliance
- An auditor should investigate and report discrepancies in compliance to identify root causes and recommend corrective actions.
Exceptions and Noncompliances
- Exceptions and noncompliances can signal underlying control weaknesses, systemic failures, or intentional misconduct.
Evidence of Compliance Achievement
- An auditor should seek evidence of compliance achievement to verify that stated policies and procedures are being followed.
Concern Reporting and Risk Identification
- The purpose of concern reporting in risk identification is to identify potential risks that may impact the organization.
Risk Evaluation
- Confirmed risks are evaluated after being reported to assess their likelihood, impact, and potential consequences.
Major Risks
- Major risks identified in the organization may be escalated to senior management or the board of directors for review and remediation.
Top-Level Risk Committee
- A top-level risk committee in a conglomerate oversees risk management across the organization, providing strategic guidance and direction.
Risk Discussions
- A risk auditor can gain valuable insight into risk discussions by attending risk management meetings, reviewing risk reports, and interviewing risk owners.
Good Governance and Security Practices
- Good governance and security practices are interrelated, as effective governance helps to ensure that security practices are robust and aligned with organizational objectives.
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Description
Learn about core practices for risk identification in organizations, including concern reporting and evaluation by competent individuals. Discover how confirmed risks are logged in databases and reported to risk owners and committees.
