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Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?
Which of the following would be the most important consideration by the internal audit activity when selecting employees to perform an internal quality assessment?A . Their understanding of auditing standards.B . Previous experience working with the internal audit activity.C . Their reporting line within the organization.D . The nature of...
Which of the following internal audit tools would be most effective to document the process and the key controls?
The internal audit activity is planning a procurement audit and needs to obtain a thorough understanding of the subcontracting process, which can involve multiple individuals in multiple countries. Which of the following internal audit tools would be most effective to document the process and the key controls?A . Internal control...
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?
Which of the following offers the best evidence that the internal audit activity has achieved organizational independence?A . An independent third party has assessed the organization's system of internal controls to be adequate and effective.B . The chief audit executive reports both functionally and administratively to the CED . The...
Which of the following is the internal auditor's most appropriate next step?
Evidence discovered during the course of an engagement suggests that multiple incidents of fraud have occurred. There do not appear to be sufficient controls in place to prevent reoccurrence. Which of the following is the internal auditor's most appropriate next step?A . Immediately notify management of the area under review...
According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?
A new internal audit activity is creating its first charter. According to IIA guidance, which of the following objectives would be appropriate for inclusion in the charter?A . Continuously monitor the organization's overall risk activities in relation to its risk appetite.B . Evaluate the adequacy and effectiveness of the organization's...
The ability to recognize the existence of problems related to tax accounting.
The ability to recognize the existence of problems related to tax accounting.A . 1 and 4 only.B . 3 and 4 only.C . 2, 3, and 4 only.D . 1,2, 3, and 4.View AnswerAnswer: B
Ensure that the entire data set is tested.
Ensure that the entire data set is tested.A . 1 and 2.B . 1 and 3.C . 2 and 3.D . 2 and 4.View AnswerAnswer: C
What change of risk response strategy does this course of action most likely reflect?
A furniture manufacturer has installed a new fire sprinkler system at its central warehouse and canceled the existing fire insurance policy on that property. What change of risk response strategy does this course of action most likely reflect?A . From sharing to reduction.B . From acceptance to reduction.C . From...
What change of risk response strategy does this course of action most likely reflect?
A furniture manufacturer has installed a new fire sprinkler system at its central warehouse and canceled the existing fire insurance policy on that property. What change of risk response strategy does this course of action most likely reflect?A . From sharing to reduction.B . From acceptance to reduction.C . From...
This is an example of which of the following IT controls?
A credit card company detects potential errors in credit card numbers by checking whether all entered numbers contain the correct amount of digits. This is an example of which of the following IT controls?A . Logic test.B . Check digits.C . Data integrity tests.D . Balancing control activities.View AnswerAnswer: A
