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What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?
What is the primary objective of an engagement supervisor's review of key activities performed during the engagement?A . To ensure that the engagement is completed on time and within budget B. To ensure that all work performed meets acceptable quality standards C. To ensure that management has provided suitable responses...
Which of the following is an appropriate documentation of proper engagement supervision?
Which of the following is an appropriate documentation of proper engagement supervision?A . A completed engagement workpaper review checklist. B. The supervisor's review notes on engagement workpapers. C. The email exchanges between the audit team and the supervisor. D. A supervisor's approval of resources allocated to the engagementView AnswerAnswer: B
According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?
According to IIA guidance, which of the following actions might place the independence of the internal audit function in jeopardy?A . Having no active role or involvement in the risk management process. B. Auditing the risk management process for reasonableness. C. Coordinating and managing the risk management process. D. Participating...
According to IIA guidance which of the following statements is true regarding heat maps?
According to IIA guidance which of the following statements is true regarding heat maps?A . A heat map sets likelihood to have higher priority than impact. B. A heat map sets impact to have higher priority than likelihood. C. A heat map recognizes that the priority of impact and likelihood...
Which of the following should be described in the recognition element of a typical internal audit repot?
Which of the following should be described in the recognition element of a typical internal audit repot?A . Positive aspects of the process or area under review B. A brief synopsis of the process of area under review C. Outcomes and ratings of the process or area under review D....
Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?
Which of the following recommendations made by the internal audit activity (IAA) is most likely to help prevent fraud?A . A review of password policy compliance found that employees frequently use the same password more than once during a year. The IAA recommends that the access control software reject any...
Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?
Which of the following best illustrates the primary focus of a risk-based approach to control self-assessment?A . To evaluate controls regarding the computer security of an oil refinery. B. To examine the processes involved in exploring, developing, and operating a gold mine. C. To assess the likelihood and impact of...
Which of the following statements regarding the risk management process' support of the internal audit activity is true?
Which of the following statements regarding the risk management process' support of the internal audit activity is true?A . The risk management process can provide more extensive internal audit services to the organization if it does not have an internal audit department B. The risk management process supports internal audit...
Which of the following factors could cause this trend?
A chief audit executive's report to the board showed a significant trend of recent aud4s going over planned budgeted hours. Which of the following factors could cause this trend?A . Poor engagement supervision B. ineffective board reporting C. Untimely observation follows up and closure D. Limited staff resourcesView AnswerAnswer: A
Which of the following situations would justify the removal of a finding from the final audit report?
Which of the following situations would justify the removal of a finding from the final audit report?A . Management disagrees with the report findings and conclusions in their responses. B. Management has already satisfactorily completed the recommended corrective action. C. Management has provided additional information that contradicts the findings. D....
