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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...
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...
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?
According to IIA guidance, which of the following statements is true regarding periodic internal assessments of the internal audit activity?A . Internal assessments are conducted to benchmark the internal audit activity's performance against industry best practices.B . Internal assessments must be performed at least once every five years by a...
According to COSO, which of the following is not considered one of the components of an organization's internal environment?
According to COSO, which of the following is not considered one of the components of an organization's internal environment?A . Authority and responsibility to resolve issues.B . Framework to plan, execute and monitor activities.C . Integrated responses to multiple risks.D . Knowledge and skills needed to perform activities.View AnswerAnswer: C
Which of the following best describes this type of risk?
A snow removal company is conducting a scenario planning exercise where participating employees consider the potential impacts of a significant reduction in annua snowfall for the coming winter. Which of the following best describes this type of risk?A . Residual.B . Net.C . Inherent.D . Accepted.View AnswerAnswer: C
Which of the following assignments would the newly hired internal auditor be able to execute without any impairments to independence or objectivity?
The manager for an organization's accounts payable department resigned her post in that capacity. Three months later, she was recruited to the internal audit activity and has been working with the audit team for the last eight months. Which of the following assignments would the newly hired internal auditor be...
According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?
According to IIA guidance, which of the following statements is true regarding the reporting of results from an external quality assessment of the internal audit activity?A . The external assessment results are reported upon completion in confidence directly to the board, and senior management is advised only of the recommendations...
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...
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...
Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?
Management would like to self-assess the overall effectiveness of the controls in place for its 200-person manufacturing department. Which of the following client-facilitated approaches is likely to be the most efficient way to accomplish this objective?A . Workshops.B . Surveys.C . Interviews.D . Observation.View AnswerAnswer: B
