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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...
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...
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...
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 of the following would most appropriately be used for this purpose?
An internal auditor is assigned to validate calculations on the organization's building application As pad of the test the internal auditor is required to use an automated audit tool to simulate transactions for testing. Which of the following would most appropriately be used for this purpose?A . Generalized audit software.B...
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...
The cost of modifying the sales system to include a preventive control is less than
The cost of modifying the sales system to include a preventive control is less than S100.000A . 1 onlyB . 3 onlyC . 1 and 3 onlyD . 1, 2, and3View AnswerAnswer: A
Submit management's plan of action to the external auditors for additional review.
Submit management's plan of action to the external auditors for additional review.A . 1 and 2B . 1 and 4C . 2 and 3D . 3 and 4View AnswerAnswer: 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...
A preliminary observation document contains more detail than tie observation description in the engagement workpapers
A preliminary observation document contains more detail than tie observation description in the engagement workpapersA . 1 and 2B . 1 and 4C . 2 and3D . 3 and 4View AnswerAnswer: C
