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Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization’s records.
Skimming involves stealing cash or assets from the organization and is normally concealed by adjusting the organization’s records. 4, Disbursement fraud occurs when a person causes the organization to issue a payment for fictitious goods or services.A . 1 and 3.B. B. 1 and 4. C. 2 and 3. D....
According to IIA guidance, which of the following statements is true regarding due professional care?
According to IIA guidance, which of the following statements is true regarding due professional care?A . Internal auditors must exercise due professional care to Insure that all significant risks will be identified, B. Internal auditors must apply the care and skill expected of a reasonably prudent and competent internal auditor...
Which of the following actions is a chief audit executive most likely to take in order to identify gaps in the internal audit activity’s knowledge, skills, and competencies?
Which of the following actions is a chief audit executive most likely to take in order to identify gaps in the internal audit activity’s knowledge, skills, and competencies?A . Complete a skills assessment of the internal audit activity based on. The IIA Global Internal Audit Competency Framework. B. Develop a...
A chief audit executive (CAE) has no direct access to the board. According to IIA guidance, which of the following is the most appropriate way for the CAE to react?
A chief audit executive (CAE) has no direct access to the board. According to IIA guidance, which of the following is the most appropriate way for the CAE to react?A . Ensure all subsequent audit reports include a disclaimer as to the lack of access to the board, B. Focus...
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?
In which scenario might it be considered problematic for the chief audit executive (CAE) to provide assurance services over the payroll function?A . The CAE previously undertook a consulting assignment in that area to improve processes, B. A couple of years ago, the CAE performed accounting functions for the payroll...
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 fraud. C. Interrogating a suspected fraudster D. Completing...
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?
Which of the following is the most appropriate way to ensure that a newly formed internal audit activity remains free from undue influence by management?A . Appoint the chief audit executive as a member of the board. B. Adopt written policies and procedures for the internal audit activity, approved by...
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?
In which of the following ways can a chief audit executive demonstrate to the board that the internal audit activity collectively possesses all of the skills needed to complete its annual goals?A . Involve board members in hiring activities and request advice. B. Require all internal audit staff to complete...
Which of the following best describes the risk contained in an initial public offering for a new stock?
Which of the following best describes the risk contained in an initial public offering for a new stock?A . Residual risk. B. Net risk. C. Inherent risk. D. Underlying risk.View AnswerAnswer: C
Which of the following scenarios would most significantly restrict the areas where interna! audit could perform assurance services?
Which of the following scenarios would most significantly restrict the areas where interna! audit could perform assurance services?A . Regulators mandate specific audit engagements to be included in the audit plan. B. The internal audit activity reports functionally to the chief financial officer C. The internal audit activity reports administratively...
