CIG Governance & Internal Controls

Question 1

What is the main purpose of internal controls?

Accepted Answer

Protect assets and ensure compliance

Answer

Ignore risks

Answer

Increase errors

Answer

Delay processes

Question 2

Who is responsible for governance in an organization?

Accepted Answer

Board and senior management

Answer

Employees only

Answer

Customers

Answer

External auditors

Question 3

What is segregation of duties?

Accepted Answer

Divide tasks among individuals

Answer

One person handles all tasks

Answer

Ignore responsibilities

Answer

Delay approvals

Question 4

Why is risk assessment important in governance?

Accepted Answer

Identify and manage risks

Answer

Ignore risks

Answer

Increase vulnerabilities

Answer

Delay decisions

Question 5

What is the role of internal audit in governance?

Accepted Answer

Assess and improve controls

Answer

Ignore control weaknesses

Answer

Manage operations

Answer

Approve budgets

Question 6

Which of the following is a preventive control?

Accepted Answer

Access restrictions

Answer

Reconciliations

Answer

Audit reviews

Answer

Error detection

Question 7

What is the tone at the top?

Accepted Answer

Leadership setting ethical example

Answer

Ignoring ethics

Answer

Avoiding responsibility

Answer

Delegating ethics

Question 8

Why is documentation important in internal controls?

Accepted Answer

Provide evidence and facilitate audits

Answer

Ignore controls

Answer

Reduce accountability

Answer

Delay reviews

Question 9

How can technology support governance and controls?

Accepted Answer

Automate and monitor processes

Answer

Ignore controls

Answer

Increase manual errors

Answer

Reduce transparency