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Identify and mitigate risks to help meet the CSR program objectives.
Identify and mitigate risks to help meet the CSR program objectives.A . 1,2, and 3, B. 1 2, and 4. C. 1, 3, and 4. D. 2, 3, and 4.View AnswerAnswer: A
What is the best course of action when the internal audit activity does not have the knowledge necessary to perform a planned audit of the organization's new IT data backup process?
What is the best course of action when the internal audit activity does not have the knowledge necessary to perform a planned audit of the organization's new IT data backup process?A . Postpone the audit engagement to a later date. B. Recruit and hire a full-time staff auditor who is...
Which of the following specifications in an internal audit charter is the most important factor in the internal audit activity’s independence?
Which of the following specifications in an internal audit charter is the most important factor in the internal audit activity’s independence?A . Description of internal audit activity's responsibilities B. Definition of internal auditing C. Statement of internal audit activity's authority D. Description of internal audit activity's reporting structureView AnswerAnswer: D
Which of the following is the most appropriate course of action?
Senior management asks the chief audit executive to review the organization's compliance with recently introduced legislation on international transfer pricing. The review requires an internal auditor who thoroughly understands the legislation and pricing methods. The internal audit activity does not have an auditor with those skills. Which of the following...
Which of the following actions should the internal auditor first consider in this matter?
An internal auditor believes that a weakness exists in the control environment relating to the delegation of authority and responsibility within the management structure. Which of the following actions should the internal auditor first consider in this matter?A . Recommend a control change and obtain management support. B. Evaluate the...
Which of the following statements is the most appropriate example of the internal audit activity exercising due professional care during an audit of the payroll department?
Which of the following statements is the most appropriate example of the internal audit activity exercising due professional care during an audit of the payroll department?A . Internal auditors ensure that the work program is appropriately designed in order to identify all of the risks surrounding the payroll process. 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...
What impact will an internal auditor most likely see during an engagement?
There is a growing perception that employees generally evade their responsibilities. What impact will an internal auditor most likely see during an engagement?A . Supervisors are likely to reduce their level of supervision and increase span of control. B. Employees are likely to be supervised closely and given little freedom....
Which of the following Code of Ethics principles was violated?
An internal auditor found that his organization did not make a disclosure that is required by law. However, the auditor decided not to raise an audit finding. Which of the following Code of Ethics principles was violated?A . Objectivity. B. Integrity. C. Proficiency. D. Confidentiality.View AnswerAnswer: D
What mandatory component is missing?
A new chief audit executive realized that the internal audit charter has not been updated in five years and only includes the Core Principles for the Professional Practice of Internal Auditing, the Code of Ethics, and the Standards. What mandatory component is missing?A . Statement of Independence. B. Operating Procedures...
