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Which of the following relates to the concept of due professional care?
Which of the following relates to the concept of due professional care?A . An auditor attempts to obtain information needed to complete an assurance engagement but is denied access. B. The appointment of the chief audit executive is ratified by the board. C. An auditor demonstrates a good understanding of...
What type of controls would the auditor likely recommend to management to specifically address this problem?
The internal auditor of a small manufacturer noted that the accounting department has insufficient staff to achieve proper segregation of duties. What type of controls would the auditor likely recommend to management to specifically address this problem?A . Entity-level. B. Preventive. C. Directive. D. Compensating.View AnswerAnswer: B
Which of the following situations is most likely to prompt the internal audit activity to disclose its nonconformance with the Standards?
Which of the following situations is most likely to prompt the internal audit activity to disclose its nonconformance with the Standards?A . One of the organization's senior internal auditors owns a side business, though to date, no sales have been made to this business. B. The annual internal audit plan...
Who has the ultimate responsibility of implementing the organization’s governance system?
Who has the ultimate responsibility of implementing the organization’s governance system?A . Stakeholders B. The board C. The chief executive officer D. Internal auditorsView AnswerAnswer: C
Which of the following would a chief audit executive most likely use to identify a need for improvement in a staff internal auditor's business acumen?
Which of the following would a chief audit executive most likely use to identify a need for improvement in a staff internal auditor's business acumen?A . A quality assessment review. B. An internal audit client survey. C. A control self-assessment. D. A peer review of the internal audit activity.View AnswerAnswer:...
What should the CAE recommend as the most appropriate course of action for the executive?
A senior executive at a government-owned organization received an invitation to attend a public exhibition where he can learn about new trucks relevant to the organization's business. As a special perk, the executive is offered an opportunity to drive a luxury vehicle manufactured by one of the exhibiting companies. Prior...
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?A . The scope and frequency of both internal and external quality assessments. B. The list of audit engagements that will be...
Which of the following would most likely be the next step?
The internal audit activity is responsible for conducting fraud investigations. A potential fraud instance was identified during an audit engagement. The chief audit executive appoints a lead investigator. Which of the following would most likely be the next step?A . Ask internal auditors to gather all relevant information and evidence....
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?A . The scope and frequency of both internal and external quality assessments. B. The list of audit engagements that will be...
Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?
The internal audit activity is undergoing a self-assessment as part of its quality assurance and improvement program. Which of the following observations must be addressed in order for the internal audit activity to achieve conformance with the Standards?A . The internal audit charter does not identify which audit services are...
