- All Exams Instant Download
Which of the following actions, if taken by the chief audit executive, could address these concerns?
Senior management and the board have expressed concerns about the length of engagements and whether their outcome aligns with the organization's strategies and objectives. Which of the following actions, if taken by the chief audit executive, could address these concerns?A . Communicating to internal audit staff instructions for completing engagements...
Which of the following would best help the organization manage the risk of fraud?
An organization allows the same individuals to physical access inventory and purchase new assets when supplies are depleted. Which of the following would best help the organization manage the risk of fraud?A . Accounting personnel should regularly perform reconciliation between invoices and purchase orders B. Accounting personnel should conduct a...
In this scenario, which of the following statements is true?
An internal auditor at a multinational organization is reviewing the effectiveness of the organization's risk management framework. In this scenario, which of the following statements is true?A . The auditor should consider local cultures and customs in various regions when assessing control effectiveness. B. Regardless of their location, employees at...
Which of the following practices is generally most effective to protect internal audit objectivity?
Which of the following practices is generally most effective to protect internal audit objectivity?A . Ensuring regular documentation of auditor skills and experience in the workpapers. B. Basing performance evaluations heavily on customer satisfaction surveys. C. Prohibiting auditors from accepting gifts from audit clients or potential clients. D. Ensuring that...
This activity is designed to prevent which of the following conditions?
IT management requires all employees in the IT department to attend annual training on the department’s mission values and key performance measures This activity is designed to prevent which of the following conditions?A . Knowledge’s kills gap B. Monitoring gap C. Accountability/reward failure D. Communication failureView AnswerAnswer: A
Which of the following best describes a consulting engagement rather an assurance engagement?
Which of the following best describes a consulting engagement rather an assurance engagement?A . Bank internal auditors review an activity checklist to determine that the loan officer followed proper procedures. B. The chief financial officer asks for the internal auditor's opinion regarding whether the new accounting pronouncements were properly and...
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization’s social responsibility program is effective?
According to IIA guidance, which of the following is ultimately responsible for seeing that the internal control system of an organization’s social responsibility program is effective?A . Senior management B. Internal audit activity. C. All employees. D. Board of directors.View AnswerAnswer: B
Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?
Which of the following risk management techniques best describes the strategy of obtaining insurance to protect against losses due to bad weather conditions?A . Risk avoidance B. Risk reduction C. Risk acceptance D. Risk sharingView AnswerAnswer: D
Which of the following is an example of an impairment to an internal auditor's independence?
Which of the following is an example of an impairment to an internal auditor's independence?A . An internal auditor delays reporting material financial statement audit findings until after his parents sell all of their stock in the company B. Following the restructuring of the organization, the internal audit activity now...
Which of the following actions best demonstrates an internal auditor exercising due professional care?
Which of the following actions best demonstrates an internal auditor exercising due professional care?A . Testing an entire population, even when a sample would suffice B. Using technology and data analysis techniques for efficiency C. Enhancing knowledge, skills, and other competencies through professional development D. Establishing audit objectives, performing audit...
