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Which of the following practices is generally most effective to protect internal audit objectivity?
Which of the following practices is generally most effective to protect internal audit objectivity?A . Ensuring regular documentation of auditor skills and experience in the workpapers. B. Basing performance evaluations heavily on customer satisfaction surveys. C. Prohibiting auditors from accepting gifts from audit clients or potential clients. D. Ensuring that...
This activity is designed to prevent which of the following conditions?
IT management requires all employees in the IT department to attend annual training on the department’s mission values and key performance measures This activity is designed to prevent which of the following conditions?A . Knowledge’s kills gap B. Monitoring gap C. Accountability/reward failure D. Communication failureView AnswerAnswer: A
Which of the following best describes a consulting engagement rather an assurance engagement?
Which of the following best describes a consulting engagement rather an assurance engagement?A . Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures. B. The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and...
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization’s social responsibility program is effective?
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization’s social responsibility program is effective?A . Senior management B. Internal audit activity. C. All employees. D. Board of directors.View AnswerAnswer: B
Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?
Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?A . Risk avoidance B. Risk reduction C. Risk acceptance D. Risk sharingView AnswerAnswer: D
Which of the following is an example of an impairment to an internal auditor's independence?
Which of the following is an example of an impairment to an internal auditor's independence?A . An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company B. Following the restructuring of the organization, the internal audit activity now...
Which of the following actions best demonstrates an internal auditor exercising due professional care?
Which of the following actions best demonstrates an internal auditor exercising due professional care?A . Testing an entire population, even when a sample would suffice B. Using technology and data analysis techniques for efficiency C. Enhancing knowledge, skills, and other competencies through professional development D. Establishing audit objectives, performing audit...
Which of the following is a control that is used mainly to check the integrity of data entered into a business application, whether the data is entered directly by staff, remotely by a business partner, or through a web-enabled application?
Which of the following is a control that is used mainly to check the integrity of data entered into a business application, whether the data is entered directly by staff, remotely by a business partner, or through a web-enabled application?A . General IT control. B. Processing control. C. Input control...
Which of the following competencies is the engagement supervisor demonstrating?
Prior to commencing a financial compliance engagement, the engagement supervisor reads the business plan for the finance department and meets informally with the director to learn more about any key issues. Which of the following competencies is the engagement supervisor demonstrating?A . The ability to inspire trust B. The ability...
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...
