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Which of the following statements is true regarding a key difference between assurance and consulting services provided by the internal audit activity?
Which of the following statements is true regarding a key difference between assurance and consulting services provided by the internal audit activity?A . When conducting a consulting engagement, the nature and scope of the engagement are determined by the internal audit activity. B. Three parties are participants in assurance services,...
Which of the following is true regarding impairment to the auditor's objectivity?
An organization is considering purchasing a new banking software system and has asked the internal audit activity to evaluate the system. An internal auditor assigned to perform the engagement worked at the software company two years ago and is familiar with the system's design strengths and weaknesses. Which of the...
Which of the following is a primary benefit of implementing a governance risk management and compliance framework within an organization?
Which of the following is a primary benefit of implementing a governance risk management and compliance framework within an organization?A . Fewer internal audits B. More effective interviews C. Automated risk management strategy tools D. Reduced assurance costsView AnswerAnswer: D
Which of the following describes the primary objective when implementing a risk management framework?
Which of the following describes the primary objective when implementing a risk management framework?A . To achieve planned profitability for business expansion. B. To enhance an organization's confidence in achieving strategy. C. To strengthen corporate governance standards. D. To eliminate business risks and uncertainties.View AnswerAnswer: B
Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?
Which of the following describes the most appropriate match between a potential temporary guest auditor candidate and an upcoming audit assignment?A . A purchasing manager with two years of prior audit experience in public practice to lead a contracts management audit B. A communications officer who worked in the marketing...
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?
With regard to the internal audit activity's quality assurance and improvement program, which of the following topics would the chief audit executive include on the quarterly board meeting agenda?A . The scope and frequency of both internal and external quality assessments. B. The list of audit engagements that will be...
To ensure conformance with the Standards, what is the most appropriate action for the CAE to take?
A global manufacturing company has three regional offices. The chief audit executive (CAE) is concerned about the cost of an upcoming external quality assessment of the internal audit activity. The last external assessment was performed six years ago. Recently, the internal audit staff at one of the regional offices performed...
It describes the expectations for communicating the results of a quality assurance and Improvement program.
It describes the expectations for communicating the results of a quality assurance and Improvement program.A . 1 and 4 only. B. 3 and 4 only. C. 1.2. and 4. D. 2. 3. and 4.View AnswerAnswer: D
According to HA guidance, which of the following would best support the internal auditor's conclusion that the organization's risk management processes are effective?
According to HA guidance, which of the following would best support the internal auditor's conclusion that the organization's risk management processes are effective?A . The organization has identified all applicable operational and financial risks. B. The organization has documented its strategic and business objectives. C. The organization has selected risk...
What is the primary purpose of The IIA's Code of Ethics?
What is the primary purpose of The IIA's Code of Ethics?A . Communicate specific activities appropriate to the performance of internal auditing B. Promote ethical culture within corporations and other business organizations C. Establish mandatory standards of competence for the practice of internal auditing D. Establish principles and expectations governing...
