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Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?
Which of the following offers the feast evidence that the internal audit activity has achieved organizational independence?A . An independent third party has assessed the organization's system of internal controls to be adequate and effective. B. The chief audit executive reports both functionally and administratively to the CEO. C. The...
Which of the following describes a primary responsibility for the internal audit activity in helping management maintain effective controls?
Which of the following describes a primary responsibility for the internal audit activity in helping management maintain effective controls?A . Promoting continuous evaluation B. Promoting continuous monitoring C. Promoting continuous improvement D. Promoting continuous reportingView AnswerAnswer: A
According to HA guidance, which of the following is true regarding independence and objectivity for small internal audit activities?
According to HA guidance, which of the following is true regarding independence and objectivity for small internal audit activities?A . The chief audit executive (CAE) may consider including a disclaimer on independence in audit reports. B. The CAE may consider greater involvement of those with suitable knowledge of audit practice....
Given this situation, which skills or competencies should this internal auditor seek to improve?
During an audit of company expenses, the internal auditor performed a test using data analytics and identified a violation of the company's expenses policy. The auditor who discovered the issue considered it a potential fraudulent transaction and informed the chief financial officer (CFO). The CFO dismissed the concern because he...
Which of the following items related to the quality assurance and improvement program should the chief audit executive report to the board?
Which of the following items related to the quality assurance and improvement program should the chief audit executive report to the board?A . Ongoing monitoring results B. Periodic management assessment results C. Annual risk assessment results D. Internal auditors' training evaluation resultsView AnswerAnswer: C
Which of the described findings requires more consideration from a fraud risk perspective?
An internal auditor notes that inventory counts are conducted on Mondays only and that all documentation is on paper as there are no computers in the underground warehouses. Also she notices that the person responsible for receiving the goods is the same one who distributes materials and spare parts Finally,...
According to the Standards, in today's technology and business environments, how much computer and information systems-related knowledge and skills must an internal auditor have to be effective in fulfilling his job responsibilities?
According to the Standards, in today's technology and business environments, how much computer and information systems-related knowledge and skills must an internal auditor have to be effective in fulfilling his job responsibilities?A . Auditors must have an IT specialty in at least one of their organization's key information technology systems....
Which of the following is an indicator that the organization s risk management process is effective?
Which of the following is an indicator that the organization s risk management process is effective?A . The organization s risk appetite mission, and objectives are dearly outlined. B. The organization s risk management practices are assessed as mature. C. The organization has adopted risk management frameworks and global models....
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?
According to The IIA's Competency Framework, which competency is considered the mandatory minimum for internal auditors to possess when performing internal audit engagements?A . To recognize red flags that indicate fraud. B. To recommend controls to prevent fraud. C. To apply forensic auditing techniques to detect fraud. D. To evaluate...
Which of the following conclusions confirms that the internal audit activity is in conformance with the Standards'?
An external assessment was performed as part of the organization's quality assurance and improvement program. Which of the following conclusions confirms that the internal audit activity is in conformance with the Standards'?A . The chief audit executive is well qualified and has responsibilities over operational areas that the internal audit...
