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According to NA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?
According to NA guidance, which of the following practices by the chief audit executive (CAE) best enhances the organizational independence of the internal audit activity?A . CAE reviews and approves the annual audit plan,B . CAE meets privately with the CEO at least annually.C . CAE meets privately with the...
Which of the following best describes the Standards requirement for collective proficiency of the internal audit activity?
Which of the following best describes the Standards requirement for collective proficiency of the internal audit activity?A . The internal audit activity must have auditors on staff who collectively possess all of the competencies required to fulfill the internal audit plan,B . All internal auditors on staff should possess the...
Which of the following best demonstrates internal auditors performing their work with proficiency?
Which of the following best demonstrates internal auditors performing their work with proficiency?A . Internal auditors meet with operational management at each phase of the audit process.B . Internal auditors adhere to The IIA’s Code of Ethics.C . Internal auditors work collaboratively with their engagement team.D . Internal auditors complete...
Which of the following is the primary engagement responsibility of an entry-level internal auditor?
Which of the following is the primary engagement responsibility of an entry-level internal auditor?A . Leadership.B . Documentation.C . Analysis.D . Reporting.View AnswerAnswer: B Explanation: For entry-level internal auditors, the primary engagement responsibility typically involves documentation. This includes accurately and thoroughly documenting audit evidence and findings, which is essential for...
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?
Which of the following activities is most likely to require a fraud specialist to supplement the knowledge and skills of the internal audit activity?A . Planning an engagement of the area in which fraud is suspected.B . Employing audit tests to detect fraud.C . Interrogating a suspected fraudsterD . Completing...
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care?
Which of the following documents are internal auditors most likely to be asked to sign as a demonstration of due professional care? A description of their job responsibilities,A . A non-disclosure agreement.B . An annual declaration of commitment toC . The IIA s Code of Ethics.D . The internal audit...
Which of the following statements is true with regard to services provided by the internal audit activity?
Which of the following statements is true with regard to services provided by the internal audit activity?A . For consulting engagements, internal auditors do not need to be alert to control issues.B . Assurance and consulting services have similar objectives.C . Internal auditors may not perform assurance and consulting roles...
Which of the following situations undermines the independence of the internal audit activity?
Which of the following situations undermines the independence of the internal audit activity?A . The internal audit activity is responsible for the company's risk management function, and its head manager reports to the chief audit executive.B . A senior member of the internal audit activity once worked in the corporate...
Which of the following procedures will best help an internal auditor assess operating effectiveness of fraud prevention and detection controls?
Which of the following procedures will best help an internal auditor assess operating effectiveness of fraud prevention and detection controls?A . Benchmarking best practicesB . Testing,C . Mapping,D . InterviewingView AnswerAnswer: B Explanation: Testing is the most effective procedure for assessing the operating effectiveness of fraud prevention and detection controls....
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?
Which of the following needs to be established prior to undertaking an assessment of the quality assurance and improvement program?A . Department performance standards.B . Remediation timeframes.C . Nonconformance disclosures.D . External assessment resourcesView AnswerAnswer: D Explanation: Before undertaking an assessment of the quality assurance and improvement program, it is...
