Certified Internal Auditor (CIA) Part 1: Business Acumen — Question 76

With regard to governance, which of the following is a board-level responsibility rather than a management responsibility?

Answer options

• A. Obtaining assurance on external financial, regulatory, and internal audits.
• B. Complying with laws, regulations, and codes.
• C. Assigning authority and responsibilities organizationwide.
• D. Monitoring and measuring performance.

Correct answer: B

Explanation

The correct answer is B because ensuring compliance with laws, regulations, and codes falls under the board's oversight responsibilities, while management typically handles the operational aspects. Options A, C, and D pertain more to management's role in executing and enforcing governance practices rather than the board's strategic oversight duties.