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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 budgetB . To ensure that all work performed meets acceptable quality standardsC . 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
In which of the following populations would the internal auditor most likely choose to use a stratified sampling approach?
In which of the following populations would the internal auditor most likely choose to use a stratified sampling approach?A . Inventory comprised of the same items stored in different warehousesB . Batches of materials that must be confirmed as meeting quality standardsC . Revenue that is earned by an organization...
Which of the following would the auditor do to test the reliability of a customer database1?
An internal auditor is examining the organization's internal control processes. Which of the following would the auditor do to test the reliability of a customer database1?A . Perform a site visit to see whether the organization's servers are operationalB . Interview end users to determine whether they understand how to...
The final internal audit report should be distributed to which of the following individuals?
The final internal audit report should be distributed to which of the following individuals?A . Audit client management onlyB . Executive management onlyC . Audit client management, executive management, and others approved by the chief audit executive.D . Audit client management, executive management, and any those who request a copy.View...
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 departmentB . The risk management process supports internal audit...
Which tool should the auditor use?
During a consulting engagement an internal auditor wants to determine whether all principal stakeholders are involved in a project. Which tool should the auditor use?A . RACI (responsible, accountable, consult and inform) chartB . FlowchartC . SWOT {strengths. weaknesses opportunities, and threats) analysisD . Workflow analysisView AnswerAnswer: A
Which of the following component should be added to this observation?
According to an internal audit observation, the organization’s rules of record management require all contracts to be registered and stored in a specific electronic system. One subsidiary has thousands of client contracts on paper, which are kept in the office because there are not enough assistants to scan the contracts...
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 ....
Which of the following statements about assurance maps is correct?
Which of the following statements about assurance maps is correct?A . An assurance map is used by the chief audit executive to coordinate assurance activities with other internal and external assurance providersB . An assurance map is a picture of all assurance engagements performed by the internal audit activity across...
