RCC RCC Compliance Auditing and Monitoring 3

Question 1

Which standard provides a widely recognized framework for internal audit quality assurance in the US?

Accepted Answer

The IIA International Standards for the Professional Practice of Internal Auditing

Answer

ISO 9001

Answer

COSO ERM

Answer

NIST CSF

Question 2

When a compliance officer uses a 'heat map' during monitoring activities, they are primarily:

Accepted Answer

Visually representing the likelihood and impact of compliance risks

Answer

Tracking temperature in server rooms

Answer

Mapping physical office locations

Answer

Charting employee attendance patterns

Question 3

The Three Lines of Defense model assigns compliance monitoring responsibility PRIMARILY to which line?

Accepted Answer

Second line (compliance and risk functions)

Answer

First line (business operations)

Answer

Third line (internal audit)

Answer

Fourth line (external regulators)

Question 4

What is a 'compliance dashboard' MOST commonly used for?

Accepted Answer

Providing real-time or periodic visibility into key compliance metrics

Answer

Storing regulatory text for employee reference

Answer

Replacing the annual compliance report to the board

Answer

Automating regulatory filing submissions

Question 5

Which scenario BEST illustrates a 'detective' compliance control?

Accepted Answer

Running a monthly report that flags transactions above a dollar threshold

Answer

Requiring dual approval before a transaction is processed

Answer

Training employees before they gain system access

Answer

Restricting access to sensitive data by job role

Question 6

When setting a monitoring frequency for a compliance control, the MOST important factor is:

Accepted Answer

The level of inherent risk associated with the process being monitored

Answer

The availability of the compliance officer

Answer

The cost of the monitoring activity

Answer

The preferences of department managers