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Which of the following courses of action would have prevented this situation?
An internal auditor was reviewing the procurement department's tender documentation for completeness He documented all discrepancies but the procurement manager disagreed with his findings Upon further review, the internal auditor noted that all discrepancies had been corrected in the tender database. Which of the following courses of action would have...
Which of the following should be added to the observation?
'Internal policy prohibits employees from entering into contacts with financial obligations without proper approval. A project manager signed a change to an important service agreement without obtaining the proper approval As a result the organization is receiving $5,000 per month less for its services.’’ Which of the following should be...
According to IIA guidance, which of the following roles should the CAE not undertake?
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?A . Manage and coordinate risk management processes. B. Audit risk...
Which of the following has the greatest effect on the efficiency of an audit?
Which of the following has the greatest effect on the efficiency of an audit?A . The complexity of deficiency findings. B. The adequacy of preliminary survey information. C. The organization and content of workpapers. D. The method and amount of supporting detail used for the audit report.View AnswerAnswer: B
Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?
Which of the following information is most appropriate for the chief audit executive to share when coordinating audit plans with other internal and external assurance providers?A . Objectives scope and timing at a high level to support coordination while adhering to confidentiality requirements B. The area and timing of the...
Which of the following would best assist the CAE in achieving this balance1?
A chief audit executive (CAE) is trying to balance the internal audit activity's needs for technical audit skills budget efficiency and staff development opportunities. Which of the following would best assist the CAE in achieving this balance1?A . Strategic sourcing B. Loan staff arrangement C. Flat organizational structure D. Hierarchical...
When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive?
When forming an opinion on the adequacy of management's systems of internal control, which of the following findings would provide the most reliable assurance to the chief audit executive? • During an audit of the hiring process in a law firm, it was discovered that potential employees' credentials were not...
Which of the following responses would be most effective to mitigate this risk?
During a review of the treasury function an internal auditor identified a risk that all bank accounts may net to include in the daily reconciliation process. Which of the following responses would be most effective to mitigate this risk?A . The treasury supervisor establishes a threshold for amounts on bank...
Which of the following key controls should the auditor test to ensure that the company is not taking any unwanted credit risks?
At a construction company, an internal auditor is planning an audit of the company's process for designing and building grid connections. The process involves customers making payments m three parts • The first payment of 10% after approval of the customer s application • The second payment of 70% prior...
According to IIA guidance, which of the following roles should the CAE not undertake?
An organization's board would like to establish a formal risk management function and has asked the chief audit executive (CAE) to be involved in the process. According to IIA guidance, which of the following roles should the CAE not undertake?A . Manage and coordinate risk management processes. B. Audit risk...
