What would be the effect if an organization paid one of its liabilities twice during the year, in error?

What would be the effect if an organization paid one of its liabilities twice during the year, in error?A . Assets, liabilities, and owners' equity would be understated.B . Assets, net income, and owners’ equity would be unaffectedC . Assets and liabilities would be understated.D . Assets, net income, and...

September 16, 2024 No Comments READ MORE +

According to Herzberg’s Two-Factor Theory of Motivation, which of the following factors are mentioned most often by satisfied employees9

According to Herzberg’s Two-Factor Theory of Motivation, which of the following factors are mentioned most often by satisfied employees9A . Salary and status.B . Responsibility and advancementC . Work conditions and security.D . Peer relationships and personal lifeView AnswerAnswer: B Explanation: Herzberg's Two-Factor Theory, also known as the Motivation-Hygiene Theory,...

September 16, 2024 No Comments READ MORE +

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...

September 16, 2024 No Comments READ MORE +

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...

September 16, 2024 No Comments READ MORE +

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...

September 16, 2024 No Comments READ MORE +

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...

September 15, 2024 No Comments READ MORE +

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...

September 15, 2024 No Comments READ MORE +

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...

September 15, 2024 No Comments READ MORE +

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...

September 15, 2024 No Comments READ MORE +

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...

September 14, 2024 No Comments READ MORE +