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Which of the following statements concerning workpapers is the most accurate?
Which of the following statements concerning workpapers is the most accurate?A . The organization and the format of workpapers is the same for all engagementsB . The extent of what is included in workpapers is a matter of professional judgmentC . Workpapers should be complete so that every conceivable question...
Which of the following would be the most appropriate analytical review for the auditor to perform?
The audit manager asked the internal auditor to perform additional testing because several irregularities were found in the financial information. Which of the following would be the most appropriate analytical review for the auditor to perform?A . Compare the firm's financial performance with organizations in the same industryB . Interview...
Internal control questionnaires are used to achieve which of the following objectives?
Internal control questionnaires are used to achieve which of the following objectives?A . To ascertain the operating effectiveness of a procedureB . To verify the accuracy of Information in a reportC . To assess the controls mitigating major risksD . To determine whether specified contra procedures are in placeView AnswerAnswer:...
Third-party opinion.
Third-party opinion.A . 1 and 3B . 1 and 4C . 2 and 3D . 2 and 4View AnswerAnswer: C
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 is most likely to be a disadvantage of this outsourcing decision?
After the team member who specialized in fraud investigations left the internal audit team, the chief audit executive decided to outsource fraud investigations to a third party service provider on an as needed basis. Which of the following is most likely to be a disadvantage of this outsourcing decision?A ....
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 components are missing in the observation?
An audit observation states the following: "Despite the rules of the organization there is no approved credit risk management policy in the subsidiary. The subsidiary is concluding contacts with clients who have very high credit ratings. The internal audit team tested 50 contacts and 17 showed clients with a poor...
What would be the best way for the auditor to gather relevant feedback?
An internal auditor is preparing for an auditor of newly implemented software that is used by 3,000 employees in South America and Europe. What would be the best way for the auditor to gather relevant feedback?A . interview IT management in both regionsB . Inspect regional user software training recordsC...
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?
Acceding to IIA guidance, when of the Mowing is an assurance service commonly performed by the internal audit activity?A . Proposing fine item recommendation lot the annual financial budget of the accounting departmentB . Making recommendations regarding financial approval authority limits for the operations departmentC . Validating whether employees are...
