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80 which of the following is least accurate in

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80. Which of the following is least accurate in describing the functions that serve as the threelines of defense in an organization?A.Functions that calculate and measure risk liability.B.Functions that oversee risks.C.Functions that provide independent assurance.D.Functions that own and manage risk.Answer (A) is correct.The calculation and measurement of risk liability is not one of the three lines of defense. According tothe IIA Position Paper, The Three Lines of Defense in Effective Risk Management and Control, the
three lines of defense include functions that (1) own and manage risk, (2) oversee risks, and (3) provideindependent assurance.B. Functions that oversee risks provide the second line of defense for effective management of risk andcontrol. These functions support the entity through specialized skills and typically may include variousrisk management, compliance, inspection, and financial control functions. Additionally, these functionsare typically responsible for the ongoing monitoring of control and risk.C. Functions that provide independent assurance provide the third line of defense for effectivemanagement of risk and control. The third line of defense provides assurance on the effectiveness ofgovernance, risk management, and internal controls, including the manner in which the first and secondlines of defense achieve risk management and control objectives.D. Functions that own and manage risk provide the first line of defense for effective management ofrisk and control. The first line of defense develops and implements control and risk managementprocesses; it also implements corrective actions to address process and control deficiencies.81. All of the following are true regarding the process and methods of coordinating assuranceactivities except
82. Criteria the CAE may consider in determining whether to rely on the work of another serviceprovider include all of the following except
In determining whether to rely on the work of another service provider, the CAE may consider
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Term
Spring
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Tags
Financial audit, internal auditor, chief audit executive

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