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The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The auditcommittee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?
The chief audit executive (CAE) of a mid-sized pharmaceutical organization has operational responsibility for the regulatory compliance function. The auditcommittee requests an assessment of regulatory compliance. According to IIA guidance, which of the following is the CAE's best course of action?A . Have a proficient internal audit staff member perform...
Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?
Which of the following best ensures an internal audit activity has the ability to render impartial and unbiased assessments?A . Organizational status and objectivity.B . Supervision of the chief audit executive (CAE) by senior management.C . Organizational knowledge and skills.D . CAE certification.View AnswerAnswer: A
Which of the following actions does not violate the IIA Code of Ethics or Standards?
Which of the following actions does not violate the IIA Code of Ethics or Standards?A . An internal auditor performing an audit on an operation that they managed less than a year ago.B . An internal auditor performing an audit on procedures that they were responsible for creating.C . An...
They can rely on evidence taken from the work of other assurance activities across the organization.
They can rely on evidence taken from the work of other assurance activities across the organization.A . 1 and 2.B . 1 and 3.C . 2 and 3.D . 3 and 4.View AnswerAnswer: A
Which of the following would provide an internal auditor with the most objective evidence in this case?
Allegations have been made that an organization's share price has been manipulated. Which of the following would provide an internal auditor with the most objective evidence in this case?A . Major shareholders of the organization.B . Large customers of the organization.C . Former members of management.D . Former financial consultants.View...
According to the Standards, which of the following statements regarding workpaper supervision is not true?
The internal audit supervisor is reviewing the workpapers prepared by the staff. According to the Standards, which of the following statements regarding workpaper supervision is not true?A . Review notes of questions that arise during the review process must be retained.B . Dating and initialing each workpaper provides evidence of...
Why is a code of ethics for the internal audit profession necessary?
Why is a code of ethics for the internal audit profession necessary?A . It ensures that all members of the profession possess the same level of competence.B . It provides auditors with protection from lawsuits.C . It guides internal auditors in their service to others.D . It requires auditors to...
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?
According to IIA guidance, which of the following objectives of an assurance engagement for the organization's risk management process is valid?A . All risks have been identified and mitigated.B . Risks have been accurately analyzed and evaluated.C . All controls are both adequate and efficient.D . The board is appropriately...
Which of the following would be considered a preventive control?
Which of the following would be considered a preventive control?A . A library control log.B . A review of exception reports.C . A password lock on a server.D . A software scan of financial records for irregularities.View AnswerAnswer: C
Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?
Which of the following actions indicates a lack of due professional care by an internal auditor performing an audit of a store's cash function?A . The audit report included a well-supported recommendation for a reduction in staff even though such a reduction might adversely impact morale.B . The auditor tested...
