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Which of the following is not an objective of internal control?
Which of the following is not an objective of internal control?A . Compliance.B . Accuracy.C . Efficiency.D . Validation.View AnswerAnswer: D
Which of the following is an example of collusion?
Which of the following is an example of collusion?A . An employee includes a faked receipt in his expense claim, and the claim is signed by the employee's manager.B . A vendor inflates the price of an item and remits a portion of the excess to the purchasing manager.C ....
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?
Which of the following statements is true about The IIA Global Internal Audit Competency Framework?A . The core competencies outlined in the framework are not expected of a person undertaking an entry-level position as an internal auditor.B . The framework is designed to be used primarily by chief audit executives...
Which of the following is the most appropriate course of action for the CAE to take?
An internal auditor is reviewing the accounts receivable when she discovers account balances more than three years old. The auditor was previously supervising the area during this time, and she subsequently advises the chief audit executive (CAE) of a potential conflict. Which of the following is the most appropriate course...
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
According to IIA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?A . CAE reviews and approves the annual audit plan.B . CAE meets privately with The CEO at least annually.C . CAE meets privately with The...
Which of the following would be an element for the internal audit activity to consider?
An internal audit activity is using the auditing-by-element approach to audit the organization's controls around corporate social responsibility. Which of the following would be an element for the internal audit activity to consider?A . Working conditions.B . Employees' families.C . Marketplace competition.D . Shareholders and investors.View AnswerAnswer: B
Which of the following documents would be the least useful for the auditor to verify the finding?
An internal auditor in a small broadcasting organization was assigned to review the revenue collection process. The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?A...
Which of the following statements about a common risk language is true?
An organization is beginning to implement an enterprise risk management program. One of the first steps is to develop a common risk language. Which of the following statements about a common risk language is true?A . Management will be able to reduce inherent risk because they will have a better...
Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?
Which of the following documents is most appropriate in promoting the objectivity of the internal audit activity?A . Usage of IT system policy.B . Risk management framework.C . Acceptance of gifts policy.D . Personal responsibility policy.View AnswerAnswer: C
Which of the following competencies does the internal auditor exercise?
A headquarters-based internal auditor has been sent to a major overseas subsidiary to conduct various engagements. Initially, the internal auditor spends time to become familiar with local customs and organization's practices while embarking on the first engagement. Which of the following competencies does the internal auditor exercise?A . Communication.B ....
