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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 statements is true regarding electronic funds transfer (EFT)?
Which of the following statements is true regarding electronic funds transfer (EFT)?A . EFT is a popular mechanism for improving efficiency, but results in less internal control. B. EFT significantly reduces the risk of fraud by eliminating the need for authorizations. C. EFT eliminates payment delays due mostly to the...
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 statements best demonstrates application of due professional care during an assurance engagement?
Which of the following statements best demonstrates application of due professional care during an assurance engagement?A . The engagement detected irregularities and noncompliance instances. B. The engagement supervisor had no significant comments in the supervisory review. C. The audit procedures were systematically planned, executed, and documented. D. The engagement objectives...
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?
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...
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 years, B. The rating conclusions and the impact from results of the external assessment...
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 needs to be established prior to undertaking an assessment of the quality assurance and improvement program?
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?A . Department performance standards. B. Remediation timeframes. C. Nonconformance disclosures. D. External assessment resourcesView AnswerAnswer: D
Operational management in the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings. This activity is designed to prevent which of the following conditions?
Operational management in the IT department has developed key performance indicator reports, which are reviewed in detail during monthly staff meetings. This activity is designed to prevent which of the following conditions?A . Knowledge/skills gap, B. Monitoring gap. C. Accountability/reward failure, D. Communication failure.View AnswerAnswer: B
be included in the charter?
The chief audit executive (CAE) of a new internal audit activity is creating an internal audit charter According to IIA guidance, which of the following terms is most likely to be included in the charter?A . Senior management will be present whenever the CAE interacts with the board, to ensure...
