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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 most accurately describes the role of the board when it comes to organizational governance?
Which of the following most accurately describes the role of the board when it comes to organizational governance?A . Responsibility for outcome of the process. B. Responsibility to be involved in management of the organization. C. Responsibility to determine who is accountable for outcomes. D. Responsibility to identify risks in...
According to the Standards, which of the following would the auditor include in the risk register?
An internal auditor is updating the risk register for risks identified during a recent organizational risk assessment. According to the Standards, which of the following would the auditor include in the risk register?A . Management’s acceptance of inadequate controls for cybersecurity risk. B. Discussions with senior management relating to a...
Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?
Which of the following actions should the internal audit activity take during an audit engagement when examining the effectiveness of risk management processes?A . Evaluate how the organization manages fraud risk. B. Establish procedures for improving risk management processes. C. Ensure risk responses are aligned with industry standards. D. Verify...
Who is responsible for ensuring internal auditors’ continuing professional development?
Who is responsible for ensuring internal auditors’ continuing professional development?A . Individual internal auditors. B. Chief audit executive. C. The board. D. Engagement supervisors.View AnswerAnswer: B
Which of the following is the source of authority for the engagement supervisor to make such contact outside the organization?
An engagement supervisor obtains facilities maintenance reports from a contractor during an audit of third-party services. Which of the following is the source of authority for the engagement supervisor to make such contact outside the organization?A . The policies and procedures of the internal audit activity. B. The provisions of...
Identify and mitigate risks to help meet the CSR program objectives.
Identify and mitigate risks to help meet the CSR program objectives.A . 1,2, and 3, B. 1 2, and 4. C. 1, 3, and 4. D. 2, 3, and 4.View AnswerAnswer: A
Which of the following situations is most likely to heighten an internal auditor's professional skepticism regarding potential fraud?
Which of the following situations is most likely to heighten an internal auditor's professional skepticism regarding potential fraud?A . A procurement manager does not have the expected academic credentials for his position. B. A salesperson frequently complains about the organization's policy on sales commissions. C. The accounts payable supervisor has...
Which of the following skills did the auditor demonstrate?
During an assurance engagement, an internal auditor uses benchmarking research to support preparation of a report to stakeholders that contains significant findings about control deficiencies. Which of the following skills did the auditor demonstrate?A . Internal audit management. B. Conflict negotiation. C. Critical thinking. D. Persuasion and collaboration.View AnswerAnswer: C
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care? A description of their job responsibilities,A . A non-disclosure agreement. B. An annual declaration of commitment to C. The IIA s Code of Ethics. D. The internal audit...
