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ARM 400 EXAM QUESTIONS AND ANSWERS 2024 $15.49   Add to cart

Exam (elaborations)

ARM 400 EXAM QUESTIONS AND ANSWERS 2024

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  • ARM 400
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  • ARM 400

ARM 400 EXAM QUESTIONS AND ANSWERS 2024

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  • August 26, 2024
  • 32
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • ARM 400
  • ARM 400
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Teacher101
ARM 400 EXAM
what is the ISO 9000 focused on - ANSWERS-quality management including
regulatory requirements



what does ISO 27000 focus on - ANSWERS-information security management
systems



what are the IIA standards - ANSWERS-the standards audits must meet to ensure
their responsibilities are met



what are attribute standards - ANSWERS-a standard defining the attributes of
organizations and individuals performing internal auditing



what are performance standards - ANSWERS-a standard defining the nature of
internal auditing and providing quality criteria to measure against



what is a risk based auditing system - ANSWERS-auditing that prioritizes the use
of an organizations limited internal audit resources in the areas that pose the
greatest risk to the business



what is audit standard 5 - ANSWERS-it applies when an auditor is engaged to
audit management's assessment of the effectiveness of internal controls on
financial reporting

,what are entity-level controls - ANSWERS-the second level of a top down review
of internal controls



what are the 4 objectives of standard auditing 5 - ANSWERS-focus on the most
important matters

eliminate unnecessary audit procedures

match the audit scope to the size and risk of the enterprise

offer simplified implementation



what is the worst type of error to not report - ANSWERS-internal financial
reporting controls



collaboration between internal auditors and risk management is the basis for
what - ANSWERS-ERM



what are the 3 main factors driving the changes in contemporary business
practices - ANSWERS-senior managers and BoDs being held to higher standards

heightened expectations of various stakeholders of organizations

compliance programs



government regulatory policy ash moved from a _______ structure to a ______
structure - ANSWERS-rules based

principles based that emphasizes the end result

,what is a principles based regulation - ANSWERS-identifies the outcome that must
be achieved and then allows the regulated entities broad latitude to determine
how to achieve that



what is a rules based regulation - ANSWERS-the regulators define specific rules
that the entities must follow to achieve the specified outcome



regulatory arbitrage - ANSWERS-A practice whereby firms capitalize on loopholes
in regulatory systems between different countries in order to circumvent
unfavorable regulation



risk based regulation - ANSWERS-a RM approach to allocating resources to
address risks in a way that will achieve the greatest good



evidence based regulation - ANSWERS-an approach that collects and uses
objective performance data to set evaluate and improve policies



what are the Basel standards - ANSWERS-aim to strengthen the capital
requirements of banks to guard against financial risks



what does an effective compliance program include - ANSWERS-integrating risk
management and internal audit functions instead of siloing them out



the 4 main objectives of a compliance program - ANSWERS-page 8.17

, The responsibility of these 4 departments:

HR

Internal Audit

Operations

Safety and Facilities - ANSWERS-Complying with employment law

oversight of financial compliance

product safety and environmental control

employee health and safety



risk based regulation and evidence based regulation are tied to what type of
regulation - ANSWERS-principles based



Key resiliency traits of an organization - ANSWERS-a culture of openness and trust

imagine potential disruptions

clear company objectives

strong relationships with vendors and customers

valued employees



ways to achieve adaptability which in turn equals longevity - ANSWERS-identify
key assets that affect company operations

brainstorm with top mgt and rank-and-file employees to help create detailed
sketch of potential risks

make interim plans that can insulate your organization from sudden shocks

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