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Which of the following is applicable to both a job order cost system and a process cost system'?
Which of the following is applicable to both a job order cost system and a process cost system'?A . Total manufacturing costs are determined at the end of each period.B . Costs are summarized in a production cost report for each departmentC . Three manufacturing cost elements are tracked: direct...
Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
Which of the following activities Is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?A . Planning an engagement of the area in which fraud is suspected.B . Employing audit tests to detect fraudC . Interrogating a suspected fraudster.D . Completing...
Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?A . Workshops.B . Surveys.C . Interviews.D . Observation.View AnswerAnswer: B Explanation: Self-assessment of controls...
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?
Which of the following activities demonstrates an example of the chief audit executive performing residual risk assessment?A . Cost-benefit analysis of management not implementing a recommendation to address an observation.B . Inquiry of corrective action to be completed within a certain periodC . Reporting the status of every observation for...
This is an example of which of the following?
A manager has allowed a subordinate employee to have greater control and responsibility over the tasks that he performs. This is an example of which of the following?A . Job enlargementB . Job enrichmentC . Horizontal loading of the job.D . Job rotation.View AnswerAnswer: B Explanation: Job enrichment involves giving...
According to ISO 31000, which of the following statements is correct?
According to ISO 31000, which of the following statements is correct?A . The board is responsible for setting the organizational attitude through tone at the top.B . The internal audit activity will provide assurance over operating effectiveness but not over the design of risk management activitiesC . The internal audit...
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?
According to IIA guidance, which of the following describes the primary reason to implement environmental and social safeguards within an organization?A . To enable Triple Bottom Line reporting capability.B . To facilitate the conduct of risk assessmentC . To achieve and maintain sustainable development.D . To fulfill regulatory and compliance...
In an assurance engagement focused on the adequacy of organization wide risk management practices, which of the following best describes a primary area of interest for the engagement?
In an assurance engagement focused on the adequacy of organization wide risk management practices, which of the following best describes a primary area of interest for the engagement?A . The effectiveness of process-level and transaction-level controls.B . Conflicts of interest within the organizational structure of the senior management.C . The...
Which of the following describes the greatest benefit of using forensic auditing techniques in this scenario?
An internal auditor discovered fraud while performing an audit of an organization's procurement process. Which of the following describes the greatest benefit of using forensic auditing techniques in this scenario?A . Enhanced capability to prevent frauds from occurring.B . Greater assurance that procurement frauds will be detected in a timely...
Which of the following would be the most effective fraud prevention control?
Which of the following would be the most effective fraud prevention control?A . Email alert sent to management for checks issued over S100.000.B . installation of a video surveillance system in a warehouse prone to inventory lossC . New hire training to explain fraud and employee misconduct.D . Daily report...
