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An organization recently acquired a subsidiary in a new industry, and management asked the chief audit executive (CAE) to perform a comprehensive audit of the subsidiary prior to recommencing operations. The CAE is unsure her team has the necessary skills and knowledge to accept the engagement According to IIAguidance, which of the following responses by the CAE would be most appropriate?
An organization recently acquired a subsidiary in a new industry, and management asked the chief audit executive (CAE) to perform a comprehensive audit of the subsidiary prior to recommencing operations. The CAE is unsure her team has the necessary skills and knowledge to accept the engagement According to IIAguidance, which...
According to IIA guidance which of the following statements is true regarding the annual audit plan?
According to IIA guidance which of the following statements is true regarding the annual audit plan?A . The annual audit plan should only be adjusted in response to problems with resourcing, scope, and data availability.B . The chief audit executive (CAE) may incorporate risk information, including risk appetite levels from...
Which of the following engagement objectives would be appropriate to fulfill this request?
The board of directors expressed concerns about potential external risks that could impact the organization s ability to meet its annual objectives and goals The board requested consulting services from the internal audit activity to gain insight regarding the external risks. Which of the following engagement objectives would be appropriate...
Determine how the information is stored.
Determine how the information is stored.A . 1 and 3 onlyB . 2 and 4 onlyC . 1, 3, and 4 onlyD . 1, 2, 3, and 4View AnswerAnswer: D
Which of the following risks most appropriately describes this situation?
An internal auditor tested whether purchase orders were supported by appropriately approved purchase requisitions She sampled a population of purchase documents and identified instances where purchase requisitions were missing However, she did not notice that n some cases purchase requisitions were approved by an unauthorized person. Which of the following...
Which of the following best describes this condition?
During a fraud interview, it was discovered that unquestioned authority enabled a vice president to steal funds from the organization. Which of the following best describes this condition?A . Scheme.B . Opportunity.C . Rationalization.D . Pressure.View AnswerAnswer: B
According to HA guidance, the chief audit executive is directly responsible for which of the following?
According to HA guidance, the chief audit executive is directly responsible for which of the following?A . Maintaining a quality assurance program even in the absence of management supportB . Periodically reviewing and approving the internal audit charierC . Providing opportunities for all staff auditors to satisfy their professional development...
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 sourcingB . Loan staff arrangementC . Flat organizational structureD . Hierarchical...
How should tie internal auditor respond?
An internal auditor is analyzing sates records and is concerned whether a transaction is recorded in the coned period. The accounting manager explains that the external auditor approved the records and produces an email from the external audit team leader. How should tie internal auditor respond?A . Ask the external...
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 requirementsB . The area and timing of the...
