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If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?
If the skills and competencies are not present within the internal audit activity to complete an ad-hoc assurance engagement, which of the following is an acceptable resolution?A . Politely decline the engagement due to a lack of qualified staff available at the time. B. Complete the engagement as requested, with...
According to HA guidance, which of the following is important for a successful mentorship program?
An internal audit activity is taking steps to promote professional development among the staff, and is in the process of implementing a mentorship program. According to HA guidance, which of the following is important for a successful mentorship program?A . It is best if the mentor is the chief audit...
When the chief audit executive Is responsible for risk management in an organization, which of the following parties is responsible for overseeing the internal audit activity's assurance over risk management?
When the chief audit executive Is responsible for risk management in an organization, which of the following parties is responsible for overseeing the internal audit activity's assurance over risk management?A . The chief audit executive. B. A member of the compliance function. C. A party outside of the internal audit...
According to IIA guidance, which of the following statements is true regarding consulting engagements performed by the internal audit activity?
According to IIA guidance, which of the following statements is true regarding consulting engagements performed by the internal audit activity?A . Consulting engagements typically involve four or five parties: the internal audit activity, engagement client, senior management, board, and sometimes the external auditor. B. The scope of a consulting engagement...
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?
Which of the following written documents typically offers the best evidence that internal auditors exercise due professional care in conformance with the Standards?A . Internal audit charter. B. Workpaper. C. Audit report. D. Code of ethics.View AnswerAnswer: B
Which of the following controls would be most useful to prevent an employee from using the organization's funds for inappropriate expenditures and falsifying financial records to conceal the fraud?
Which of the following controls would be most useful to prevent an employee from using the organization's funds for inappropriate expenditures and falsifying financial records to conceal the fraud?A . Segregating duties in the payroll processes. B. Confirming receipt of goods or services. C. Performing background checks on newly hired...
Which of the following statements is the most appropriate for a chief audit executive to include in the internal audit policy manual in order to promote objectivity?
Which of the following statements is the most appropriate for a chief audit executive to include in the internal audit policy manual in order to promote objectivity?A . Internal auditors may conduct a financial effectiveness engagement in a business unit at any point after being transferred from that area. B....
Which of the following would be the most effective preventative control to reduce these losses?
During an audit engagement of a large retail store, internal auditors noted significant discrepancies between available inventory and sales and suspect an abuse of cash register refunds and voids. Which of the following would be the most effective preventative control to reduce these losses?A . Ensure that returned merchandise is...
Which of the following actions is most appropriate for the CAE to take?
The chief audit executive (CAE) has hired a new internal auditor who was immediately assigned to a procurement function audit. Because the new auditor's name is similar to that of the procurement manager, some staff members think the two are related, although they are not. Which of the following actions...
Review the professional development plans of internal audit staff to ensure all are competent to assess the organization's risk assessment activity.
Review the professional development plans of internal audit staff to ensure all are competent to assess the organization's risk assessment activity.A . 1 and 2 only. B. 1.2, and 3 only. C. 1.3. and 4 only. D. 3 and 4 only.View AnswerAnswer: C
