Question

REVIEW QUESTIONS 1. Why are there arrows flowing in both directions between the different elements of governance depicted in exhibit 3-2? 2. What is the OECD's definition of corporate governance? 3. What is the difference between the two areas of governance depicted in exhibit 3-3? 4. What is The IIA's definition of governance? How does this definition relate to the figure in exhibit 3-3? 5. What are the three different types of stakeholders that the board must understand? Give examples of each type. 6. What types of outcomes might a board need to consider to understand stakeholders' expectations? 7. In governance, what are the key responsibilities of: a. The board of directors? b. Senior management? c. Risk owners? 8. What role does the internal audit function play in governance? 9. In addition to the internal audit function, what other internal functions may provide independent assurance to the board or senior management? 10. What are the three lines of defense in the Three Lines of Defense model? 11. What is a combined assurance model? Why do some organizations use such models? 12. What are some key U.S. regulations that have been written in response to adverse business events? GOVERNANCE 3-21 Scanned by CamScanner

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

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

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