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Which of the following documents would be the least useful for the auditor to verify the finding?
An internal auditor in a small broadcasting organization was assigned to review the revenue collection process. The auditor discovered that some checks from three customers were never recorded in the organization's financial records. Which of the following documents would be the least useful for the auditor to verify the finding?A...
Which of the following is a common type of payroll fraud?
Which of the following is a common type of payroll fraud?A . Unauthorized overtime.B . Fictitious employees.C . Unearned bonuses or commissions.D . Skimming.View AnswerAnswer: B
Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?
Which of the following is a requirement for an assurance engagement that may not be for a consulting engagement?A . The internal audit activity has to ensure team members' objectivity is not impaired.B . Auditors cannot participate in an assurance engagement of a function for which they previously performed a...
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?
According to IIA guidance, which of the following statements describes one of the similarities between assurance and consulting services?A . When planning assurance and consulting engagements, internal auditors must consider the strategies and objectives of the activity being reviewed.B . Internal auditors determine the engagement objectives, scope, and work program...
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?
What is the primary benefit to the internal audit activity for undertaking an internal quality assessment?A . To help the internal audit activity complete its annual assurance plan.B . To identify inefficiencies within the internal audit team.C . To help improve the overall quality of the internal audit activity's work.D...
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?
Which of the following would be the most appropriate first step for the board to take when developing an effective system of governance?A . Determine the organization's overall risk appetite.B . Establish a governance committee.C . Delegate authority to members of senior management.D . Identify key stakeholders and their expectations.View...
To reach this assumption, the auditor has used a technique known as which of the following?
An auditor identifies three errors in the sample of 25 entries selected for review (a 12 percent error rate). Based on this result, the auditor assumes that approximately 59 of the total population of 492 entries are incorrect. To reach this assumption, the auditor has used a technique known as...
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?
According to IIA guidance, which of the following statements is true when an internal auditor performs consulting services that improve an organization's operations?A . The services must be aligned with those defined in the internal audit charter.B . The services must not be performed by the same internal auditor who...
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?
When developing the organization's first risk universe, which of the following would the chief audit executive be least likely to consider?A . The amount of risk that an organization is willing to seek or accept.B . The extent and degree of interdependency for identified key risks.C . The boundaries established...
The internal audit activity's responsibilities.
The internal audit activity's responsibilities.A . 4 only.B . 1 and 2 only.C . 3 and 4.D . 1,2, and 3.View AnswerAnswer: C
