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Which of the following should be the focus of the effect section of the preliminary observations document?
Which of the following should be the focus of the effect section of the preliminary observations document?A . Residual riskB . Inherent riskC . Compensating controlsD . Control activitiesView AnswerAnswer: A
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...
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...
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...
Which of the following statements generally true regarding audit engagement planning?
Which of the following statements generally true regarding audit engagement planning?A . The best source tor detailed process information is senior managementB . Audit objectives should be general and do not change.C . Computer-assisted audit techniques are typically not useful during engagement planningD . Internal auditors should prepare a dented...
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 supervisionB . ineffective board reportingC . Untimely observation follows up and closureD . Limited staff resourcesView AnswerAnswer: A
Which of the following statements describes an engagement planning best practice?
Which of the following statements describes an engagement planning best practice?A . It is best to determine planning activities on a case-by-case basis because they can vary widely from engagement to engagement.B . If the engagement subject matter is not unique, it is not necessary to outline specific testing procedures...
Which of the following actions would be most appropriate for the chief audit executive to take?
As a result of server managements assumption of risk there is residual risk that exceeds me organisation's risk appetite. Which of the following actions would be most appropriate for the chief audit executive to take?A . ignore the responsibility of addressing the residual riskB . Assume the responsibility of addressing...
Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?
Which of the following is the best option for the chief audit executive to consider for effective coordination of assurance coverage?A . Create an assurance map to illustrate each provider's level of assurance and planned activities for each area of the organizationB . LIMIT© ricks inventory to identify the risks...
Which of the following describes an appropriate role for the chief audit executive (CAE) with regard to the organization's health and safety program?
An organization has a health and safety division that conducts audits to meet regulatory requirements. The chief health and safety officer reports directly to the CEO. Which of the following describes an appropriate role for the chief audit executive (CAE) with regard to the organization's health and safety program?A ....
