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Text book: Internal Auditing: Assurance & Advisory Services, Fourth Edition

Chapter 3 : Governance

REVIEW QUESTIONS Why are there arrows flowing in both divections the different elements of governance & What rale does the internal audit function play in depicted in exhibit 3-2 9. In addition to the internal audit function, what assuranee to the board or senior management? 10. What are the three lines of defense in the Three . What is the OECD's definition of corporate other internal functions may provide indlependent What is the difference between the two areas of governance depicted in exhibit 3-3 s. Lines of Defense mode? What is The IIA's definition of governance? How does this definition relate to the figure in exhibit 1. What is a combined assurance model? Why do some organizations use such models? a key U.S. regulations that have been in response to adverse business events? 12 What are some s What are the three different types of stakeholders that the board must understand? Give examples of each type. What types of outeomes might a board need to consider to understand stakeholders' expectations? 6. In governance, what are the key responsibilities a. The board of directors? b. Senior management? e. Risk owners? 7. GOVERNANCE 3-21 Scanned by CamScanner

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