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According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?
According to IIA guidance, which of the following best describes the purpose of a planning memorandum for an audit engagement?A . It documents the audit steps and procedures to be performed.B . it documents preliminary information useful to the audit team.C . It documents events that could hinder the achievement...
According to IIA guidance, which of the following would be the best first step to manage risk when a third party is overseeing the organization’s network and data'?
According to IIA guidance, which of the following would be the best first step to manage risk when a third party is overseeing the organization’s network and data'?A . Creating a comprehensive reporting system for vendors to demonstrate their ongoing due diligence in network operations.B . Drafting a strong contract...
Identify and mitigate risks to help meet the CSR program objectives
Identify and mitigate risks to help meet the CSR program objectivesA . 1,2, and 3.B . 1.2. and 4.C . 1, 3, and 4.D . 2. 3. and 4.View AnswerAnswer: B Explanation: According to the Institute of Internal Auditors (IIA) guidance, internal audit activities can encompass several aspects of evaluating...
Organizations that adopt just-in-time purchasing systems often experience which of the following?
Organizations that adopt just-in-time purchasing systems often experience which of the following?A . A slight increase in carrying costs.B . A greater need for inspection of goods as the goods arriveC . A greater need for linkage with a vendors computerized order entry system.D . An Increase in the number...
If the chief audit executive (CAE) is uncertain that the current audit team has all the required knowledge to conduct the engagement, which of the following would be the most appropriate course of action for the CAE to take to preserve independence?
The audit plan requires a review of the testing procedures used in pre-production of a large information system prior to its live launch. If the chief audit executive (CAE) is uncertain that the current audit team has all the required knowledge to conduct the engagement, which of the following would...
Which of the following best demonstrates that the internal audit activity is using due professional care?
Which of the following best demonstrates that the internal audit activity is using due professional care?A . The internal audit activity reports directly to the board on the engagements it performs.B . Internal auditors undertake the necessary training to complete their audit work.C . The completion of engagements is based...
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?
Which requirement should the chief audit executive consider when communicating results of the quality assurance and improvement program to the board of a large organization?A . The internal assessment results should be discussed once every five yearsB . The rating conclusions and the impact from results of the external assessment...
Which of the following would be the most appropriate next step for the auditor?
While conducting an engagement in the procurement department, the internal auditor noticed that the department head’s travel reports showed minor travel expenses, and there were no charges for hotels, meals, or transportation However, the auditor knew that the department head frequently traveled worldwide to meet with suppliers and visit their...
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 annuallyC . CAE meets privately with the...
To assist the board in gaining a better understanding of the degree of ethics awareness within the organization, which of the following actions should be undertaken?
The board of directors of a global organization has found an increased number of reported cases of unethical practices since last year. To assist the board in gaining a better understanding of the degree of ethics awareness within the organization, which of the following actions should be undertaken?A . Request...
