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The Committee of Sponsoring Organisations (COSO) outlined six key principles of Enterprise Risk Management (ERM).

Which of the following are COSO key principles?

  • A. Consideration of risk management in the context of business strategy.
  • B. Consideration of the main risk only which is financial risk.
  • C. Risk management is the responsibility of the risk committee.
  • D. A comprehensive and holistic approach to risk management.
  • E. The creation of a risk aware culture.

Answer: A,D,E


Which THREE of the following form part of the role of Internal Audit?

  • A. Monitoring the effectiveness of controls implemented by operational management
  • B. Providing training to operational management on the identification of risk
  • C. Carrying out special investigations of risk.
  • D. Working with operational management teams to help identify risks to the business.
  • E. Implementing internal controls which address the key business risks identified by the risk management team
  • F. Working with operational management teams to devise new controls to help minimise risk to the business.

Answer: A,B,D


Systems Development Lifecycle (SDLC) is used to manage risk within the development of new computer systems.

Which THREE of the following are appropriate controls to manage risk within the SDLC Process?

  • A. The Post Completion Review should take place immediately after the implementation while all the facts are still fresh in everyone's minds.
  • B. When developing the new system, the developers must follow defined programming standards and carry out component test to specified test harness outputs.
  • C. When doing the analysis for the new system particular care should be taken over the data specification, transformation and manipulation, ensuring that expected outputs are defined and that such output meets the needs and expectations of the business users.
  • D. When designing the new system, controls must be put in place to ensure that all the functionalities of the old system are replicated.
  • E. When the implementation of the new system is taking place, parallel running must be undertaken to ensure the output for the new system exactly matches that from the old system.
  • F. When planning the new system, a clear business case must be approved specifying functionality, data transformation, expected costs and benefits.

Answer: B,C,F


H has a floating rate loan that it wishes to replace with a fixed rate. The cost of the existing loan is LIBOR +

4%. H would have to pay a fixed rate of 8% on a fixed rate loan. H's bank has found a potential counterparty for a swap arrangement.

The counterparty wishes to raise a variable rate loan. It would pay LIBOR + 1% on a variable rate loan and

9% on a fixed rate.

The bank will require 10% of the savings from the swap and H and the counterparty will share the remaining saving equally.

Calculate H's effective rate of interest from this swap arrangement.

  • A. H would pay Libor + 1%
  • B. H would pay 6.2%
  • C. H would pay 6%
  • D. H would pay 6.4%

Answer: B


An internal auditor has just completed an investigation into human resource (HR) procedures in the Springtown branch of IUY The Springtown branch is too small to have its own full-time HR staff All HR work is undertaken by the Branch Manager, assisted by the Branch Administrator The internal auditor has discovered a number of problems with branch HR records. These are due to a misunderstanding of the regulations by the Branch Manager and the Branch Administrator, neither of whom has any specific HR training The Branch Manager has asked that the problems be omitted from the internal audit report because they were due to a lack of training and will be rectified immediately Which TWO of the following actions should the internal auditor take with regard to the audit report on the Springtown Branch?

  • A. Include the Branch Manager's claim that the HR problems are due to a lack of HR training in the report
  • B. Expand the report to develop it into a description of lUY's HR procedures, but tailored to the needs of the Springtown Branch.
  • C. Document the changes that are required at the branch in the audit report and set a time for a return visit to review the changes
  • D. Describe the problems encountered at the branch in detail and recommend that disciplinary action be taken against the Branch Manager.
  • E. Omit the problems from the report, but recommend that the Branch Manager and Branch Administrator should both receive HR training

Answer: A,C